My husband and I put an offer on a short sale on June 12th. The owners of the home had not made a payment on it since November of 2009. The owner's accepted the offer and the bank was given 90 days to accept the offer or not. We were told that since it had been a long time since the owners had made a payment that our offer would be looked at soon because there were 3 stacks: 1 stack for people who hadn't made a payment in 30 days, another for one that was for over 60 days, and the final stack for 90 days +. After a month of waiting we were told that the answer would be yes, but they couldn't give us an answer on when we would get that yes. I checked again after about a month and a half and the file had moved from the negotiation stage to the underwriting stage for the final approval. When our 90 days was almost up late in August, we found out that the bank had not even looked at our file. They refused to look at our offer until the house had a foreclosure date. Apparently the short sale department wasn't able to get the file from another department. I'm not sure why we were being lied to this whole time. They ended up setting a foreclosure date for September 16 (today). So we ended up doing a 30 day extension on our offer. I emailed the realtor yesterday and she said that Flagstar had looked at the file and that they needed additional paperwork from the owner and she had obtained that and was going to fax it to them. I contacted the realtor again today to see if there were any updates since today is the foreclosure date and she was told that it takes them 4 business days to review any paperwork. My question is..am I completely wasting my time with this short sale? We sold our house and have been living with my mother-in-law which is horrible. I am in desperate need of a home and really love the one I am trying to get. Do you think we are just being messed with, or will they actually ever look at our offer. Has anyone even heard of needing to have a foreclosure date set before they will even look at an offer for a short sale?

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I am an agent who has handled many short-sale transactions as both a listing agent and a buyer's agent. I am currently representing a buyer for a short-sale with Flagstar Bank and we are experiencing very similar circumstances. We had a verbal short-sale approval from Flagstar the first of July and now at the end of September, they have yet to provide a written approval. They've asked the seller for the same documentation, which she has submitted numerous times along with her agent, and they continue to repeat the requests, saying they don't have it. A couple days ago they rejected the package because of a missing hardship letter, which had been previously submitted. We are close to 90 days into this and according t the listing agent she's been submitting short sale offers on this property since last February, with the same results. This is the worst experience I've personally had in working a short sale, and I've worked on at least 10 of them.

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