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Just some advice if u live in florida? U can usually follow the distress homeowners court case online easily. Why is this important?
The longer the non payment the shorter the short sale duration. Make sense? Our former neighbors hadn't paid in 3.5 years. They finally offered hime for short sale last June (just as kids finished school year). Short sale was denied in Ocotber 2012 after BPO price came 30k over contracted price. (I follow activity like a hawk in my neighborhood).
Than what this? I see. $100k small business loan forgiven on county website by the SBA in December. Bamm. I immediately know the distress homeowners did some type of BK filing or negotiations cause u don't just get a $100k lien waived. Bamm they move out 5 months later. Usually in florida u got about 6 months from time of BK filing (chapter 7) Bamm home is put up a short sale again the same time. Bamm short sale closes in 3 months cause all lien holders were wiped out with what they did around November 2011 ate their short sale was not approved.
Got that? That's how u follow the real time frame a short sale takes. Just look through the court system what's happening. It will give u a strong sense if the sale will move along or not.
Where would I find the homeowners court case website at? The house is in Broward county.
Bank- Aurora Bank (now Nationstar)
# of Lenders :1
PMI: Yes
Listing price- 170K
April 7, 2012 -Made offer -180K
April 9th -Seller accepted
April 12th - papers sent to seller's title company
April 19 - papers submitted to bank
April 20 - Aurora starts the foreclosure process
May 5 - bank asks for more paperwork from seller
May 10 - bank has requested paperwork, will issue negotiator within a week
June - Nationstar taking over, all files being transferred to their system
June 20 - BPO done
July 17 - Nationstar asks for us to fill out pre-approval forms, sent back same day
July 26 - Nationstar asks us for proof of funds, sent back the same day
**Update Still no word from Nationstar but PMI has been approved. A small step in the right direction!
Friday 5/11 - Make offer
Tuesday 5/15 - Sellers accept offer
Saturday 5/19 - Inspection
Wednesday 6/13 - Bank asks for 10% reduction in commissions/concessions/taxes - total of $2600. I agree to reduce concessions from 3% to 2%
Wednesday 6/20 - Per listing agent (?), bank has revised HUD-1 form. According to an email from the bank, they have everything. Decisions are being made in 20-30 days which would be 7/11-7/21.
Monday 7/16 - Bank has now requested proof of funds for closing and an updated preapproval letter. I sent my most recent bank statement and a new preapproval letter my buyers agent.
8/2 - Request received for updated addendum. Contract expires on 8/14. Sent it to buyer's agent.
8/8 - Call from buyer's agent - short sale is approved! Should be getting paperwork shortly. Price/conditions all approved. Closing must happen by 9/21. Oh, sweet relief.
Bank- Merrill Lynch (BoA) and Wells Fargo
# of Lenders :2
May 8th, 2012 -Made offer
May 29th -First bank countered
May 31st -Accepted counter and asked to sign Arms Length Affidavit
July3rd - Counter from 2nd bank
July 5th- Accepted counter and asked to sign Amendment to Agreement.
No word since...Ugh, we were originally told a closing date of July 22nd, and then June 22nd...is the end near? We don't wanna give up the property because its in an amazing area, and the price is fantastic but the wait is driving me nuts!
Update: Got word from the relator today that the file is under review and in the underwriting phase as off this Wednesday...Does anyone know what this means?
The bank is Chase (WAMU originally). They are only short on the second mortgage, hopefully that helps the process along. Both are with Chase.
June 1st – Seller accepts our offer at $3,000 more than list price.
June 3rd –Offer and paperwork sent to Chase
June 27th – BPO was completed
July 17th – negotiator assigned by Chase and we are told that we will hear something by our offer contract deadline of July 31st.
As of today (July 30th), we haven't heard anything back from Chase regarding the short sale. If we decide to do an "amend and extend" what timeframe should we give them? We want to push them along (if that's even possible)...
On Aug 1st the bank countered our offer at $60k more than our offer. We countered back at +$30k. We are now told that the final HUD has been requested based on our counteroffer. Is this a good sign? We were told we should hear something within 72 hours.
Originally Posted by FLAGIRL78 Bank- Aurora Bank (now Nationstar)
# of Lenders :1
PMI: Yes
Listing price- 170K
April 7, 2012 -Made offer -180K
April 9th -Seller accepted
April 12th - papers sent to seller's title company
April 19 - papers submitted to bank
April 20 - Aurora starts the foreclosure process
May 5 - bank asks for more paperwork from seller
May 10 - bank has requested paperwork, will issue negotiator within a week
June - Nationstar taking over, all files being transferred to their system
June 20 - BPO done
July 17 - Nationstar asks for us to fill out pre-approval forms, sent back same day
July 26 - Nationstar asks us for proof of funds, sent back the same day
**Update Still no word from Nationstar but PMI has been approved. A small step in the right direction!
We got written approval!! Closing must be by Sept 21.
Originally Posted by jame2012 Update.........................
Quote:
Originally Posted by jame2012 City State: St. Paul, Minnesota Year: 2012 Bank- PNC Bank # of Lenders :1 PMI: No Listing price- $ 99k
February 26th -Made offer 80K with 1k earnest money deposit. February 27th--Seller accepted our offer and signed our purchase agreement. February 28th--Seller agent sent the package to the bank.. March 1st------ Seller done the True in Housing sale inspection.
more will come as the waiting day pass by........I just hope it not all crazy **** and waste our time end up loosing after waiting.....
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Updated.....
today is March 26-2012 and we still waiting.....nothing happen yet, it about 1 month now......soon if we didn't hear anything from the bank within 2 month, we are ready to walked......I also heard my seller agent that this is her first time sell house so she also a rookie, that mean more time waiting.....
Update.........................
Today April 10th and listing agent told my agent that BPO has been done...
That was it...haven't heard from the bank that they accept or counter our offer yet....but we are nearly gonna walked because my wife like the split entry more than the ramble....but the split entry one is kinda odd and also a Short sale....
There is already an offer accepted and sent to the bank,,but we decide to write an offer anyway, and make sure it is better than our competitor offer because we are paying all the closing cost and make sure it higher than the listing price....the listing agent also send to the bank and hope for the best that the bank will take our offer instead of the 1st offer sent...
What I know is that if the other house already has an offer in to the bank even if you send a higher offer they have to process the first one. First come first served. Now if it is still in the seller's hand they can accept the highest offer. I would recommend that you hold onto your first offer and wait it out. You can always back out if you find another or the other offer falls thru and they start the process over on your's. We ended up waiting 4 1/2 months on ours. inspection this week
...
Good news...and finally...
Our house just closed on August 29th.....OMFG soo ****ing long....what a bad short sale nightmare but i guess we did it.
pay 103k.....
Late May: saw propery, placed offer at list price, seller accepted.
Early June: transaction evaluated by short sale attorney, documents requested
Mid-July: Short sale package completed and submitted to Wells Fargo
August 15th: BPO completed
October 1: Bank counters my offer for $30K more than the list price
October 2: I counter the bank at $10K more than the list price
October 15: Bank acknowledges receipt of counteroffer and places transaction in review.
The seller has a single FHA mortage and they owe about $65K more than the current offer. Still waiting.
August 25 - Put an offer on the short sale
August 27 - Offer accepted by seller
August 28 - Filled out all paperwork and file sent to bank
September 20 - My file was sent to the underwriter
October 30 - Asked to sign a new closing date for Nov 30
November 8 - Selling agent received BPO and my agent told me this means the bank accepted my contract amount
Short sales can be very complicated due to all of the factors involved... I have actually just published a Kindle book on the subject to help shed some light from my experience! Best of luck to you!
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