How much longer should we wait ???

Question

I put and offer on a house in June, It was a short sale, The owner approved, now we are waiting on the bank, the BPO and so far everything else had went through, now they say they are waiting on the "underwriter". ( as of beginning of August)

My Question is Who and What do and Underwriter do? and how long should I have to Wait before I hear anything ? How long dose a short sale normally take ?

Answer 1

Underwriter is where the cash actually comes from. Shouldn't take this long, but big problem now w morts - market dropped over 10% and many homes no longer meet the appraised value numbers.

PS- in wrong category