Sherri Elkins

Short sales can try the patience of everyone involved because (1) the seller needs and is anxious to sell, (2) you have a willing buyer, and (3) the bank(s) have the say-so and control the speed (or lack thereof) for the process. If there is only one lender involved, it is more likely you can work the deal out. If there are two lenders involved, it is more complicated to work out (and can take even longer) because the mortgage holder in the second position is at the mercy of the first mortgage holder. Sometimes that means a "stand off" and the deal stalls out. The "bank representatives" are not the ones making the decision, but the offer has to go before a committee. One bank, one committee. Two banks, two committees. With all the foreclosures happening.... well, you get the picture. The company I work for has a Foreclosure Department so this is an area that I am very familiar with. Your agent should check with the listing company / agent (the company / agent whose sign is in the yard) to determine the status -- that is the only line of communication in a short sale. Sometimes the communication can involve leaving messages back and forth due to the sheer volume of calls into those departments at the bank(s). With all that being said, I know it sounds bleak, but I wanted to give you a realistic idea about what can cause the delays. Let me also encourage you to have confidence in your agent, and be as patient as you can be, because short sales do usually take longer than a normal transaction. Best wishes to you and I hope it all works out for the best for all parties involved. - Fri Jun 27 2008, 17:11