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Old 03-17-2012, 07:55 AM
 
667 posts, read 1,841,241 times
Reputation: 516

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Since there are two threads asking for his, I will post my story here too, so that people can read it in either one:

State NJ
Bank Wells Fargo
list 130,000 (been on market six months, started at 170,000)
offer 126,000 cash
house is not occupied.
seller has 'short sale approval'? Don't know what this means
year: 2011-2012

11/21 I made the offer November 21 and it was accepted by the seller that day.

11/22 We went into contract .

We spent a lot of time in contract. Partly because the seller's lawyer was slow to respond to small things (IMO). The house needed repair and was being sold 'as is'. The final contract said I had to do all my inspections (except oil tank inspection) before the offer was sent to the bank. Essentially, I caved since everyone was against me here, including my own lawyer. (I wanted to do these inspections after bank approval.)

12/16 Out of contract. Since it was now holiday season, I was given 20 days to do regular and township inspection, then offer would be sent to bank.

1/6 Inspections complete.

Since there were some surprises, I think that it's just as well to do the inspections, so that you aren't waiting five or six months to get bank approval about a house you wouldn't actually, god forbid, be willing to buy. Therefore, I also did the oil tank inspection. Decided to proceed with original offer.

Spent about 1200.00 on inspections and on township Certificate of Occupancy inspection ( to learn what they were going to make me fix) Also, a huge amount of running around for me and my realtor, getting the inspectors and contractors in (I also decided to get contractor's estimates), etc, during the holiday season. And the bank might just laugh at us.

There was no appraisal done, so I didn't need to pay for that.

Approximately 1/16 Seller's lawyer presents offer.

January 6, we asked the seller's lawyer to present the offer to the bank.
I sent her a list of damages plus contractor's estimates to help justify our offer--don't know if she did include my list.

I understand there was probably a ten-day delay before she presented the offer, so the offer was probably presented around January 16, but by now my role was done and I washed my hands of it, since I expected to wait months and hear about this, probably in May.

2/24 Bank accepts offer.

Much sooner that I expected.
Contingency: I am asked to pay for seller's lawyer. I agree.

Closing is set for March 15--it probably could have been done sooner, since there was no mortgage application, but that was a day that worked well for everyone.

3/15 closed!

Note: closing goes really fast! About ten minutes, about ten things to sign. I guess most of what you typically sign has to do with the mortgage.

My first attempt at short sale; it went well, but it was a LOT of work and I had to accept 1200 dollars worth of risk.
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Old 03-17-2012, 08:14 AM
 
667 posts, read 1,841,241 times
Reputation: 516
Quote:
Originally Posted by mai95 View Post
BofA shortsale timeline
1 lien
listed $145,000
offered $139,000 PLUS 3% for closing cost
located in Central Florida

1-11-2012 offer submitted
1-18-2012 seller signed contract
2-16-2012 My agent called and said BPO ordered

3/16 Agents says deal is off, bank wants to have seller move back in and re do the loan, they have been out of house for over a year but are still local, they took all appliances including celling fans. Oh well only out $450 for home inspection and turing on utilites for three days. Back to square one.

Mai95, you will find something better. I had disappointment after disappointment since 2008, but every year, the prices were lower, the neighborhoods better, the rates more favorable. Every house I lost, I kiss the ground that I didn't buy it, looking back. (These weren't short sales, almost entirely problems that came up in inspection and due diligence.) It is just a weird time and the more patient you are, the better the deal. Good luck.

Last edited by Karen59; 03-17-2012 at 08:17 AM.. Reason: for clarity
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Old 03-17-2012, 01:10 PM
 
25 posts, read 227,775 times
Reputation: 18
Quote:
Originally Posted by Karen59 View Post
Mai95, you will find something better. I had disappointment after disappointment since 2008, but every year, the prices were lower, the neighborhoods better, the rates more favorable. Every house I lost, I kiss the ground that I didn't buy it, looking back. (These weren't short sales, almost entirely problems that came up in inspection and due diligence.) It is just a weird time and the more patient you are, the better the deal. Good luck.
thanks but i think prices are going up in Orlando and not much on market here, Just will take a week or so to get over the disappointment.
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Old 03-19-2012, 03:51 PM
 
Location: Chicago, IL
725 posts, read 3,007,050 times
Reputation: 601
Oh, this is going to be fun - Short Sale AND FHA process:

Seller's Lender: FlagStar Bank
Property: Downtown Chicago Condo, FHA

09/17/11 - First Showing
09/24/11 - 2nd Showing
09/27/11 - Pre-approval letter from MY lender
10/04/11 - Offer/Contract made
Meanwhile... mumbo jumbo between party's attorneys (i.e. Riders to Contract)
10/12/11 - Offer accepted by Seller, for Flagstar's review
Meanwhile... continuous mumbo jumbo from Seller's AGENT saying that the appraisal should be done "any day now"
12/31/11 - FHA expired in building
01/04/12 - My attorney received an email from seller's attorney saying that NO appraisal has even been done yet and there hasn't been any movement.
01/31/12 - Seller's Appraisal allegedly completed, and report to be sent to Flagstar shortly
02/~03/12 - Building submitted their FHA application
02/13/12 - Seller's Agent received an FHA "Approval to Participate" form which allows the Sellers to participate in the short sale program.
03/05/12 - Finally, an approval/acceptance letter from Flagstar, however they gave me 2 weeks to close
03/09/12 - Appraisal ordered from my Lender
03/13/12 - Appraisal completed by my Lender
03/13/12 - Building's FHA status was rejected (reason: No reserve acct. identified in budget.) which was overlooked because there is over $1mil in the reserve
03/16/12 - Building's FHA status was reinstated
03/19/12 - Switching process from Conventional loan to FHA loan with my Lender, have to order new appraisal from FHA-approved company at additional $$ cost, have to push back closing date no later than 04/20/12
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Old 03-20-2012, 02:32 PM
 
