You guessed it, no closing yet but we are getting closer. If I could share some good comments about doing a short sale, I sure would pass them on to you, but right now I know of none. According to the lender as of 6:00 this evening we should have the package to close on Monday Aug 1, but I am not holding my breath.
Are we at the bottom of this real estate crisis, or will the entire real estate market turn into short sales. If this is the way of the future, someone needs to step up and educate some of these Lenders on how this process needs to go to get these closed. Luckily i have only been working on this since April, but another agent in our office has been working on hers since January! There is no excuse in that. How can a buyer make plans to vacate their current residence to move in the home they are purchasing when this type of sale is so up in the air? The buyer on my short sale is renting on a month to month lease, but what if you sold your home to coincide with the closing of the short sale you are trying to purchase. It's impossible to do. You have to put your stuff in storage and either move in with friends/family or at the worst a motel.
At the end of the day, buyers are walking away from the short sale when it continues to go on for months and months. And who wins then.......nobody.