one lien short sale timeframe estimates (foreclosures, negotiations, agent, sales)

[todd35]

We put an offer on a short sale first part of December. I would like to know if there is anyone that we can check to determine the progress of the short sale. It is now going on 3 months. We are the buyers. It is just one lien with citibank. Our agent contacting the buyer agent weekly. He is in contact with the Bank. However we have had no progress. Jan 20th they stated 2 - 3 weeks and it was in final negotiations. however it is a month. We would like an answer on how long it is going to take. They wanted our earnest money cashed so we have equity in this deal and like to see it go thru. The buyer agent said the paper work and price was good and the bank agreed it was just need to get the paper work going. Is there anyway the buyer can contact Citbank direct and check on the progress. We are only dealing with one bank so no first and second.
like to get this offer pushed thru is there anything a buyer can do to get the paperwork moving?
I understand the waiting process just like to know if we are talking weeks or months.

[ufkenmill]

Originally Posted by todd35

We put an offer on a short sale first part of December. I would like to know if there is anyone that we can check to determine the progress of the short sale. It is now going on 3 months. We are the buyers. It is just one lien with citibank. Our agent contacting the buyer agent weekly. He is in contact with the Bank. However we have had no progress. Jan 20th they stated 2 - 3 weeks and it was in final negotiations. however it is a month. We would like an answer on how long it is going to take. They wanted our earnest money cashed so we have equity in this deal and like to see it go thru. The buyer agent said the paper work and price was good and the bank agreed it was just need to get the paper work going. Is there anyway the buyer can contact Citbank direct and check on the progress. We are only dealing with one bank so no first and second.
like to get this offer pushed thru is there anything a buyer can do to get the paperwork moving?
I understand the waiting process just like to know if we are talking weeks or months.

Yes, you can contact citibank directly, you do not need to wait for your agent to do it for you. Also, why is your agent only contacting the other agent weekly? Both agents need to get on citibank and push them to approve it. They should be contacting them at least 2-3 times a week.

If I were you, I'd find out who the negotiator at citibank is and contact them myself, or at least ask your agent to let citibank know you're about to walk unless they speed it up. Gotta creat a sense of urgency.

At the end of the day though, the banks are really overwhelmed with short sales now and are just trying to get through them. I don't think they're just dithering, they really are feeling the volume of short sales.

[todd35]

thanks for the update. Our agent said they can't contact the bank direct. They have some law in the state that doesn't allow them too

[NinaN]

The lenders won't talk to anyone that doesn't have written permission from the homeowner (even the listing agent has to do this). They are overwhelmed with short sales, and there are varying rules depending on the price of the house, the $$ figure of the loss, market conditions, etc. Calling the listing agent more than once a week, and/or calling the bank every day won't help, but it might irritate them enough to slow it down. Good communication between the negotiator and the listing agent, and quick responses from the homeowner help the most.

Short sales cost less because there is uncertainty in timing and outcome. 3 months is a minimum we tell our clients to expect. It could take longer, it might not happen at all. That's the way they work. If you love the house, be patient and wait. If it's not the perfect deal for you or you aren't willing to wait, go find something else. But you will probably pay more for a house that is a regular sale.

[soup4you2]

You can also look at the post beneath this one to get a good idea of how long it has been taking people to get their approvals.