What I Originally Expected to Happen

My husband and myself are both mortgage professionals. We deal with short sales every single day- from the aspect of lending to the buyer of a short sale. We were totally prepared for this- or so we thought.

From the moment we went into contract however it seemed our life had forever changed. We usually say the worst people to have to give a mortgage to are those that are in the business- and I suppose it is equally true for me. I will exclude my husband from that same generalization because it seems he really is able to step back and let all parties involved do their piece.

Myself? Not so much. It has always been hard for me to relinquish control over things and this is no different. I suppose it is because I have such high expectations about the job getting done- and done right the first time. The fact that our file has been with Bank of America for some hundred plus days and they have not yet even ordered a BPO is disconcerting to me at the least.

I talk myself off the ledge about purchasing this home every single day. Honestly, had we not already moved out and rented our home to someone else I am pretty sure we would be cancelling this transaction.

We know others that have been through specifically the Countrywide short sale experience. Namely our babysitter. She and her husband went into contract on a home in April and closed it in July. Originally the home that they bought went into contract in November, but two different buyers decided they could not wait any longer and cancelled their contracts. Maybe you know this already, maybe you don't- but Countrywide's short sale approvals are specific to each buyer. There is no substitution of buyers at the finish line- and incidentally if they cancel the contract and you find another buyer you go back to the start line. Do not pass go. Do not collect $200.

I was encouraged though- because knowing that it took eight months to close their transaction (but two other buyers had been in and fallen out), well, I thought ours would reasonably close within five months.

Right. Here we are at almost month four and we are logistically no closer to the finish line than we were on May 22nd or 23rd when the seller submitted their paperwork.

If you think I sound disenchanted, you are right. I am a writer by nature- it is something I enjoy doing. Sometimes I happen to think I am pretty good at it. I have been writing letters all throughout this process. My suggestion to you if you are involved in a short sale is to get out your trusty pen and paper. (or laptop). I'm not saying so much that my letters are getting me anywhere (except maybe in hot water with the seller's realtor) but I do happen to find therapy in at least writing what I feel.

I will post some of the letters I have written in upcoming posts. Don't copy my content- but feel free to write letters of your own as your situation dictates.