"If they take so long why do they call them short sales?"

"If they take so long why do they call them short sales?"I was asked this question recently by a buyer client of mine.  I started off by explaining that in a short sale you can't just go from point A to point B and that it is necessary to take a few curves along the way.  My comment was met with that deer in the headlights look so I knew that I might have to give a more detailed explanation.  I decided that it was best to give a recent transaction as an explanation. 

I originally listed this Bethel Townhome two years ago for $229,900 and had an offer of $220,000 within two weeks which was immediately presented to the bank(Bank of America).  Weeks turned into months and mortgage extension turned into mortgage extension until (at long last) the buyers bank would no longer grant a further extension.  I sent an email to the bank letting them know this information and followed that up with numerous phone messages(nobody ever answers) and additional emails.  we told them of the mortgage drop dead date and explained that this buyer would need to apply all over again(with the corresponding costs) if we didn't close by this date.  Of course, I got no response.  About two weeks after we had lost this buyer the magical email appeared that told us that the short sale had been approved.  However, the buyer would need to close within two weeks.  The buyer could not meet this date as his extensions had expired and he would need to apply all over again(that would take 30 days) and the bank wanted a perdiem penalty for each and every day past their date of closing.  We have had 6 buyers since then over the past two years.  These buyers either found another property while the bank slept or we also had two buyers who simply changed their minds upon approval.  I have finally gotten approval to close next Wednesday(at $176,000) and (God willing) this two year+ short sale will be done at last.  It seems that BOA lost $45,000 because of their folly.  In that case I probably would have made about $1 per hour of time spent.  I am not complaining and I love my job and take a lot of pride in it but it seems that all parties to the transaction are unhappy and wondering if it was all worth it.?.?  I have heard of other situations with LOCAL BANKS where the "short sale" only took two or three months and then closed.  Those situations are certainly few and far between however.  Just imagine how it would take if I wasn't well trained and had 27 years in the business????!!!!  I'm sure that there are stories of short sales that went smoothly and I would love to hear them.