I am two months in on trying to buy a house under short sale terms and nobody seems to know anything. The bank just takes so long to make a decision-WHY?

Ok…we made an offer and the seller accepted, now we are waiting on bank approval. The new deadline (bank asked for a 2 week extension) is tomorrow. Our agent called me yesterday and told me all the bank was waiting on is a 2nd BPO, but that the listing agent told her the lender liked the numbers and it was looking good. Then she told me that the house is scheduled for a share of sale auction on 4/27!! and the only way to halt that auction is to have a buyer for the home! So, does that basically mean if the bank does not approve the sale by the 26th then that’s it, no house? How long does it take to get a BPO after it is ordered? and if they already have one, why do they need another? and does the listing agent really have that info, that the bank likes the offer? This is very frustrating…help, anyone?

Got my paperwork into the bank on the house I’m trying to sell. A short sale offer is on the table (just today, will take awhile for a decision I assume) but if anyone is knowledgeable about what criteria banks use to approve or reject short sale offers I’d appreciate your insights.
thx

I want to start my own business in real estate, and read about short sales. I thought that this may be a good place to start so I can build capital. I want to start investing, I’ve been a property manager for single family homes as well as two apartment buildings however, I feel there is more I need to learn before I jump in. Any advice on getting into short sales/foreclosure mitigation. I read Short Sales Magic by Tom Butler. I want to start this biz in Cleveland, Ohio. Thanks for your help!
I did Google Tom Butler before I purchased the book. I received calls about coaching before I even had the book. The book took almost two months before I received it. After reading it, I realized it was not as simple as he was making out to be in the initial e-mail and it left out a lot of information – I guess to initiate more questions(coaching). Not worth the $45 that I paid. Fat chance he would get another dime out of me. Watching the dvd was like reading the book.

However, I joined a company that I could learn this part of the business and I wouldn’t have an out-of-pocket expense. I am reading ton of books from the library but I want to learn about the market here in Ohio as well as nationally. Can anyone suggest any magazines, sites that I can give me more insight into market trends etc.,
I am currently reading many books (not paying for seminars) and getting all my ducks in a row before I start.

We are waiting for b of a to approve a short sale offer that we place on a home. The first has no problem and all the bpos have been run and approved. Anyone have experience with length of time b of a takes as a second mortgage?

I have put an offer in to purchase a house in a short sale. The lender is Flagstar Bank. The “short” amount isn’t going to be extremely significant (approx. $10k). Does anyone have experience on how long Flagstar takes to approve/reject a short sale offer? The sellers attorney submitted a complete package (hardship letter, signed contracts, earnest $ etc.) on June fifth.
Thanks!
Update: Thanks for your experience. My realtor warned me I needed a stomach for this …I guess I just didn’t realize how impatient I would be. The Seller’s attorney is going to start bugging the bank next week. I am hoping to close before the end of the summer so my son doesn’t have to switch schools mid year.

what is the maximum time it takes for a bank to approve a short sale?

Who can I report this email to…
Dear friend,

How are you and your family? Hope all is well.

My name is Sgt. Barry Maurice Jones; I am an American
soldier, serving in the military with the army’s 3rd
infantry division. With a very desperate need for
assistance, I have summed up courage to contact you.

I found your contact particulars in an address journal on
the internet. I am seeking your kind assistance to move the
sum of US$8m (eight million United States dollars) to you ;
as far as I can be assured that my share will be safe in
your care until I complete my service here.

Source of money:

Some money in US dollars were discovered in dog kennels at a
farm house and guest houses in an estate near one of
Saddam’s old palaces in Baghdad, Iraq during an operation,
and it was agreed by Staff Sgt. Kenneth Buff, Sgt. 1st Class
Daniel Van Ess and I that some part of this money be shared
amongst us before informing anybody about it. Since both of
them saw the money first, they did the informing, while I
played the outsider to protect our interest. This was quite
an illegal thing to do, but I tell you what? No compensation
can make up for the risk we have taken with our lives in
this hell hole, in which my brother in-law was killed by a
road side bomb last time. You will find the story of this
money on the web addresses below:

http://www.right-thoughts.us/index.php/weblog/comments/the_first_thing_you_know_ol_saddams_a_millionaire/

The above figure was given to me as my share, and to conceal
this kind of money became a problem for me, even after the
initial probe of all soldiers of our command which I was
cleared from; so with the help of a British contact working
here and his office enjoy some immunity, I was able to get
the package out to a safe location entirely out of trouble
spot. He does not know the real contents of the package, and
believes that it belongs to a British/American medical
doctor who died in a raid here in Iraq, and before giving
up, trusted me to hand over the package to his family in
United States. I have now found a much secured way of
getting the package out of Iraq to the country for you to
pick up, and I will discuss this with you when I am sure
that you are willing to assist me, and I believe that my
money will be well secured in your hand because you have the
fear of God.

I want you to tell me how much you will take from this money
for the assistance you will give to me. One passionate
appeal I will make to you is not to discuss this matter with
anybody, should you have reasons to reject this offer,
please and please destroy this message as any leakage of
this information will be too bad for us soldier’s here in
Iraq and tarnish the reputation of other services men. I do
not know how long we will remain here, and I have been shot,
wounded and survived two suicide bomb attacks by the special
grace of God, this and other reasons I will mention later
has prompted me to reach out for help, I honestly want this
matter to be resolved immediately, please contact me as soon
as possible with my non-service private email address which
is for now my only way of communication until I specify
otherwise –
you can reach me on sgtbmjones@gmail.com

God bless you and your family.

Sgt. Barry Maurice Jones

sgtbmjones@yahoo.com.hk
Ohhhh I didnt answer it, but I reported it to yahoo and marked it as spam and I still get everyday from “him”
Im not stupid, I would never give anyone any info. I just want the damn emails to stop…no matter what I do I just keep getting them…