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I've been browsing this thread for a long time.. thought I would post our timeline.. and hopefully get some insight on where we may be in the process..
1 Lien with US Bank $283,000. House is in disrepair, needs a lot of work.
11/26/2012-House Listed for $239,000
3/14/2013-Price dropped to $219,000
4/2013-Had first offer, first couple walked away.
5/2013-Price dropped to $199,000
8/6/2013-We made cash offer of $175,000 on house
8/13/2013-Offer Approval from Seller/Closing date set as 10/21/2013
9/3/2013-Attorney Review is over/Package Submitted to Bank
11/2013-No Update
12/2013-No Update
12/6/2013-Bank asks for updated addendum with new closing date of 1/10/2014
12/26/2013-Bank orders BPO
1/11/2014-Closing date has come and gone/Asked to sign another addendum, dated 2/10/2014
2/11/2014-Third closing date has come and gone/Speaking with a supervisor at bank to get case escalated/Sign another extension until 4/10/2014
2/28/2014-Moved into Gatekeeping Department
4/11/2014-Done with Gatekeeping, but still no appraisal scheduled. Fourth closing date has come and gone. We were told we are waiting to have a appraisal done. At this point, I went onto the Bank's facebook and let them know how exemplary their customer service was (insert sarcasm).
4/11/2014-In response to facebook post, appraisal scheduled for 4/17/2014.
4/17/2014-Appraisal done, bank should get results in 7-10 days.
5/30/2014-We were told that the appraisal came in, appraised well, but the LA and Seller's Attorney are in negotiations with negotiator arguing that our offer is a fair offer.
Does anyone have any idea of how much longer this could take?? We figured that the house would appraise higher than our offer, the house needs considerable work, and we took this into account when making our offer. Not to mention, in almost 2 years of being listed, there has been only one other offer. Any advice/comments are welcome!! We are first time homebuyers, and are now living with my in laws because our lease on our apartment expired and we were not able to extend the lease any further.
I've been browsing this thread for a long time.. thought I would post our timeline.. and hopefully get some insight on where we may be in the process..
1 Lien with US Bank $283,000. House is in disrepair, needs a lot of work.
11/26/2012-House Listed for $239,000
3/14/2013-Price dropped to $219,000
4/2013-Had first offer, first couple walked away.
5/2013-Price dropped to $199,000
8/6/2013-We made cash offer of $175,000 on house
8/13/2013-Offer Approval from Seller/Closing date set as 10/21/2013
9/3/2013-Attorney Review is over/Package Submitted to Bank
11/2013-No Update
12/2013-No Update
12/6/2013-Bank asks for updated addendum with new closing date of 1/10/2014
12/26/2013-Bank orders BPO
1/11/2014-Closing date has come and gone/Asked to sign another addendum, dated 2/10/2014
2/11/2014-Third closing date has come and gone/Speaking with a supervisor at bank to get case escalated/Sign another extension until 4/10/2014
2/28/2014-Moved into Gatekeeping Department
4/11/2014-Done with Gatekeeping, but still no appraisal scheduled. Fourth closing date has come and gone. We were told we are waiting to have a appraisal done. At this point, I went onto the Bank's facebook and let them know how exemplary their customer service was (insert sarcasm).
4/11/2014-In response to facebook post, appraisal scheduled for 4/17/2014.
4/17/2014-Appraisal done, bank should get results in 7-10 days.
5/30/2014-We were told that the appraisal came in, appraised well, but the LA and Seller's Attorney are in negotiations with negotiator arguing that our offer is a fair offer.
Does anyone have any idea of how much longer this could take?? We figured that the house would appraise higher than our offer, the house needs considerable work, and we took this into account when making our offer. Not to mention, in almost 2 years of being listed, there has been only one other offer. Any advice/comments are welcome!! We are first time homebuyers, and are now living with my in laws because our lease on our apartment expired and we were not able to extend the lease any further.
It's so hard to say if the bank will accept the offer or not but hopefully you will get a quick answer either way now that they have their numbers. The process if frustrating and I can see why buyers drop out all the time.
Quote:
Originally Posted by Thehouse
I didn't post a timeline because I did't want to jinx myself, however I closed on my short sale on May 29th.
I submitted the original offer in mid February.
Bank approved offer March 31st.
Loan approved Second week in May.
Closed May 29th.
This is in New York, Long Island.
But I want to make it clear that this process was a PITA.
Congrats!! I love hearing when they finally close!!!
Great news! I got my dream home! The bank did not pull the house from auction and I went to auction and got the home for $20,000 less than my shortsale offer. I put down a deposit and I have 30 days to pay the remaining balance (which I will be financing). I close in two weeks.
Congrats, That is great news! Enjoy your new home, hopefully I will be enjoying mine soon as well but for right now I'm still waiting. and you saved money I'd say the extra stress was worth it.
I've been browsing this thread for a long time.. thought I would post our timeline.. and hopefully get some insight on where we may be in the process..
1 Lien with US Bank $283,000. House is in disrepair, needs a lot of work.
11/26/2012-House Listed for $239,000
3/14/2013-Price dropped to $219,000
4/2013-Had first offer, first couple walked away.
5/2013-Price dropped to $199,000
8/6/2013-We made cash offer of $175,000 on house
8/13/2013-Offer Approval from Seller/Closing date set as 10/21/2013
9/3/2013-Attorney Review is over/Package Submitted to Bank
11/2013-No Update
12/2013-No Update
12/6/2013-Bank asks for updated addendum with new closing date of 1/10/2014
12/26/2013-Bank orders BPO
1/11/2014-Closing date has come and gone/Asked to sign another addendum, dated 2/10/2014
2/11/2014-Third closing date has come and gone/Speaking with a supervisor at bank to get case escalated/Sign another extension until 4/10/2014
2/28/2014-Moved into Gatekeeping Department
4/11/2014-Done with Gatekeeping, but still no appraisal scheduled. Fourth closing date has come and gone. We were told we are waiting to have a appraisal done. At this point, I went onto the Bank's facebook and let them know how exemplary their customer service was (insert sarcasm).
