Waiting for Short Sale Approval Letter...How LONG?!?!

[Anonymous]

Everything with my pending home purchase has gone well...particularly well (and fast) considering it's a short sale. 

We recieved word that the seller was paying "deficient funds" (about $10,000 that the bank requested on top of my purchase price).  The seller's agent is a friend of my agent.  We were told that the seller's lender would be providing the short sale approval letter and we could expect to close by the end of June.  Here it is, two and a half weeks later...and still no letter.  My agent has told me "no big deal" and "no crystal ball" in being able to anticipate when the letter will come but AHHHH!!  What in the world could be taking so long?  Should I be panicking?  Because I am. haha. 

Is this typical?  Being told everthing's approved and ready to go and sitting and waiting for weeks for the short sale approval letter?

Any input would be greatly appreciated.

If it helps at all...I believe the seller's mortgage is through Sallie Mae.

Thanks!

[Anonymous]

*Fannie Mae.  oops.

[Lel]

---

@Anonymous wrote:

Everything with my pending home purchase has gone well...particularly well (and fast) considering it's a short sale. 

We recieved word that the seller was paying "deficient funds" (about $10,000 that the bank requested on top of my purchase price).  The seller's agent is a friend of my agent.  We were told that the seller's lender would be providing the short sale approval letter and we could expect to close by the end of June.  Here it is, two and a half weeks later...and still no letter.  My agent has told me "no big deal" and "no crystal ball" in being able to anticipate when the letter will come but AHHHH!!  What in the world could be taking so long?  Should I be panicking?  Because I am. haha. 

Is this typical?  Being told everthing's approved and ready to go and sitting and waiting for weeks for the short sale approval letter?

Any input would be greatly appreciated.

If it helps at all...I believe the seller's mortgage is through Sallie Mae.

Thanks!

---

Unfortunately, short sales can be notoriously unpredictable, even if everything seems to be falling into place.  Do you know whether there was a second mortgage on the property?

[Anonymous]

No second mortgage. They owned the property for 6 years, divorced and wife moved out after three, house has been empty since April 2010, sheriff's sale took place in April 2011, house is in a redemption period. don't know if that info helps at all...