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5/16 I contact our REA and she tells me there is no weekly updates on SS. Is this true? I am getting a little frustrated with her lack of updates.
We don't really get any updates either. I have to email my attorney, and wait for him to contact the seller's attorney to get an update (although I feel that he should just be following up on his own every week). I think he has grown tired of our short sale
We don't really get any updates either. I have to email my attorney, and wait for him to contact the seller's attorney to get an update (although I feel that he should just be following up on his own every week). I think he has grown tired of our short sale
That's what I thought as well. I feel she has grown tired of us as well and even mentioned to my husband this is her first short sale.
Hello I started with buying my shortsale house in august of 2012 and is may 2013 and still not mine. They accepted my offer of 90.000 in september and the shortsale stated in october 2012 with the first bank... in november we discover a second loan. The value of the house has change and am concern the bank is gona ask for more money. Is this possible? I been living in this house since march 2013 cause the owners are renting it to me. Am concern this is getting to long dont really know what to do. My agent says its a matter of time. The time frame is frustrating but may major concern is the price change. Any advice? Thanks
anyone have experience with boa on their second lien? offered 475,500. lp 450,000. the first loan amount was 413k and the second loan was 117. I'm working without a buyer's agent. been in contract since december 2012, and i heard we got verbal approval from the first bank a couple months ago. working through equator on second lien BoA. Got an email last week that said they were organizing the offer and waiting to present to investors. Been at this for 6 months now, am i close with the second BoA based on that news?
I thank all of you for your posts. It is really helpful to get these various perspectives on the short sale process.
We have had a fully executed contract since February 2013. We did an engineer's report before putting our in our offer, discovered an illegally abandoned oil talk (we paid for the soil testing), and learned the electrical needs a serious upgrade. However, it is a great house so we decided to go for it (clearly) using a FHA loan. Recently (less than a month ago) learned that there are two lienholders -- the first approved the short sale about 3 weeks ago, now waiting on the second lienholder.
Not quite sure of all the steps because my agent is not as helpful as I would like. I suspect she is not very knowledgeable about the short sale process because she is constantly getting back to me but never really does (once told me she had to sign paperwork for the shortsale; when I asked her what kind of paperwork, she replied that she wasn't quite sure what it was for). As such, I have come to rely on getting info from my lawyer.
Hoping it won't be too much longer (3.5 seems to be pretty average based on the posts I have read).
Hello I started with buying my shortsale house in august of 2012 and is may 2013 and still not mine. They accepted my offer of 90.000 in september and the shortsale stated in october 2012 with the first bank... in november we discover a second loan. The value of the house has change and am concern the bank is gona ask for more money. Is this possible? I been living in this house since march 2013 cause the owners are renting it to me. Am concern this is getting to long dont really know what to do. My agent says its a matter of time. The time frame is frustrating but may major concern is the price change. Any advice? Thanks
When time passes banks repeat their BPOs or appraisals and update the prices. I hope you can get away with it but probably they would reflect the changes on you if the market went up.
anyone have experience with boa on their second lien? offered 475,500. lp 450,000. the first loan amount was 413k and the second loan was 117. I'm working without a buyer's agent. been in contract since december 2012, and i heard we got verbal approval from the first bank a couple months ago. working through equator on second lien BoA. Got an email last week that said they were organizing the offer and waiting to present to investors. Been at this for 6 months now, am i close with the second BoA based on that news?
Sounds like you are getting there. The offer they present to the investors is for the written approval of the deal. Waiting for the approval was a pain for us with the 2nd lein holder (US Bank)- took 4 months, 1st lein (BOA)- took about 3 weeks. But once you receive the approval, you can move on to closing.
When time passes banks repeat their BPOs or appraisals and update the prices. I hope you can get away with it but probably they would reflect the changes on you if the market went up.
Don't panic quite yet. We waited for ours for 10 months. The value had increased quite a bit- a similar house 5 doors away is listed at 30k more than what we got ours for. Another similar house in the same zipcode is listed at 50k more. Theoretically you shouldnt be asked to pay anything outside of what's in the contract you signed. Although i guess if they really wanted they could do another BPO and ask for more money, but not sure this happens as much- thankful it didn't for us.
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9 months short sale process?
