Short Sale Advice Please!! (agent, commission, sales, accepted)

[hirev350]

Hello all!

I need some advice on my short sale (currently waiting on 2nd bank to approve). I put in an offer to a short sale on May 8th for above the asking price, and the bank countered to which I accepted. We thought all was well and dandy when we received an email from our agent saying that the second bank (Wells Fargo) wanted an additional $1500, and we accepted that counter as well. It's been about a month since we accepted their counter, and we've heard no news at all. My agent (also the listing agent) says that she is doing all she can do, but for some reason I don't believe it. After all, it is just $1500...Is there anything I can do to speed this process up?? How much longer do you guys think its going to take to get the approval?

[mgt04]

There is actually only so much your agent can do. Other than calling and nagging the bank everyday the agent just like you is at the mercy of the bank. If you think about it, the agent wants the deal done just as much as you do so they can make their commission already. Its one reason why some real estate agents won't touch short sales because of all the time and uncertainty involved. You're situation is not uncommon unfortunately.

The 1 bank involved in our short sell purchase (Bank of America ugh) took sooooo long. We had offered right at the already bank approved price and it still took SIX MONTHS for them to get their stuff straight before we finally closed. This was last Aug, 1 year ago we closed...I had hope things were faster for people now. Guess not...good luck!

[hirev350]

Wow!! thats a crazy long time...The main loan was held by Merrill Lynch (BoA ?), and that only took about a month to get approved. I honestly wouldn't mind the wait but we didn't renew our lease as we didn't anticipate this long of a wait. I just don't understand why WF would take such a long time on such a small loan. We were originally supposed to close July 22nd, then June 22nd, and now we're just hoping for end of month...but that doesn't look too hopeful.

[hirev350]

Update: My relator says the file is under review and in the underwriting phase at the 2nd bank...What does this mean? Thanks!