Hi, I am a buyer of a short sale, have had the contract for about 6 weeks now. The seller's agent told us that she has no approval yet from the banks (bofa and 2nd mortgage, can't remember what the name is right now). What are the rules for the buyer to start calling the banks, to try to get this thing going? The research I have done says that sometimes it can take up to a yr, by then the interest rates could go up.
thanks,

The "rule" is that they will only give information to the borrower or a person the borrower has designated in writing can receive that information. It's all about privacy.

The banks are very strict about security and privacy, so if you called you would probably not accomplish what needed to be done.

six weeks is hardly long enough to start worrying. Sit back, relax and let the agents do their job. I've had deals go seven months.

If the mortgage company is Bank of America and it is not a HAFA short sale (your agent should know this) then 6 weeks is just the beginning. This short sale is further complicated by the fact that there is a second mortgage involved. This process will probably take another 2 months to get a clear to close letter. Your contract is not binding until it is accepted by both lenders so you have nothing to worry about. Keep in mind you are purchasing the home at a distressed value. You can't expect to get that great of a buy without some form of trade off. In this case your trade off is time. If you're not willing to wait then you need to either buy a foreclosure or just bite the bulet and pay fair market value.