I have a client who made an offer on a short sale on August 22, 2010. We discussed short sales prior to adding them to the homes we viewed and again before making the offer and she understood that it would be a waiting period of at least 3 months and in reality probably 4-6 months before we heard back from the bank. Two months in the bank requested some additional documents to be signed essentially stating that she was still interested in the house and had every intention of going to closing. Of course she signed them and we sent them back in promptly. Another month passes and we still hadn't heard anything other than the file was still under review. The listing agent has been great about giving us updates as they come in and even just touching base to let us know the file is current with the bank.
December rolls around and my client is getting excited at the thought of her first house (can't blame her), we talk and I let her know we're still just waiting on the bank to give a response or possibly request other documents to be signed. She asks me when will the bank respond? A completely legitimate question but, the reality is that I can't give a set answer and say the bank will respond on X date. This has been one of the most smooth short sales I've been a part of and I appreciate the weekly contact from the listing agent more than she knows. I think it's important for clients to realize that shorts sales are a relationship, not a one night stand, be prepared for the long waiting period and the possibility that in the end it might not work out.
Christmas came a few days early for my client last week. The bank on the first trust responded with an approval, one more trust to go. Patience, good things come to those who will wait!