I'm on the buyer side of a short sale transaction going nowhere....

As an agent that has never done a short sale I am woefully unaware of how this process should go. Until today.

My very interested and patient buyer submitted an offer many weeks ago. The listing agent said, "I have submitted to the bank and I will let you know when I hear something." Well, I am afraid she doesn't know how to process a short sale. I fear she is treating it like a foreclosure.

We don't have an executed contract!

I know much of this is my fault as I didn't know the procedures either until I took a training class today. My problem now is how to approach this listing agent and get this straightened out and hopefully moving forward for everyone.

Any suggestions?

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Permalink Reply by Robin McCoy on June 19, 2011 at 1:39am

Thank you so much for all of the information. I have still not received a response from the listing agent. I have advised my client that we just move on. He doesn't have any money in the game as we don't even have an executed contract. From what I can tell she is doing this "old school" and that way just doesn't cut it any longer.

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