Believe it or not, some Short Sale listings take up to 6-8 months for Lender approval-and the majority of the time short sales are NOT approved, and the house then ends up being taken over by the bank. Banks will then have a Realtor list the property as an REO listing. if it's not purchased through auction, or an investor puts in an offer on the property after it's taken over by the lender.

Well my family and I put an offer on a house back in december of 08 and now 6 and a half months later were finally moving foward and signing the papers for the house. Keep waiting and calling your realtor, and check online if the house your trying to buy is still listed or not. You can always go over to where your realtor works and talk to them in person. But, you'll have to be patient because short sales most of the time families are still living in the house and theyre only doing the short sale so that they wont end up with bankrupt. It's worth the wait, if your really wanting that house. But just keep looking at other houses, maybe one better will come up. Hope everything turns out great. Best of luck.

Banks are so overwhelmed especially now.
Espcect to wait 3-24 months. My longest working file is over 18 mnths and will continue. The short sale process is simply a waiting game. Usually in my experience what will happen is, A negotiator (rep) from the lenders office will come in the morning throw on his/her headphones, know that he will lose 100 files to foreclosure, postpone 100 more files, and close 100. (example.)

that day,

If you have no missed payments your file will go to the end.
If you have 3 mnths left before your foreclosure sales date, your file is probably in review. (just sitting there)

Why would a negotiator be so worried about a home that has 8mnths left till foreclosure sales date, when he will be trying postpone 100 files, that same day, and the same thing the next, ect......

The bank will want to hire a pro to go out to the property and determine its true value.

The lenders are getting better and more systematized.
Things If you can imagine change on a daily basis for these folks at the banks.

They are very willing to work with us, but we must understand the ciaos that may be going on.

We will continue to work on getting these files completed and as the years go by expect to see improvements.

Laws have come in to place to get things done.
707-398-4110 http://www.stopmfo.com
short sale negotiator

stopmyforeclosureonline

free Ebook Stopping the foreclosure

Hi Michelle,
My name is Monica and we're about to put our house for a short sales, and I just want to see if you would be interested in buying our home. It's located in Cordelia area in Fairfield, CA and it was build in 2001.
I wish you very best with the house you want but if it doesn't work out, please let me know.
My e-mail is: kulmon@comcast.net
Thank you.

In addition to the comments below, it's not that unusual for a house being offered as a short sale to end up bank-owned. And, oddly, often the bank puts the house back on the market at less than the short sale offers were for. That's the way the system works.

Two pieces of advice: First, make sure all your paperwork, mortgage, etc., is ready to go. Sometimes lenders will approve a short sale, but only provide a 10-day window. Once it's approved--IF it's approved--you may have to move very, very fast.

Second, keep track of the house. Yes, it may end up bank-owned. Sooner or later it'll come back on the market. When it does, you'll be able to make an offer. Buying bank-owned property isn't particularly easy, either, but it generally goes more smoothly that a short sale.

Good luck.

Michelle,

Michael is absolutely right. If I could get a response in less than 5 months, I would be thrilled!!!

Unfortunately, I see your situation as normal (for our not so normal times). If you really want the home, the only thing you can do is ride it out and hope the your short sale goes through.

I wish you luck.

Hi there Michelle. 90 days is not uncommon. Try 4-6 months in some parts of So Cal.
Sounds like the bank is just buried with paperwork. Have your agent follow up evvery 2-3 days and call different people. It's a process with short sales. I understan about your patience wearing thin. It is an unfortunate situation that everyone is in with a short sale.

Best of Luck
Michael Barron
First Team Real Estate

Hi Michelle, Ditto on the "Takes that long everywhere" comment from Alan below. We have offices from Fresno to Sacramento and then west to Napa. It's not just our Fairfield office that sees (unreasonable) delays! They are all seeing them. We have had 2 record months in a row for "pendings" meaning acepted offers, but we are having more and more difficulty closing them! Our ratio is rising, so hang in there, it gets better! Best of Luck! The Coach

Short Sales take so long anywhere, because the people you contact at the banks have no real personal attachment or interest in the property. Most of the customer service reps are hourly employees who don't really have a vested interested in getting that particular house short saled, vs. letting it foreclose.

In addition, banks are overwhelmed with short sales. It is the only way out for many homeowners in our market.