We are first time home buyer and were wondering if anyone is familiar with the short sale process. About a month and a week ago we put an offer on a short sale that had been on the market for over a year. The sellers signed the contract the following day and submitted it to the bank. Our realtor got back to us at the end of the week and said the house was going into foreclosure the following week, but that the bank was going to delay the foreclosure process for 30 days to short sale it. The bank ordered a BPO and assigned us a negotiator, then reassigned us to a second negotiator last week. We just found out yesterday that the house has 2 mortgages on it. The 1st mortgage is with Freddie Mac, and the 2nd mortgage is with Countrywide. Freddie Mac has approved the short sale, but now we are waiting for Countrywide’s approval. Our realtor mentioned that Countrywide had previously approved the short sale, but that it had expired, so they just needed to get an update approval. We are pretty much ready to go, we have our mortgage approved, a rate locked in (expires in mid Jun), and all we need is an inspection after the final approval.
What are the chance that this short sale will go through and how much longer could it take at the point?

Our realtor is confident that the sale will go through, but we won’t believe that till we see that in black & white and we have keys in hand.

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