Short Sale Timelines (again) (insurance, bankrupcy, kitchen, buy)

[ss7w6]

Year: 2012
Bank: Flagstar
Location: Midwest
Original Listing Price on 2/2012: $315,000, listing on the day we made offer: $240,000
Seller Owed: $300,000 (so asking $60,000 to be written off)

Offered: $240,000 (listing price)

5/19 - Viewed Property and submitted offer at listing price
5/22 - Signed seller's disclosure
5/24 - Day 1: Seller accepted the offer
6/06 - Day 14: BPO was ordered
6/08 - Day 16: BPO was completed
7/08 - Day 45: Motion filed by seller's lawyer for the court to approve the sale (due to seller being in chapter 13 bankruptcy)
7/23 - Day 61: Bankruptcy court approved the sale, packet has now been sent to the negotiator
8/03 - Day 72: Contract has been submitted for the investors to review
8/13 - Day 83: Contract has been approved by Flagstar and the Investors, given two weeks to close. Signed arms length affidavit.
8/20 - Day 89: Called appraiser to let them know that appraisal must be done right away
8/21 - Day 90: Appraiser goes out to view the property
8/27 - Day 97: Appraisal sent to us, which starts 3 day waiting period before closing
8/30 - Day 99: Closed

Our loan officer worked her magic to close in two weeks - so it is definitely possible to close in the short time frame! We closed the day OUR purchase contract was set to expire.

[Humsy]

BofA
Offer accepted by seller 6/2/12
We have heard virtually nothing in 13 weeks except that we are on at least our third negotiator (our agent thinks its the fourth, but how would we know).
Selling agent told ours "you may not think I know what I'm doing, but I do.". Ha!
Our latest negotiator called US this week because she thought my husband is the selling agent. Of course he was honest and told her we're the buyers so she wouldn't tell him anything. We advised our agent of this call and she called the selling agent which is the only way we know this latest negotiator was assigned.
How do we get SOMEONE to tell us SOMETHING about the status of our case?! We don't know if a BPO has been done or if we're at the beginning, middle or nearing the end of the process. We're sure BofA will counteroffer-we just want to know what it is so we can get this deal done or move on to a non-short sale.
Our realtor says we don't want to make these people mad or they'll put our file on the bottom of the stack. Don't want to make anyone mad, just want to hear something.

[Ming Ming]

Short sales are a waste of time.

[Linda203]

I've been keeping a close eye on this house for awhile and when I notice that it was on the market for awhile I knew they would have to drop there price. It was listed last year for 198k and last month the seller reduced there price by 50k. It was a preapproved short sale asking price from the bank. Here's my process so far.

August 14 - house showing
August 15 - put in offer ($200 over asking price and I will be paying cash)
August 21 - bank needed my ss# and birthdate.
August 31 - bank needed me to sign the Short sale purchase contract addendum.

My agent confirmed that I was the only offer submitted to the bank. I was just wondering what steps are next? If anyone can help me out. I'm a first time home buyer so this is all new to me. And after I gave my birthdate and social the status of the house went from active to cont. to show. I know it has been only a few weeks but why would my agent put in the offer that we wanted to close on the 28th of September?

[aneftp]

Originally Posted by Ming Ming

Short sales are a waste of time.

Depends. U gotta do your research. I've been telling people especially down in Florida.

Many short sales are going for even bigger discounts than even foreclosures these days. One thing you must have is patience. Often times you will have to bid on 10-12 short sales before you get a real bite.

The key in Florida is many short sellers play the system. They don't pay for 3-4 years. Just look up the court records. Delay after delay. If you look up a Short sale and u match it with how late they are on their payments. Than cross match if auction date has been. This all takes either a lot of research or time. But be patient.

The best deals are shorts in Florida. Just as bank will foreclosure than homeowners declare nuclear option (BK). Once BK is declared the homeowners will usually list the home around that same time. They got about 6 months to finally move out. Those are the short sales u need to look for. And they will be completed by the time homeownes are forced out because other lien holders are wiped out.

