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My short sale closed

On January 24, 2009 I received an offer on a property on Cape Cod. We closed on it yesterday, May 14, 2009. Considering all the stories and tales of long sales, this doesn't seem that bad. If you ask the Buyer and Seller, they'd probably tell you it was not fun and took way too long. There were many tedious moments and I am glad it is over. We did use a short sale mediator and I do believe she helped. It was huge to have her gathering the paperwork and working with the Seller on that end. She handled all the communications with the bank. The one thing we didn't get at the end, and the Seller and his Atty were not happy about it...was a statement from the mortgage holder that the lien would be released upon their receipt of the proceeds from the short sale. We believe it is their intention to consider the loan paid off in full, but they wouldn't give us a lien release or put it in writing. I am curious if other realtors are getting this from lenders. I still say the lenders need to find a better and speedier way to complete these short sales.

Posted Friday May 15