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Location: Northern NJ
List Price: $150,000
Offer: 160,000 with no closing assistance, 20% down, as is
Owners owe fees for Dam Assessment that we (buyers) agreed to pay for.
11/1/13 - Home was listed
11/3/13 - Walk through house and absolutely loved it! Needs work, but is in a neighborhood we wouldn't have been able to afford as we already have another home.
11/6/13 - Pre-approved (this will be our 2nd home)
11/7/13 - Offer made for 10k over list price with closing date of 1/10/13
11/8/13 - Seller accepts offer
12/3/13 - Out of attorney review - changed short sale approval date to 2/15/14
12/6/13 - Septic inspection. Found a cesspool on the property not a septic system.
12/7/13 - Reached out to health department to ensure they would allow us to close on the home if $$ was put in escrow to put in a septic system. Town agrees (Thank goodness my husband does that for a living!).
12/28/13 - We get married!!
1/7/14 - House is winterized and all utilities have been turned off. Sellers had balance with electric and gas companies. Both utility companies allowed us to open accounts under our name to turn on utilities to have additional inspections done (however, we had to pay for these utilities out of pocket). Scheduled appointments to turn on utilities.
1/8/14 - Our attorney emailed the sellers attorney - we didn't want to be held liable for anything that may happen when dewinterizing the home. Signed agreement put in place. Scheduled appointment with plumber to dewinterize.
1/17/14 - Met with both utility companies to turn on the electric and the gas. Hired plumber to get furnace up and running as the temperatures were only going to be in the teens for the next few days!
1/18/14 - Home inspections done. Nothing major to report, but mold in the basement. Basement will have to be gutted and refinished. Water test could not be done due to a MLK day the following Monday.
1/18/14 - Engineer came to home to provide estimate for new septic system.
1/20/14 - Bank orders BPO
1/21/14 - Water testing done and home was winterized again.
1/23/14 - Sent over all receipts to attorney to she could keep on file the money we had put out of pocket.
1/24/14 - Town confirmed that underground oil tank had been removed.
1/28/14 - Radon test came back fine.
1/29/14 - Sellers attorney let us know they're getting the run around from the bank and have not yet heard back regarding the BPO
2/18/14 - Signed SS Affidavit
2/21/14 - Received result of water test. Came back inconclusive and they will have to retest - UGH. House is already winterized so we'll have to wait to see if we get approval.
2/22/14 - Seller's lender asks for our financing information.
3/5/14 - Confirmation that BPO was acceptable. Lender is still requesting documentation from sellers.
3/10/14 - Confirmation the sellers have given the lender all information requested.
3/20/14 - SHORT SALE approval!!!!!!!!!!!!!!!!
3/21/14 - 40 DAY closing - Date set of April 29th! I'll keep ya'll updated!
4/1/14 - Was told the home owner had backed credit card payments that we needed to pay off of $3,200 – we agreed to pay them…. UGH
4/23/14 – CLOSED!!
6/12/14 – We are doing a lot of upgrades with our new home, but we absolutely love it! Good luck to all – it’s a long process, but worth it in the end!
04/13 - Heard back from our agent; bank's BPO is list price, $275,000.
04/30 - Mortgage company created the file and passed it on to a processor.
05/09 - Small hiccup with HAFA process. Apparently the bank needs electric company statements to prove the home was lived in over the past year. Once this is done they said it will be assigned to a negotiator.
05/21 - We get news that the bank has taken back the 2nd loan from a collection agency, so now we are dealing with a single bank.
05/23 - The bank has verbally given us acceptance of our offer with one caveat. They will only pay the 3% closing cost if we finance FHA.
05/24 - We agreed to the bank's conditions to finance FHA even though we planned on conventional. We should hear a verbal acceptance hopefully today or tomorrow. Within 3-5 days of that we should have a written acceptance and able to close very quickly. We won't schedule inspections or anything until the written acceptance. Until then, we'll start working on our financing.