In my neighborhood a short sale just closed in middle July for 20% less than the foreclosure. Yes u heard that right. A short just closed for 20% less than same exact home that a foreclosure sold for the same month. In same exact subsdivision.

And the kicker was the distress homeowner games the system for 5 years. The distress homeowner was ironically a realtor who advertises herself as a "short sale specialist".

[2ndname]

It's a hit and a miss and you have to be working with a good real estate agent. We were a first time home buyer and unfortunately got taken by an impatient agent.

[Ming Ming]

well in my case they said it was pre approved, no problem. 3 weeks later they said ohh Wells Fargo is still pending HUD to approval the variance request meaning we need to get the appraisal extended as this has expired. We will know more in a week.

At that point I walked, actually RAN away. Because I knew it was going to be months and months of dealing with this non sense.

[nev_neo]

Year: 2012
Bank: Bank of America
Location: DC
List Price on 1/2012: $450,000
Offered : 400,000

The house was lying vacant for over a year, but had just come out of being under contract on the 10th of Jan (it was under contract for about 6 months from June 2011).
We went to see the place on the 11th and saw that the pipes had froze and burst in the kitchen. The basement was covered in mold all over and needed to be demolished. We put in our offer at 400K with an automatic escalation clause as we knew there were going to be other offers - the neigborhood is very sought after.
The final price came in at 414,500.
So here is the timeline:
1/10 - Put in offer at 400,000
1/13 - Escalted to 414,500.
1/13 - Seller accepted
1/26 - Signed arms length agreement.
3/14 - Bank asked for SSN's, they were updated same day.
3/26 - Appraisal Order by bank
4/14 - Offer rejected because bank had "lost" the appraisal (yea right)
4/15 - Seller's agent reuploaded all documents onto the online system
5/1 - Appraisal ordered for 2nd time
5/13 - found out the appraisal was lost again.
5/16 - The process is started again.
6/7 - Resigned and sent out the documents AGAIN
7/10 - BoA finally countered at 443,000 with a close date of 8/25
7/12 - We countered at 430,000
7/25 - Received verbal approval
7/30 - Received ShortSale approval with a close date of 9/7
8/17 - Appraisal sent out
8/23 - Appraisal completed.
8/25 - Found out that the house was classified as Vacant by DC and had a huge tax bill that the seller needed to pay.
8/30 - Asked BoA for extension on close date.

We are now in the 9th month of this roller coaster, hopefully the end is attained and the house is in hands.

[llbean59]

Originally Posted by llbean59

1 lienholder: Suntrust
Austell, GA
LP: 65,000
Offer: $60,000
7/3/2012: Seller accepts offer
8/1/2012: Signed Arm’s length Affidavit
8/3/2012: BPO completed
8/8/2012: CMA completed
8/16/2012: Bank confirms that they have everything they need and the file is being reviewed

Buyer’s agent believes it could be 1 week or 4 weeks when we hear back on their decision!

8/30/12: Signed extension
9/10/12: Recieved verbal approval from bank!

[Danette15]

1 lienholder: B of A
LP: $225k
Offer: $220k less 3% seller credit
6/1/2012:Offer accepted by seller and alll docs uploaded to bank
7/9/2012:Confirmation that a negotiator had be assigned and Equator indicates that we are in the offer analysis stage
8/8/2012: BPO completed
8/22/2012: Asked to sign another ss purchase contract addendum and they confirmed that the foreclosure sale that is scheduled for 8/30/2012 will be postponed.
8/27/2012: Ask for buyers info ie: address, phone, first 5 of ss#. Sellers agent says that as long as we are within 80% of listed sales price, the bank will be accepting our offer and we should see written approval in 2-3 weeks
8/28/2012: Ask for us to sign new buyers acknowledgement form
8/30/2012: Foreclosure sale cancelled, instead of postponed! Yay!
9/7/2012: Seller's agent sent email that the file has been verbally approved and that we should have approval letter in next 1-2 weeks.

I know this is a pretty typical timeline..but man the waiting sure gets old. Tired of life being on hold.