Short sale, long wait. . . A few questionsMonths ago, "the" bank approved a short sale on a house. Deal fell throguh because buyer lost his job just before close. On June 10, we submitted a contract on a short sale. We were told through our agent that another contract on the house just came in (may have been a ploy to get us to offer more- successful). We upped our offer to full price (decided we didn't want to loose it), and resubmitted on June 16. We were told at that time by the listing agent that we should have a response within 7-10 biz days since it was a full price offer. Short answer: he lied. Long answer: He keeps telling us to be patient, giving us updates like "Good news: the bank people just asked for some HUD form. Last time we were at this point it was 2 weeks til a signed contract." That was two weeks ago and we now find out the bank has another reason to hold off- asking for an appraisal. More recently we found out that all along we could have had a "signed contract" from the actual seller (pending bank approval) and this would take the property off of active listing. My guess is that the jerk listing agent was waiting to see if he got a higher offer before doing that. So what's the deal? What does a contract signed by the seller mean if we still need to get bank approval? Would a contract signed by only the seller take the property out of active status? Also, we just got notice from the listing agent that the bank wants to do a new appraisal. Any idea how long that might take? Also, the listing agent is now pushing us to set a new close date because the original one has passed. We would LOVE to set a close date. But, without a signed contract, we can't complete and submit our loan app. Plus we don't know when/if the bank will approve this anyway. Should we have our lawyer subit a new date or wait until we have a signed contract? July 22 2009 - Aurora00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.