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You know I was thinking -the ' "too many spoons spoil the soup" is 1/2 the problem with short sales. Too many committees, too many players, too many opinions. God you cant get 2 people to agree on one thing, imagine groups of people who have no personal commitment to the place!
Emailed my realtor yesterday, 9 am, said she'd call the sellers realtor and get back with me - tic toc - 45 days in from the 90 days given - all quiet like a tomb. Another house almost identical for sale down the street for less. sigh.
Updated timeline in bold....moving along! I think we got really lucky because the BPO that Suntrust used with the previous potential buyer was still on file, and they used it. An investor wanted the property for renting purposes, so we got lucky that they backed out of the counteroffer Suntrust gave them.
Quote:
Originally Posted by deeka
Here's our timeline (Keep in mind we jumped on this the moment we saw it, as it's perfect for our family and price range was a bit higher than we wanted, but works with our budget):
9/19 Pre-Approval for financing
9/19 Showing
9/20 Submit Offer
9/22 Sent to Seller/Listing Agent
9/25 Switched from Conventional lending to FHA loan
9/26 Approved by Seller/Listing Agent
9/26 Officially approved by financing for loan
9/26 Addendum Requested by SunTrust Bank signed
9/26 Loan is Approved
10/2 Appraisal processed by Finance Company 11/1 Bank approved the short sale
11/7 Short sale letter being sent to all parties
11/7 FHA Addendum awaiting signature
11/12 Short sale approval letter received by mortgage company
11/13 Setup Homeowners insurance
11/14 Potentially closing in 30-45 days!
Southeastern MA
HAFA Short Sale Processed and Negotiated by an Attorney
1 lender, Wells Fargo. We've been told there is an investor that owns the loan and Wells Fargo is servicing the loan.
May 2014 - House Listed
May-Aug 2014 - House price drops multiple times for 10s of thousands of $$
Aug 31 2014 - Our offer for slightly below list price is accepted by home owner. Now to wait for the bank's approval.
Oct 24 2014 - Wells Fargo requests everyone to sign HAFA affidavit, exciting to actually see Wells Fargo letter head ! Until this point, I wasn't convinced they were actually involved yet. This document has a Nov 15th closing date.
Nov 6 2014 - And we're still waiting... every week our offer expires on the Wednesday, our agent can't get a hold of the listing agent until Friday, and we extend again.
My 2 big questions at this point is how much longer (of course no one can answer that) and how much more money are they going to ask for. If it's the difference between our slightly below list price offer, we'll live.
We're nervous they could potentially ask for more than the list price when our offer was accepted (we think it's worth quite a bit more than our price if it was sold through a conventional sale, of course). Could that happen at this point? I'm slightly confused on when they would get a BPO when they would use it.
Thanks and good luck everyone
------------------------- UPDATE
Nov 21 2014 - Our Realtor forwarded us an email showing progress. WF asking for our attorney's name to fill out the HUD statement so the "negotiator" can move forward. Not sure why a HUD is already being filled out before we've received an acceptance letter, done our home inspection & title 5. Anyone have insight into where we are in this process?
11/2/2014 Saw a house in our complex (Glendale Heights, IL) on the market for $150,000 went to open house. As-Is in need of TLC (ie Bedrooms smelled of cat ****, carpet filthy bathroom remodel started but not finished)
11/14/2014 Mortgage Pre-Approval
11/18/2014 Made Offer to sell for $130,000 fair according to comps and house
11/20/2014 Sellers accepted offer sent to bank
Glad I found this forum, I am I not very patient but will have to learn for this house
Short sale bank is Wells Fargo, second is with Bayview Loans?
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.
June 26 - We were told that the bank negotiator is working with the seller. Apparently, it has something to do with debt (like back taxes or HOA fees, etc). We offered to pay the debt if we could get the house for 220K and hopefully close by Aug. 1.
July 11 - Got a text that listing agent sent a detailed e-mail to bank assuring them that the seller has no money and no options at this time. We just found out today that the debt is $150,000! Listing agent says he's seen banks take a harder hit than this one and he's hoping to push along the process.
July 28 - We heard that bank was requesting more documents from seller, such as new HUD statement. Listing agent "feels confident" that this sale will go through. Listing agent asked for a 45-day closing period from the time of acceptance by bank.
September 6 - Approval Letter from the bank! We're looking at closing in 45 days!!! This house was SO worth the wait!!
September 11 - We had home inspection, termite inspection, and AC guy come out to the house. We knew upstairs AC unit was broken, so no shocker with an estimated $2,000 to fix. However, there's some rotten wood and mold under the house in the crawl space due to inadequate drainage. Now, that will be expensive to fix.
September 16 - Trying to get a conventional loan through BB&T. We switched from our "preapproval" bank because we've moved. Big mistake. BB&T has been a nightmare!!!
September 17 - BB&T issues appraisal. It came back at $246,000 "as is." Good for us, right? The house is only selling for $220,000. You would think so!!
September 18-25 BB&T sees "issues" with some of the appraisal. Like it's not "competitive marketable" right now. DUH! It needs work! And it's in a neighborhood with houses that range from $350K-500K!! We immediately start seeking loan information from original bank. We've waiting 6 months and I no longer want to wait on someone else!!
September 26 - BB&T tells us we need price out all costs of updates and repairs and have that done immediately after closing...including cosmetic things like "refinish hardwood floors" and "replace carpeting." WTF?!!
September 26 - Original bank declares only a couple of things have to be fixed after closing, and if we agree we'll get the loan. Should take no longer than a week.
UPDATES:
October 11 - We switched banks and got a new appraisal. The idiots appraised the house "contingent upon repairs" at $246,000 rather than AS IS!!!! Because of this, new bank won't issue loan. Well, they are willing but want the house all fixed and repaired within 30 days. It has had YEARS of neglect, so that's not humanly possible!
October 20 - Original closing date is canceled. No loan secured and now we have an IRS lien against the house to the tune of $36,000. Could any more go wrong?!
October 21 - We filed for an extension. Extension grated until December 8. Not much time...
November 3 - We fork out another $450 for an appraisal that's done the right way. Good news! It came back "as is" at $269,000. TAKE THAT BB&T!!!!
November 10 - Still waiting to hear about approval from second bank for a loan. The floors were marked fair so the underwriters are having to check to see why. I can tell you why. The carpet is very stained and gross!! It's only cosmetic! Currently, we haven't heard anything about IRS lien. I'm not feeling so great about everything, and we've been working on this short sale for almost 8 months.
November 25 - We heard that IRS lien will be released! Our bank needs estimates from contractor to show cost of repairs for things that have to be fixed within 30 days of closing. Looking to close next week!! 8 looooong months, and we might finally be at the end!!
quote: Done 500 this past year
what laws help you in your state? I ask because CA has some laws to help out with this problem.. and FL _____zilch
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