I'm a buyer in FL and ST is the second

I'm a buyer and ST is the second.  Its been 71 days at the least where ST had the firsts (BOA) approval.  I have been told by my agent the file has been escalated, but that was weeks ago.  As of today the file is "in review."  Does anyone know what "in review" means and how much longer will I have to wait?  I'm going on my 8th month dealing with this short sale and I'm close to walking away.  I found a forclosure that seems to be quite nice, but my short sale is more desirable.  Is this deal even going to be a true deal and ever happen?  The house is starting the forclosure process because the sellers owe association dues. Any advice is so welcomed right now.  I dont know what to do. 

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Replies to This Discussion

Permalink Reply by Michael Hayley on October 6, 2011 at 7:43am
All I can say is, if it were me, after 8 months, I'd have to have a darn good reason not to walk. Something is not right. 71 days to get 2nd approval has got to be a world record.
Permalink Reply by Sarah on October 6, 2011 at 8:33am

Thanks Michael.  This is the first time I've delt with a short sale so I wasnt what to do.  I really think I'm done with this deal. 

 

Permalink Reply by Paola Martinsen on November 4, 2011 at 10:05am

I hope its not too late at this point...if you waited that long the approval should be around the corner if the numbers work. The question you should be asking is what is the UPB and what is the first offering to pay Suntrust and ask if Suntrust has given any indication of what they are looking to get. If the numbers work then even if you wait it will happen but if the numbers are off then its not worth waiting for.

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