underwriting on short sale? (3%, agent, commission, accept) - - City-Data Forum

Ssixbery · 07-03-2010, 03:07 PM

The last contact we had with the listing agent of the short sale we put a offer on he had said that the file went to the underwriter.
I haven't heard the term underwriter dealing with short sale approval, only with our loan approval.
Any idea where in the approval process we are at?

2bindenver · 07-04-2010, 09:15 AM

Close to the approved part. Sometimes the underwriter is "in house" a fact/file checking person. Other times, it's the MIP company.

Ssixbery · 07-05-2010, 09:55 AM

oo ok, thanks

Ssixbery · 07-09-2010, 11:19 AM

Listing agent received an email from the bank today that there will be a counter offer, but when he went into the equater system it wasn't showing up in there yet. When he emailed the lady back he got an automated response that she would be out of the office till next week... ugh... but we may actually know whether or not this is really happening soon! woohoo!

Momotaro · 07-09-2010, 07:33 PM

Good luck in the process, I hope it works out!

KAMINIHITESH · 08-23-2010, 11:18 AM

so Ssixbery.. did you finally got the counter offer? did you accept it? how long it took you to close? please provide us with details. i am in the same boat.. bank gave me counter and we accepted and it has been 10 days we are waiting for an approval.. there is alons 2nd bank involved in our case

Ssixbery · 08-23-2010, 01:45 PM

Quote:

Originally Posted by KAMINIHITESH

so Ssixbery.. did you finally got the counter offer? did you accept it? how long it took you to close? please provide us with details. i am in the same boat.. bank gave me counter and we accepted and it has been 10 days we are waiting for an approval.. there is alons 2nd bank involved in our case

We FINALLY got a counter offer about a week and a half ago or so. We accepted it and got our approval last week. We are scheduled to close on September 15th.

skycrane · 08-23-2010, 01:58 PM

how much did you offer compared to asking price? how much was the counter offer? did you get closing costs paid for?

Ssixbery · 08-23-2010, 02:20 PM

The house was listed for $250,000 we offered $262,000. In the counter offer they accepted our offered price, but denied paying for the home warranty, termite, and lowered the commission. We also asked for 3% towards closing costs. They accepted that... however in the final acceptance that we received they did not make note of that... so were trying to get that figured out.