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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.
4/5 - Our realtor called and said that the bank won't pay a couple of minor things (HOA transfer fee etc.) which total @ $350. Ok, no worries. Also, the HOA wants an escrow of $1000 to fix yard w/i 90 days of closing and if so, then we get escrow $ back. Again, no worries.
4/6 - Our realtor called again and said that BofA wants us closed NLT April 27th. Yup, that's 7 weeks from initially seeing the house to closing. Also, signed docs affirming that we're not BofA employees etc.
Update:
4/6 - Ordered our VA appraisal. We knew we could cancel it if anything deal-breaking was found during the inspection
4/7 - We had our inspection and nothing major to note. As our inspector told us, "This house has been very gently lived in". He has become a friend, from other previous inspections and we trust him. He was really happy how great of condition the house is in.
4/13 - Officially told our closing is, in fact, April 27th. :happydance: Our loan is off to underwriting. Told we have til Tuesday to have our HOI in place.
4/15 - HOI done. Now just wait to close in 12 days
47 days from the day we walk thru the house until closing date. Wow.
1/12/12: Signed offer to purchase.
1/13/12: Sellers signed agreement of sale.
2/16/12: Bank agrees to sale at our offer price.
2/17/12: Short Sale approval letter from bank.
2/22/12: Home inspection.
3/8/12: Receive bank response to inspection repair requests.
3/19/12: Agree new purchase price based on inspection findings.
4/16/12: Closing!
This has been the toughest purchase we have done, but today we closed and now own the house!
This has been the toughest purchase we have done, but today we closed and now own the house!
Your timeline looks really good though.
I'm really frustrated with my sale. For the last 3 weeks I have been told we are planning to close on the 16th. Well the 16th rolls around and no one seems to know when we are going to get keys. Everyone says, "It has to close by the 23rd." That's what the banks wanted. That doesn't help me, shouldn't someone know when we should expect keys if we are less than a week of the absolute last day for escrow to close?
Argghh, I was patient until the last 2 weeks. Now it's just the lack of answers and the runaround that's bugging me.
For the last 3 weeks both seller realtor and my realtor have been telling me that we are shooting the the 16th to close. Banks said had to be by the 23rd. The holdup has been the termite inspection repairs, in which I told the realtors that I would do them myself, real easy stuff, basically just tear out the old wood and put in new stuff. 2 hours, $100 done. Well, they never get back to me about getting the repairs done. My agent brings in her termite guy, he quotes $350. Fine, go for it, no hassle for me. Well, that $350 turned into $650. Now I'm thinking my realtor is getting some sort of kick back.
Termite repairs done today, we are thinking maybe we will get keys on Friday. Well, come to find out even though we were told maybe the 16th, both realtors tell me the seller has until the 23rd to move out. Argghhh. Then why was I ever told that we could get keys as early as the 16th and most likely at the latest the 20th?
So frustrated, but at least we are close. Thanks for the rant time - I think I feel better. Good luck to all of those still waiting for that acceptence letter and hopefully close date.
Here is our story of SS process:
Its a townhome in JAX, FL listed for $110k (Short sale) , Lender BOFA
01/18/12 - Made initial offer for $95k
01/19/12 - Seller though reluctant a bit initally, accepted the offer.
01/20/12 - signed the offer by both and sent to seller's agent.
The seller has availed FHA loan to buy this property, hence, waiting for FHA approval as well apart from the lender BOA
waited long enough without much updates from the sellers agent inspite of repeated messages left on her voice mail by my agent.
04/04/12 - Heard from agent today that ATP (approval to participate in SS process) has been recd by the negotiator.
Now can someone give an idea as to what is left to complete the deal and the timeline it's going to take further.
Our current lease expires by may end and I wonder if its wise to revoke my offer and try some other properties to close quickly. I do have pre approval from BOFA on a conventional mortgage.
We amended our offer to 98k as per the FHA ATP approved list price and it was done on 4/6.
Waiting still for BOA's approval letter to proceed towards other formalities to close in 30 days.
After all this wait for FHA approval, and then raising our offer to match with the ATP list price, whatelse is pending for BOFA to do ? why this delay in sending the approval letter? Any idea? its almost 2 weeks now. I heard that the seller's agent is not entertaining any other offers as the listing was pulled out once we signed the amended offer and she mentioned that it only takes max 2 weeks for banks to send the approval letter. My anxiety level hits the roof!!!!
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
Mar 23: Both banks issued an acceptence of our offer as submitted. Escrow must close by April 23rd.
Mar 29: Inspection - everything looks good
Update
Apr 19: Signed all loan docs today. Looking at getting keys on Monday.
Glad to see some of you have had some success with your short sales...we are 5 months in....
Offer made NOV. 17th....Listing agent said we should hear something in 2-3 weeks.....Yeah right!!
January bank ordered BPO
February 14....A verbal that the short sale was approved and to get our loan in order
We did.
In March bank asked for our socials...
April 2nd our rate lock expired...so much for that!!!
Beginning of April... Bank had us sign something saying we are not affiliated with BOA
April bank ordered another BPO since it had been 3 months since the last one.
Bank had termite inspection.
We have still not seen anything in writing from Bank. We do not know if our offer has been approved. The listing agent gives my agent very general statements...."I"m negotiating on your client's behalf"...Thanks but what the hell does that mean??? Loosing patience...Can the seller and listing agent stall the process this much...or is it really all the banks fault??
Can the seller and listing agent stall the process this much...or is it really all the banks fault??
Yes, yes they can. It's horrible.
Get this, my own bank is now holding up my process. My lender, Wells Fargo, wants a letter from the short sale banks, Citi and BoA, stating that we are allowed to pay off the remaining amount on the second, that the first did not cover.
It's about $3000 that we are covering, but why would the short sales care? They are getting their money, and as long as its not coming from the seller, then the shirt sales banks shouldn't care whatsoever.
Just another hurdle, but no keys yesterday, maybe today...not holding my breath though.
Property located in Tucson Az
2 liens - Wells fargo (primary) & BofA (2nd) Total outstanding: 330K
Listed for 219.9K (auction date in less than month)
Offered 220K and asked for no closing assistance (Realtor rough estimate of value at 235K)
April 22nd AM: Viewed property
April 22nd PM: Sent offer to sellers
April 23rd: Offer accepted by sellers (ours was best due to asking for no closing assistance). Also notified that sellers are taking 2 chandeliers and a ceiling fan
April 23rd PM: Added addendum to offer price of 218K to cover items taken
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