Mj2611,

Thank you for the updated information. I strongly suggest asking your agent what "Pending" means. That may answer your question.

As a Certified Distressed Property Expert, and Certified Short Sale Specialist, I can tell you one consistent thing ... the length of time it takes, and ease of the transaction or lack thereof, depends largely on the listing agent's knowledge of short sales, hardship packages, loss mitigation, bank requirements, etc. If that is all in-check, things, "should," go relatively smooth. I have a few short sales in the works, and one of which we are very close to an approval only 30 days into it.

My best to you! Patience is the key virtue at this point.

Hi Mj,

Did the seller accept your offer and send to the bank or were you a back up offer? Has the seller or their agent received any correspondance from the bank indicating that the short sale is progressing? Ask your agent to find out. Some banks are so backed up that it could be many more months. We walked after three months on our short as the bank indicated that it would be another three months for response due to backlog and we could not wait that long. Good Luck.

The short sale process is often a last ditch effort for the owner to sell their property before foreclosure proceedings take over. It is never a short process. I reccomend you stay in contact with the agent or asset manager that you put your bid in with to get an updated status. It is not uncommon for the process to take many weeks or even months. You need to continually stay on top of your contact. If it is now listed as pending and you have not heard any news or can not find out thestatus it sounds like the home may have moved into a foreclosure state in which case your short sale will become void once the bank takes over the property and a new bid would need to be submitted. Persistance and patience is key. If you are in a position to move quickly your best option may be to move on to another house. I wish you the best,
Carla Donaghy, Realtor