In the Beginning....

Ever wonder how it all starts? Exactly how does a short sale become a closed sale?

Good question! So far, we don't know. We are bogged down in a short sale right now- as buyers- with no apparent end in sight!

So here is a timeline for you:

May 7th 2009- home listed on MLS for $450,000
May 9th, 2009- we offered list price plus three percent seller concessions
May 11th, 2009- seller accepted with no counter
May 22nd, 2009- short sale negotiation company (independent third party short sale processing company) submitted the seller's short sale package to Countrywide (now Bank of America)

Wait for it.... Wait for it.... No status updates whatsoever until-

July 6th, 2009 assigned to a Phase 1 negotiator. We were told they had fifteen days to review the package.
July 14th, 2009- Phase 1 negotiator is the only person that has done their job in a timely manner. File was moved on to Phase 2. Supposedly...

Wait for it... Wait for it....

August 13th, 2009 Bank of America requested updated financials from the seller
August 20th, 2009 seller's financials were sent in a few days prior but BofA still did not have them uploaded in their system.
August 27th, 2009 seller's financials still not showing in the system. Short sale processing company tells us that BofA indicates "sale date" of the property is September 23, 2009. Ummm, this house is not in default. What the? Ooops, wrong info. Short sale processing company calls back and is told still no update. BofA will not order the BPO until the sellers financials show in their system. By the time they show in the system no doubt they will be expired again.

Next follow up date is scheduled for 9/2. I have zero optimism that we are going to have any further progress. We have been in contract for 110 days.

I spend more of my time now searching for anything related to "Countrywide Short Sale Success", "Countrywide Short Sale Timelines", "Bank of America Short Sale Process", you name it- anything short sale related. I am becoming an independent expert on this process- so if you are looking for a catalogue of information you are coming to the right place.

Bookmark it. Visit often. Comment. Tell me your situation- and how you found success (or why it failed). Share! Share! Share!