05/30 - Signed FHA Addendum.
05/31 - Found out the file has been turned over to the investor. Should hear something within a week.
06/01 - Got a call this morning from our agent that the investor has given us an official verbal acceptance!!
06/05 - Written acceptance letter received
UDPATE:
06/13 - Inspections completed. Went great, only minor things we can take care of.
06/15 - Loan approval received.
Settlement scheduled and on track for June 28th! I think we heard our agent wrong about June 20th. Either way, we're packing up and getting things ready to move next weekend!
Quote:
Originally Posted by esenogaraicila
Location: Northern NJ
List Price: $150,000
Offer: 160,000 with no closing assistance, 20% down, as is
Owners owe fees for Dam Assessment that we (buyers) agreed to pay for.
11/1/13 - Home was listed
11/3/13 - Walk through house and absolutely loved it! Needs work, but is in a neighborhood we wouldn't have been able to afford as we already have another home.
11/6/13 - Pre-approved (this will be our 2nd home)
11/7/13 - Offer made for 10k over list price with closing date of 1/10/13
11/8/13 - Seller accepts offer
12/3/13 - Out of attorney review - changed short sale approval date to 2/15/14
12/6/13 - Septic inspection. Found a cesspool on the property not a septic system.
12/7/13 - Reached out to health department to ensure they would allow us to close on the home if $$ was put in escrow to put in a septic system. Town agrees (Thank goodness my husband does that for a living!).
12/28/13 - We get married!!
1/7/14 - House is winterized and all utilities have been turned off. Sellers had balance with electric and gas companies. Both utility companies allowed us to open accounts under our name to turn on utilities to have additional inspections done (however, we had to pay for these utilities out of pocket). Scheduled appointments to turn on utilities.
1/8/14 - Our attorney emailed the sellers attorney - we didn't want to be held liable for anything that may happen when dewinterizing the home. Signed agreement put in place. Scheduled appointment with plumber to dewinterize.
1/17/14 - Met with both utility companies to turn on the electric and the gas. Hired plumber to get furnace up and running as the temperatures were only going to be in the teens for the next few days!
1/18/14 - Home inspections done. Nothing major to report, but mold in the basement. Basement will have to be gutted and refinished. Water test could not be done due to a MLK day the following Monday.
1/18/14 - Engineer came to home to provide estimate for new septic system.
1/20/14 - Bank orders BPO
1/21/14 - Water testing done and home was winterized again.
1/23/14 - Sent over all receipts to attorney to she could keep on file the money we had put out of pocket.
1/24/14 - Town confirmed that underground oil tank had been removed.
1/28/14 - Radon test came back fine.
1/29/14 - Sellers attorney let us know they're getting the run around from the bank and have not yet heard back regarding the BPO
2/18/14 - Signed SS Affidavit
2/21/14 - Received result of water test. Came back inconclusive and they will have to retest - UGH. House is already winterized so we'll have to wait to see if we get approval.
2/22/14 - Seller's lender asks for our financing information.
3/5/14 - Confirmation that BPO was acceptable. Lender is still requesting documentation from sellers.
3/10/14 - Confirmation the sellers have given the lender all information requested.
3/20/14 - SHORT SALE approval!!!!!!!!!!!!!!!!
3/21/14 - 40 DAY closing - Date set of April 29th! I'll keep ya'll updated!
4/1/14 - Was told the home owner had backed credit card payments that we needed to pay off of $3,200 – we agreed to pay them…. UGH
4/23/14 – CLOSED!!
6/12/14 – We are doing a lot of upgrades with our new home, but we absolutely love it! Good luck to all – it’s a long process, but worth it in the end!
Sounds like your process would have went really fast had it not been for minor issues with the home and seller. I am so happy you guys closed!