4/11/2014-In response to facebook post, appraisal scheduled for 4/17/2014.
4/17/2014-Appraisal done, bank should get results in 7-10 days.
5/30/2014-We were told that the appraisal came in, appraised well, but the LA and Seller's Attorney are in negotiations with negotiator arguing that our offer is a fair offer.
Does anyone have any idea of how much longer this could take?? We figured that the house would appraise higher than our offer, the house needs considerable work, and we took this into account when making our offer. Not to mention, in almost 2 years of being listed, there has been only one other offer. Any advice/comments are welcome!! We are first time homebuyers, and are now living with my in laws because our lease on our apartment expired and we were not able to extend the lease any further.
Well it seems we're in the same boat, I signed my contract 07/29/2014 and I'm still waiting also. This last addendum I signed has a closing date of 08/29/14. Hopefully I'll hear something soon. If not I may have to walk but I dont want to after waiting all this time. Do you know if the seller filled bankrupcy or anything , mine did and apparently thats the hold up in my case. Anywho, best of luck to you Dont forget to come back and tell us the outcome
Checked out the house listed at $280,000, fell in love and made an offer at $285,000 with closing costs included, signed the contracts.
1/27/13 - Seller approved the offer and signed the contracts and now all contracts are under attorney review.
2/11/14 - Signed the 1/15/13 Arms, Length Affidavit for first lender and we are still under attorney review, but hopefully its all completed this week
2/28/14 - 2nd Lender approval!
3/14/14 - 1st Lender wants changes. They requested that we only get $8,500 in closing costs included instead of $10,000.
They want my RA to change her commission to 4% from 5% (which I think is very unfair to her.)
She has to re-submit the hud sheet (I think its called) and hopefully get an approval sometime next week.
Fingers crossed!
3/19/14 - 1st Lender Approval
3/26/14 - Inspection Completed
4/21/14 - Appraisal completed
5/7/14 - Loan Approval
5/20/14 - Clear to close for May 29, 2014
Well it seems we're in the same boat, I signed my contract 07/29/2014 and I'm still waiting also. This last addendum I signed has a closing date of 08/29/14. Hopefully I'll hear something soon. If not I may have to walk but I dont want to after waiting all this time. Do you know if the seller filled bankrupcy or anything , mine did and apparently thats the hold up in my case. Anywho, best of luck to you Dont forget to come back and tell us the outcome
You have been waiting a couple days longer than we have! I couldn't wait until August, we have been living with my in laws for almost a month now. What bank is the seller's mortgage with? I don't believe they filed bankruptcy. They were given a notice of lis pendens in August 2013, but in Jersey, it usually takes a minimum of 1000 days for a house to fully go into foreclosure. I think this is just a case of a bank (US Bank) that doesn't have any of the correct processes in place. I haven't seen a single message on this board or other that said someone had a good experience with US Bank.
Offered on SS November 27th
1st mortgage citibank
2nd and 3rd Bremer
Seller agreed and signed mid December
Jan 3rd SS package sent to lender
Jan 10th BPO ordered
Jan 28th the earnest check was cashed and escrow opened
Jan 31st found out BPO was never carried out and now has been escalated to have it done
Feb 3 Interior BPO/appraisal performed. Waiting to be assigned negotiator once the numbers come in. Hoping it is close to offer.
Feb 10 Contacted agent to amend our purchase agreement adding 2 additional months for bank approval since our 3 months is nearly up.
Feb 21 Received confirmation today that amended contract has been signed and we finally have a negotiator. The Negotiator needs updated paperwork from sellers since it is past 60 days.
Mar 11 Assigned a new negotiator
Mar 25 Requested an escalation of file
Mar 27 Citibank has verbally accepted our offer and want the file closed by April 21st. They are now negotiating with Bremer bank
Last month and a half there was back and forth with the second lien holder.
May 22 Sellers agent received notice from Citibank to tweak the final HUD and resubmit it. That was done today and it will go to the underwriters on Tuesday.
They are hoping the written acceptance will follow immediately after so we can finally start the loan and inspection part on our end. I guess we'll see soon enough.
June 5th Our agent says all bank approvals are now in and she will send us a copy in the morning. Setting up inspections. Bank wants to close on or before June 25th. I hope this really is the finish line!
What is the process after the bank approvals are obtained. In the initial attorney review conducted with the seller we established a 60 day window to arrange for inspection and financing. I understand the Bank can come back and make their own demands and changes as the contract is technically with them but are they usually willing to accomodate the original contract signed by both the buyer and seller? If they say you only have 3 weeks to close and you request a 30 day extension is the usually automatically granted or no?
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. and you saved money I'd say the extra stress was worth it.
. If not I may have to walk but I dont want to after waiting all this time. Do you know if the seller filled bankrupcy or anything
You have been waiting a couple days longer than we have! I couldn't wait until August, we have been living with my in laws for almost a month now. What bank is the seller's mortgage with? I don't believe they filed bankruptcy. They were given a notice of lis pendens in August 2013, but in Jersey, it usually takes a minimum of 1000 days for a house to fully go into foreclosure. I think this is just a case of a bank (US Bank) that doesn't have any of the correct processes in place. I haven't seen a single message on this board or other that said someone had a good experience with US Bank.
