Here is a story about Mr. Mcardle who lives in Mesa, Arizona. Mr Mcardle being in the construction business suffered loss of income due the declining real estate market conditions. Mr Mcardle got behind in his mortgage payments and his bank or servicing company Litton Loan Servicing LP started the pre-foreclosure process.

Mrcardle employed Encompass Realty ® to sell his house at fair market value but fair market value is less than originally owed, so Manny, Broker of Encompass Realty ® started the short sale November 2007. After over 50 phone calls Litton Loan Servicing gave a short sale approval on about February 2008. But one week before Litton Loan Servicing fax over the approval, the buyer would not wait 4 months and cancel and bought another property.

Encompass Realty ® received another offer February 2008, and Litton Loan Servicing stated it should take two days for an approval. Mean while the real estate market is still declining in most areas. Litton Loan Servicing promised May 27th 2008, in about 48 hours we should get the approval. This is now 3 months later. May 30th, 2007 .Encompass Realty® received the fax approval and guess what, buyer cancels and buys another property couldn’t wait 3 months. Who is to blame them.
So the question why would any buyer make an offer on a short sale? why wait so long? agent for Century 21, who does not want to be name, stating that the agents are being told not to make offers on SHORT SALES properties for sale.