I have ranted and gripped about short sales before, and I have sworn that the one I am doing now will be the last one I ever will let a buyer get into. It now looks like the one I am involved with now will be over sooner than I thought though.
My buyer put an offer in on a short sale over a month ago which the listing agent represented as having already been blessed by a negotiator and ready to close in 2 weeks - start to finish. HA! The sellers were about to lose their home because the wife had lost her job with the downturn in the economy and the husband, who works for a floor company, was making considerably less income because fewer people are renovating their homes and putting in new flooring. We submitted the offer to the listing agent who had the sellers sign our offer, subject to third party approval, and then the listing agent sent our offer on to the bank.
Naturally, because this is a short sale, our offer is now languishing somewhere with a bank in a stack of other short sale offers, and we have no idea when it will ever come to the light of day.
Now -this is the irony. These sellers have been waiting so long for the bank to act on our offer (and the one before ours) that they may be working their way out of their financial difficulty. They have now told the listing agent that they are interested in trying to work something out with the bank to stay in their house. I don't know if they will be able to achieve that. I hope they can for their sake. What it means for my buyer and me is that we are back in my car looking for another house - and not a short sale this time. Lucky that I like her!
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