With the extensive media coverage, I'm surprised that I'm having an issue with the level of patience I'm experiencing on my Mission Viejo Short Sale. Both the agent and the buyers are disappointed that I can't give them a firm response time - really?! Come now.
I listed the property and within 4 days, I had 4 offers. I promptly put it in back up (I hate listings that sit collecting offers and still show 'Active' but that's another conversation). We submitted with the bank.
It's been 6 weeks - the appraisal was just completed. It's likely another 30 days before we hear something. Sometimes they go faster - sometimes they don't. Sometimes they never close.
For example, over the weekend I pulled Short Sale history in Ladera Ranch. Currently there are 40 Active Short Sale listings under $450k in Ladera Ranch. There have only been 11 successfully closed Short Sale listings under $450k (based on MLS reporting) in Ladera Ranch, EVER ! And we've been in this market for at least a year and a half!
I understand the desire for an answer. I understand the frustration of waiting and not knowing. Unfortunately, if you are going to write an offer on a short sale, it's a long process in which the listing agent has limited control. We're going through all the right steps of the process...but it is slow!
So if you are considering a Short Sale listing, be prepared for a lot of unknowns over the next 30 to 90 days. Know that the agents have little ability to change that.
If you are an agent - educate your buyers or help them find better solutions for their search for a home.
Stepping off my soapbox....