Saga of a Shortsale

I am a little bit frustrated. We put our offer in on December 29, 2008 and have yet to hear if it has been accepted.  I know that this is the way it goes with short sales. I know it is made even more complicated by the fact that the sellers had both a 1st and 2nd Trust on the property. Who knows how many total investors were involved in those two mortgages?  Who knows how long the approval process will take?

I also know that  I have first time buyers (who went in to this with their eyes wide open) who have had to put their lives on hold while we wait to find out if their offer is accepted.  They really want this house.  They thought the waiting would be easier than it has turned out to be. We were quick to get a yes from the current owners and then the contract was passed on to the 'negotiator' who would be dealing with the bank. We have considered going out to look at other things, but the longer this goes on, the less attractive everything else becomes to them.

I keep checking and, so far, cannot find any evidence that the house has moved forward in foreclosure proceedings.

And no, just because things are slow in the residential real estate market, it does not mean that the banks will be quick to respond to a solid offer with well-qualified purchasers. They still have to dot their 'i's and cross their 't's.  The process --such as it is--remains the same for whomever submits a contract (the process differs, incidentally, from bank to bank).

All we can do is wait. I am sorry that I keep pestering the listing agent, who I know does not have any information, but when you cannot do anything, you still must do something!

Thanks for letting me vent...there is not much else for me to do right now.

 

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Comment balloon 9 commentsHolly Weatherwax • January 30 2009 09:17AM
Saga of a Shortsale
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