Fantastic thread with some great answers, I think the question has been answered and there really isn't anything more to contribute here.

Great answers guys! oh and Gals!

Hi Randy -- It doesn't make any difference in the timeframe whether you're dealing with the listing or selling agent. If you had a quicker response dealing with the listing agent at some point, it was because they were more experienced with the short sale process (or they were dealing with a bank that had a streamlined process in place). Unfortunately, many inexperienced agents are listing short sales and when you team that inexperience up with an overloaded bank rep (who's sometimes equally inexperienced), it spells major delays.

Please don't jump ship from your agent unless you feel they are not competently representing you. They don't have any control of the timeline on short sales. Additionally, they can continue to search properties and help you withdraw your offer without penalty if you find a "better" deal. I disagree with Bob about the "extra 2 percent" making a difference in how hard the agent will work. It is true that agents sometimes make less commission on a short sale, but for most agents (particularly agents who are also Realtors and subscribe to a code of ethics), it doesn't impact how hard they'll work to get the contract to the closing table. Additionally, many banks won't let the listing agent "double pop" (get the buy-side of the commission) the listing, so you're only adding to their workload for no extra earnings.

In any event, hang in there but keep looking. I agree with buyer Tim in New York. If it becomes too much of a hassle, walk.

Happy House Hunting!

Louise Warring, e-PRO, CSP, CNS
Certified Short Sale Professional
Coldwell Banker Residential Real Estate

Short sales can take a while. The response time can be determined not only by the bank and by the seller (ie their willingness to provide needed documentation) but by the listing and selling agents ability to communicate. It's my experiance that most short sales pay less then regular sales so there may be less motivation for the selling agent while the listing agent should love to have the extra 2 or so percent added to his or her commission.

Hey Randy,
I am in this same boat up in NJ. Thankfully, my realtor guided me well in my offer on the short sale property. He told me to put a limit on the amount of time the bank has to accept the offer. At the end of the period I intend to exercise the strongest power I have as a purchaser and WALK! To many properties for sale now-a-days. Don't get me wrong, I love the house and it is perfect for my needs, but threatening to walk away sometimes will light a fire under slow moving people.
Tim Honeycutt.

It takes whatever time the bank takes to make a decision. The bank is looking for the highest and best offer, so they will wait until they have a collection of offers on the table, then they sit down and go through them and pick which one they are going to accept. The banks are not really set up to handle the amount of short sales that are occurring at the present time, so it can take a long time. It is determined by the bank--not the real estate agent. And, you don;t gain or lose anything if you are dealing with the listing agent or another agent. People have a misconception that they gain if they contact the listing agent directly. Not so. You can find foreclosure properties on my website, if you are interested--foreclosures are easier and faster than short sales.

Myke Triebold
MykeSaysSold@aol.com
850-305-6256

In my experience with short sales, the listing agent has no control over the length of time it takes for the bank to respond to any offers. Every bank is different in their response time because their systems are different. I have had a response in two days from one bank, one month from another, and even longer from others. The listing agent can do nothing about this, so switching agents really won't get you anywhere. The only thing you lose is representation for your side, as the listing agent represents the seller. Hope this helps!

Randy,
When looking to buy a short sale, the listing agent should have the most information. GHH Realty deals specifically with short sales and we have our own in-house staff that calls lenders weekly to get updates on the short sale homes in our inventory. A buyers' agent can only go by the information the listing agent has as they are not authorized to contact the lender and get updates on the status of the home.

I can also say that all of this is new to the banks and "rules" are constantly changing. Since the introduction of Obama's Making Home Affordable Plan, the banks are moving even slower. It can take between 45-90 days on average to process a short sale transaction. GHH Realty offers FREE information on short sales as we know how confusing the process can be. Visit http://www.ghhrealestate.com for more information on the Making Home Affordable Plan in relation to short sales and general sort sale information.