I've got a client who has put in an offer on a short sale property.  The property in question is listed by someone who is very knowledgeable and experienced in the inner workings of how a short sale navigates its way through the lenders in various positions--and is generally regarded around the RE community as a consummate professional with a healthy streak of "good guy" in him.

The two of us have been in close communication throughout this transaction and have a good working relationship, aided on my side by coaching from my mentor and trusted advisors.  So far, the offer has been approved by the lender in 1st position and been sitting in the "deal morgue" at the 2nd lender's dungeon for the past 6 weeks.  Last week, we were notified that our property had been transferred to another department and all paperwork would have to be resubmitted, since "our divisions don't transfer paperwork."  Like good little children, we complied and awaited word. 

My buyer was getting a little anxious, wondering whether anything would happen--especially since the Trustee's Auction is scheduled for February 19!  Both the listing agent and myself tried repeatedly to get the person in charge of the account on the phone, with limited success.  The account handler rarely answers the phone, won't return messages and when actually caught unaware (gee, did you mistake me for the pizza guy?), showed little interest in anything having to do with the property at all, being snotty and colder than a day in Pt. Barrow.  The lender in question is a very large national mortgage company, and is notorious for being incredibly slow to respond.

Looks like we will be on the courthouse steps, ready to buy this property at the Trustee's Auction, in all probability at a lesser price (good for my client, except for the wasted time).  I am just truly amazed at the apathy shown, and feel bad for the listing agent, as he has done everything in proper time and proper manner.  I hope somebody at this lender will wake up and pay attention.  Wonder how many deals have gone through foreclosure because some troll in a cubicle couldn't be bothered to take a look at the papers in their inbox?

Update:  2/15/08:

Still no word from the 2nd lender - although I had gotten my client registered with the company doing the Trustee's sale.  Monday, we found out the Trustee's sale had been canceled.  Wednesday, we found out that the cancellation was due to the 1st lender mistakenly issuing a cancel notice.  We will be notified when the sale is re-scheduled (whether it will be in 30, 60 or 90 days is anyone's guess according to the Trust Company)!  My client & I already found another property that suits his needs and he bought it.  I'm just morbidly curious as to how this particular property will play out.