81 posts, read 474,174 times
Reputation: 91
Really early in the process, but will update as we go:

BofA shortsale timeline
2 liens (both with BofA)
listed $210,000
offered $210,000 PLUS $5000 for closing cost (comps show the house = @ $240k-$245k)
located in Denver area

3/10 - Walked thru house (seller's live out of state and renting property until April 31) and made offer above.
3/13 - Seller accepts and we're under contract, MLS listing changed to as accepting backup offers. Also, I should note that seller's hardship package had already been sent in prior to listing the house and an appraisal ordered. Also, seller has professional negotiator already set up for this.
3/17 - Earnest money deposited
3/17 - Note on MLS that listing has gone up $20,000 but only as backup offers
3/20 - Contact our realtor to pass along BofA twitter etc. She gets back to us having spoken to listing agent. Told that the bank won't tell them what the appraisal is, but it was suggested by the bank to have backup offers start at $230k, due to the appraisal. She didn't think that BofA would FOR SURE counter at that, but that they could.

So here we are...trying to be patient, knowing this could be months. We did set a deadline in the contract for 5/11 for the bank to have the acceptance, in writing. We shall see. :fingerscrossed:


One question...does having the appraisal done and such help us speed things up, given the above timeline or is it too early to tell? TIA
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Old 03-23-2012, 01:03 PM
 
114 posts, read 776,965 times
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Quote:
Originally Posted by eapeas View Post


One question...does having the appraisal done and such help us speed things up, given the above timeline or is it too early to tell? TIA
You would think so, but from what I have seen, it doesn't really matter. But the flip side, it could matter. There is absolutely no consistency on short sales.

I was really hoping to hear back about mine by this week. From what I have read, we are really close to an acceptence (or at least some kind of answer), but yet another week is passing by. I can't complain too much, we are only in our 10th week.

Definitely a game a patience. :-)
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Old 03-23-2012, 10:59 PM
 
10,181 posts, read 10,218,969 times
Reputation: 9252
Wow!

We put an offer in on a short sale back in August. We had put our original offer in about a month earlier but the seller accepter a higher and an all cash offer. Apparently that buyer backed out so the seller accepted ours.

Bank JUST got back to us with a counter last week.

We upped our original offer a little to meet the bank between our starting point and their counter.

The realtor was telling us (after 7 mos of waiting to hear ANYTHING from the bank) that we need to hurry up and get our letter with our counter in (from our lawyer) because banks are moving and shaking with short sales these days and won't tolerate us dragging our feet. Dragging our feet, you know, like over a weekend when my lawyer isn't available, and the banks counter was given to us on a Friday. /eyeroll

I'm prepared to wait at least another 7 months for the bank to get back!
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Old 03-24-2012, 09:31 AM
 
114 posts, read 776,965 times
Reputation: 50
Quote:
Originally Posted by Mmiller741 View Post

Property located in LA County, California
2 liens - Citi (399K in 2005) & BoA (100K in 2007)
Listed for 339K - started at 375K when first on market
Offered 332K

Jan 17: Submit offer to seller
Jan 18: Seller accepts
Feb 14: Negotiator assigned -had to hunt down seller's agent, wasn't getting anywhere with my agent :-(
Feb 14: BPO ordered
Feb 21: Confirmed BPO is complete
Feb 29: Bank of America accepted offer as 2nd, acceptence letter sent to Citi.
Mar 5: CitiBank asked us to sign the "Arms Length Affadavit."
Mar 9: Revised HUD1 sent to Citibank
UPDATE
Mar 23: Both banks issued an acceptence of our offer as submitted. Escrow must close by April 23rd.

Yaaayyyy, 30 more days, I think I can, I think I can...
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Old 03-27-2012, 02:51 PM
 
21 posts, read 173,235 times
Reputation: 17
Congrats. I have been waiting 2 weeks since my (verbal) approval for the 1st lien. Waiting on 2nd lien to come back...

The wait is maddening.
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Old 03-28-2012, 05:59 AM
 
31 posts, read 167,634 times
Reputation: 17
Quote:
Originally Posted by debowebo View Post
There are two liens on the property we are buying. I only know the 2nd is for 104k, with Suntrust.
Here's our timeline:
1/25/2012- put an offer on home and it was accepted by seller
1/26/2012- sign arm's length
2/3/12 BPO was completed
2/27/2012- Updated HUD form was requested from 2nd
3/6/12- 1st mortgage has all they need.. Just waiting on 2nd. How long does the 2nd take? We need to move by the end of April.
I wouldn't count on closing by the end of April. We put an offer on short sale beginning of December with 1 lean and still waiting. Once you get the acceptance offer takes 30 - 45 days
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