I spoke with a few of the lenders that I am waiting on answers for the short-sale listings that I currently have:
One lender received the complete package as acknowledged on 8/21/07. I found out today that the package was finally received by the negotiator on 11/23/07 (3 Months Later!) and that they are going to try to have an answer by 2/23/08 as they are 90 days out.
Another example is another lender who received the package also in 8/2007 and after so many emails, phone calls and messages that they are still missing some information that is needed in order to submit to the negotiator. Why was this not communicated? I have no idea.
To make a slong story short, I have lost a buyer already which now I have to place the home back on the market to get another offer that they will have to review again.
I have had quite a few success stories on short-sales now. I certainly do not call myself an expert at it, but based on my experience on short-sale transactions - I am a bit dissapointed with the response time from lenders. Please share with me you experiences and let me know if this is something more common now.
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