There seems to be nothing "short" about a "short sale".
Patience is the name of the game. And you are at the mercy of the bank and however they are processing this short sale.
I doubt there is anything more that you or your agent can do to speed things along. Neither of you are a part of that banking process.
But you can be prepared to close when the time comes. Keep your credit nose clean...should there be a longer time...your credit may be reviewed again prior to closing.
If this is the home of your dreams...you have no choice but to hang in there.
I have seen buyers desert their offers of purchasing a short sale home...and buy another home that is available and ready to go...not being held by a bank. The buyers did this so that they could get on with their lives and move into a home and get settled.
Stay in touch with the bank...be considerate when speaking to their representatives...being firm is one thing...but being rude and obnoxious will get you nowhere.
Good luck and I hope your file moves along more quickly!

Benito's answer is very true. The best thing to do is just be prepared to close as soon as you have approval from both banks. It is extremely hard to get two different lenders to agree at the same time, so when you do, having all your ducks in a row could be the difference between closing or not.

With many short sales where the loans are with two different institutions it is not uncommon for the short sale approval process to last anywhere from 4-8 months.
Unless there is a written third party agreement to communication between you, your agent and the seller the bank WILL NOT speak with you regarding the sellers loan or financial situation. It's rough, but short sales are finally beginning to actually come through. In the last few months, banks have ramped up their loss mitigation specialists, so hopefully they will finally have a concrete plan to get these things done!

Just Hang In There!

Justin DeCesare
619-861-0745

Wells is holding up the process on purpose since they will try to bleed every cent out of the second that they can. Right now since 50,000 is owed on the 2nd they are asking the sellers of the house for at least 5000.00 to walk away. They also are wanting around 300-5000 from GMAC. They will take forever on this process especially if the 2nd was an equity line ( heloc) where cash was taken out. Your best bet is to figure out from the listing agent who wants what right now. Once WF decides the process will come to a quick conclusion if GMAC will extend the closing timeline to the new timeline determined by WF.

I have closed all of my transactions as a listing agent and buyers agent. They are frustrating but can happen when done right. The most important part is the squeeky wheel principle.

There is most likely one person dealing with a million files and yours is only one in the pile. I've had success calling corporate offices of the banks and speaking to an executive level customer service associate. You may ask your Agent to try that although no guarantees. The executives can put the right pressure in the right places on the person in charge of your file.

I understand your frustation, but the fact remains it's the nature of the beast with a short sale. Getting a responce from a lendor normally is a long process. I let my clients know from the begining if your buying a short sale expect delays.

Good Luck!

Don McBride

You can make your vote count, by selecting a non-short sale to indicate your frustration with them taking too long.

As long as the bank thinks they can get blood from anyone in the deal they'll keep trying. Fred below said it right " give them the time table and be ready to move on".

"Verbal Approval" is worth the paper it is written on.

And four months is way too long, even for a Short Sale.

You say you want to move in - may I politely and respectfully suggest that instead, you consider moving ON.

With the assistance of your Agent, give the Bank(s) written notice that they have 10 calendar days or you will withdraw your offer. At the end of the 10 days, give them notice of cancellation and move on.

Best wishes,
Fred

No, nada, nothing, zero.

Since you agent is working with you , your agent has no power under the seller issues.

All you can do is be ready close. Wait for that approval.