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Comment by Deana on November 4, 2012 at 7:56am

Ok well I don't have a letter saying we are approved only a verbal saying they are moving forward with us. I really appreciate your help I only wish Nationstar would reach out and give some sort if update. I would never do a short sale again. This has put a terms sous amount of stress on me and my family. I'm hoping you are right and that we will hear from them soon. Thank you again

Comment by Jeff Payne on November 4, 2012 at 7:41am

OK, got it.  So far it looks like a normal short sale.  Nothing out of the ordinary.   I was confused by your original post in which you said Nationstar approved the short sale and then ordered an appraisal.  Unless you have an approval letter in hand, Nationstar has not approved the short sale.  

They will approve or deny the short sale after they get their appraisal and review the file.   Depending on how long it has been since they received the appraisal, you should be getting close but close might mean another 30 to 45 days and then you can get your lender to work on getting a closing package for you to close.  

Comment by Deana on November 4, 2012 at 7:35am

Yes Jeff the seller accepted, presented to Nationstar they requested all financials on us and then approved the sale. Yes we have a contact signedv by the owners of the house.

Comment by Jeff Payne on November 4, 2012 at 7:19am

Deana,

Who accepted your offer?  Remember that Nationstar does not accept your offer, the seller does. Then it goes to Nationstar for approval of the short sale, at that time Nationstar orders their appraisal.

Timeframes may have been clearly explained but I am concerned that your agent did not explain the short sale process.  The seller accepts the offer, not Nationstar, the seller is the owner and that is who accepts your offer.  Nationstar is the loan servicer and may or may not be the investor.  many lenders only "collect the payment" or service the loan for an investor.  Investor is something your agent should ask when submitting the offer.  

Do you have a contract that is signed by "the people who owned the home"?  

Comment by Deana on November 4, 2012 at 6:53am

Jeff

All timeframes were clearly explained. Everyone told us it would be a waiting game. I just never expected the lack of communication. It the appraisal did come back differently than the broker price what does that mean? Could they walk away from the deal? They first accepted our offer then did the appraisal which I personally thought was out if order. Shouldn't the appraisal have been done first? I am just frustrated that no one is talking to anyone..home was listed at 499 we offered 470 and are very qualified buyers who are putting more than half down on the house. Not sure what you mean by who the investor is? The people who owned the home took our offer and presented it to Nationstar. They accepted the offer.

Comment by Jeff Payne on November 4, 2012 at 3:54am

Deana, could be that the appraisal came in differently than the Broker Price Opinion, hard to say.

What time frames were you expecting?  Did your agent give you a timeframe or explain that short sales can easily take 6 months?
Who is the investor?  What is the value of the home and how much was your offer?
As far as frozen pipes, have your agent contact the sellers agent to turn off the water...

Comment by Deana on November 4, 2012 at 3:45am

Jeff..my husband already did that numerous times and still no movement. You would think they would abt to get these short sales off of their desk. All the appropriate people have been in contact with them and now there has been zero communication or response for 1 month. The pipes will freeze in our new house if they don't respond soon. What a travesty that a home that someone wants cannot be lived in. We pass by everyday on the way to school and can't get in because its "ours" but not "ours. My children have been amazing throughout the process but no one will answer as to why the appraisal is stuck..they approve us then disappear. Heartbreaking.

Comment by Jeff Payne on November 4, 2012 at 3:34am

Deana,

So sorry this is happening to you, it STINKS!!  Curious what expectations your agent set forth before you made the offer.  4 months is not unusual, especially with Nationstar.  You will most likely not get any response from Nationstar as they will only speak with those authorized by the seller.  Try this... go to jigsaw.com and search out every executive at Nationstar and send them an email explaining your situation, they may pass your email along to get the file moving....