Buying A Home
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Short sale frustration...any thoughts?

When we looked at the house, and decided to pursue it, the sellers agent told our agent and mortgage broker, "this isn't your typical short sale, so be ready to go fast!"  Got our hopes up, and that was 60 days ago.  Sellers have fed us quite a bit of false info...shed was included in listing, removed from the deal, play structure too.  They claimed they had the second all dealt with, as it was through his employer.  Turns out that might not be the case. They said that they already had the first mortgage holder engaged and ready to go. I'm sure this is all typical short sale activity, but we had our hopes up at the beginning.  Anyway, here is the latest update we got:

"Short sale facilitators said the negotiator is reviewing the file.  They are working on the title exam work and reviewing the sellers credit." 

Our agent says this is a good sign, things are happening, albeit slow.  Does anyone have a feeling on if this is actually a positive step?  The sellers agent is saying we should hear within a couple weeks on the bank's decision.  Any thoughts? 

Re: Short sale frustration...any thoughts?

  • From what I've read about short sales, that doesn't seem like the time period that has passed is unusual.  I've had friends go through 6 months and the deal fall through.  The seller most likely fed you a line to get you to put on offer in.
  • That's what we're afraid of.  Such a shame...we really like the house, but wish we weren't locked into a 90 day contract at this point.  Ugh...
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