Short Sale Approval after waiting for 4 months!

We wrote an all cash offer on September 27 and yesterday we finally received short sale approval from the bank! Although a rare case, my client hung in there for those 4 months with enough faith to keep him hoping! In this case the bank was Chase and there was only one loan (no 2nd mortgage to worry about). The file seemed to be pretty clear cut. The owner had previoius short sales approved which means he already showed a financial hardship so the process was expected to be short and simple.

The reality is that the lender "lost" the short sale package at least two times. The lender assigned a negotiator the end of November I believe. A BPO (brokers price opionion) was ordered so we were hoping for a decision in the middle of December. With the holidays and such not much happened. In the middle of January I found out that a new Negotiator was assigned. Frustrating, but then again the first one didn't seem to be performing so maybe this one would get things done.

Finally, yesterday we hear that the bank approved the short sale for the price we offered. The only considerations was the lender was not going to pay for about $1,000 of "seller" closing costs so my buyer would be picking up those costs. Oh, by the way, they reduced commissions as well. You see, we all feel the pain. Now, we can look forward to a smooth escrow . . . or maybe not. We will see. I will keep you posted.