Update:
House listed at $220,000 (Last sold in 2006 at peak of market for $350,000)
March 16 - Saw house and put in full offer of $220 plus closing costs. March 25 - Paperwork sent in to bank March 26 - May 21 Waiting May 22 - Just heard that our case has been assigned to a bank agent. Moving along. (It's better than hearing nothing!!) June 6 - We contact our realtor and ask if she's heard anything about a BPO. We were told it had been ordered and usually takes 10 days. June 13 - BPO came back at $225,000!!! More paperwork being sent in to bank.
YAY for a great BPO!! Supposed to hear something next week! After all this waiting and not hearing anything, it's almost like now that our case has been assigned an agent, we're moving along rather quickly. We don't have to move out of our house until Aug. 1, so it's very possible that we'll get this house...and maybe before we have to move out...saving us having to move twice to obtain this dream house of ours!!
Does anybody has recent experience with Wells Fargo? We are interested in a SS, but want to know how is the process with them (we'll be the buyers)
Our purchase was with a home that had Wells Fargo as the lien holder. Was very happy with the experience. Wells was on the ball and we went from offer to closing in about 2 months. Of course, there is a little caveat...we offered immediately after another buyer dropped out after the inspection. But they did the whole process again (review, BPO, etc).
Update:
House listed at $220,000 (Last sold in 2006 at peak of market for $350,000)
March 16 - Saw house and put in full offer of $220 plus closing costs. March 25 - Paperwork sent in to bank March 26 - May 21 Waiting May 22 - Just heard that our case has been assigned to a bank agent. Moving along. (It's better than hearing nothing!!) June 6 - We contact our realtor and ask if she's heard anything about a BPO. We were told it had been ordered and usually takes 10 days. June 13 - BPO came back at $225,000!!! More paperwork being sent in to bank.
YAY for a great BPO!! Supposed to hear something next week! After all this waiting and not hearing anything, it's almost like now that our case has been assigned an agent, we're moving along rather quickly. We don't have to move out of our house until Aug. 1, so it's very possible that we'll get this house...and maybe before we have to move out...saving us having to move twice to obtain this dream house of ours!!
That's great news. I'm in the same boat as you. 6/4 file is being reviewed by processor so I'm hoping to close by August. Good luck.
3/04/2014 - Make offer
3/18/2014 - Seller Accepts
3/26/2014 - Complete Attorney Review
3/30/2014 - Seller submits offer to Bank
4/15/2014 - Bank requested updated tax statements from sellers
6/04/2014 - Attorney and Realtor submitted some last documents that the bank is asking for so still waiting for approval.
My fiance and I are content with this shortsale process dragging on for a bit longer. We have a clause that if bank approval is not obtained by 7/31/2014 we have to option, but not the obligation, to walk away. I have to assume we will hear something in the next week or two. I know shortsales take a long time but I would have assumed we would have received more news at this time then we currently have. My question is though, once bank responds with approval I will have to intiate the mortgage process with a bank. If the Bank approval sets a closing date of 3 weeks from the date of approval, do I have to scramble to get it done or is it typically an automatic grant on a request for a 30 day extension? I would appreciate your thoughts. Thank you.
On my short sale the bank said I had 2 (yes 2) business days to get a mortgage. Luckily I had done almost all of the work, but even then couldn't pull it off in two days. I told them that the deal was dead and I was walking, they could wire my earnest money back to me. Interestingly enough they extended another 3 days, which was enough to get it done.
On my short sale the bank said I had 2 (yes 2) business days to get a mortgage. Luckily I had done almost all of the work, but even then couldn't pull it off in two days. I told them that the deal was dead and I was walking, they could wire my earnest money back to me. Interestingly enough they extended another 3 days, which was enough to get it done.
Why does a bank even do this? In a ShortSale nothing is guaranteed so all of the stipulations in our agreement with the sellers state that we will not pay for any inspections or start the mortgage process until Lender Approval is obtained. Our contract then states we will have 60 days to obtain financing.
I understand the contract is not binding because ultimately the Bank is the real seller and a new attorney review period must take place but surely after processing the request they would give you more than 5 days to obtain a mortgage?
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