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I made offer on a house on Jun 28th and already getting impatient. Home owner accepted offer the next day, bank approved the offer on July 30th and yesterday was notified they are sending out an appraiser. How many more steps can anyone guess are left in this process? I was told upfront this was going to be long, but didn't expect it to be this long. After reading all of these posts the last few weeks, it makes me sick to think I am another possibly 60 days to 10 months out... ugh. Any thoughts?
I made offer on a house on Jun 28th and already getting impatient. Home owner accepted offer the next day, bank approved the offer on July 30th and yesterday was notified they are sending out an appraiser. How many more steps can anyone guess are left in this process? I was told upfront this was going to be long, but didn't expect it to be this long. After reading all of these posts the last few weeks, it makes me sick to think I am another possibly 60 days to 10 months out... ugh. Any thoughts?
We made our offer on June 22 and you are further along than us. There is nothing logical about a short sale. Buckle in for the ride!
List price $499,900
Offer $425,000
2 mortgages, one is BOA
6/22/13-Offer made
6/25/13-Offer submitted to bank
7/9/13-Bank requests more paperwork from seller
7/15/13-Bank asks for a few adjustments to contract: we have to pay closing costs & home warranty, owner wants to take refrigerator.
7/18/13-Found out bank wants to do another BPO, status in Equator is "offer submitted"
7/30/13-Found out 2nd mortgage is being sold to a new lender, BPO has been ordered but not completed
8/16/13-Were told by listing agent that seller is "working on tax issues." Luckily it is not a tax lien on the house. Offer is being reviewed by new 2nd lender.
8/17/13-Found out new lender bought the BOA loan (the primary mortgage loan). 8/22/13-Listing agent is going to list the property as pending. Working on getting a commitment letter signed between new loan servicer, homeowner, & us so that we have some form of a contract. Listing agent says we are still "several weeks out." I'm sure it's more like several months out...but at least the LA is now in contact with the new servicer. Apparently BOA loans are getting sold like hotcakes...a friend of mine (who isn't in default) had hers sold. So beware...BOA may sell the loan, which will make a BOA short sale even longer!
We made our offer on June 22 and you are further along than us. There is nothing logical about a short sale. Buckle in for the ride!
That is what I am afraid of... not wanting to wait out the ride, but I love the house and my kids loved it. It is in the neighborhood I want and there is VERY low inventory there... maybe 3 houses for sale in the neighborhood. Very frustrating... just trying to wait it out and get it, but it is just sucking the joy out of buying a house.
That is what I am afraid of... not wanting to wait out the ride, but I love the house and my kids loved it. It is in the neighborhood I want and there is VERY low inventory there... maybe 3 houses for sale in the neighborhood. Very frustrating... just trying to wait it out and get it, but it is just sucking the joy out of buying a house.
I absolutely understand. It is one of the most frustrating processes I've ever been through. However, you have to decide whether or not the house is worth the wait. The home we're trying to buy is our dream home, it is absolutely a once-in-a-lifetime opportunity for us. So we have decided to wait for it. It would hurt so much more & be even more frustrating if we gave up and saw it go to someone else.
I absolutely understand. It is one of the most frustrating processes I've ever been through. However, you have to decide whether or not the house is worth the wait. The home we're trying to buy is our dream home, it is absolutely a once-in-a-lifetime opportunity for us. So we have decided to wait for it. It would hurt so much more & be even more frustrating if we gave up and saw it go to someone else.
That really hurts, when the home you are trying to buy is not available in your budget.
I absolutely understand. It is one of the most frustrating processes I've ever been through. However, you have to decide whether or not the house is worth the wait. The home we're trying to buy is our dream home, it is absolutely a once-in-a-lifetime opportunity for us. So we have decided to wait for it. It would hurt so much more & be even more frustrating if we gave up and saw it go to someone else.
I like the house a lot. If I had other options, I wouldn't wait this long on it though. There is just such low inventory in that neighborhood. Tough to get into and that is the neighborhood I want to be in because it is right next to my kids school's and I love the area for even after they are grown up. It is close to my parents so when they get older I will be close by to help them out. It just works in that neighborhood and that is worth the wait... maybe not the house, but its what I have to do until I do have other options.
Location: Suburb of Pittsburgh, PA
Single Family Home
Bank: Fifth Thirds/ FHA
Last sold: September 2011 for $160K
11/05/12 - house listed at $169,900
01/04/13 - price reduced to $149,900
3/27 - Offer submitted to seller $149K with 9K in seller concessions.
3/28 - Seller said there was multiple cash offer on the house. Told to come back with best offer.
3/29 - Seller accept offer of $155 with 5K seller concessions. Sent to the bank.
4/25 - Bank appraisal/BPO was ordered.
5/05 - Appraisal completed - $154K. The house labeled "vacant" even though the seller is still living there.
5/30 - Went and looked at the house again. My agent told me the file was sent to the FHA/ HUD, and would be another month or so.
5/31 - Bank asked for my Proof of Funds and updated bank statements from seller.
6/05 - Proof of Funds and bank statements submitted to bank.
6/10 - Moved close date to 7/15
6/27 - Received response from Fifth Third's bank: "Thank you very much for your patience in my reply. I have 3 files currently ahead of this one for review. "
7/08 - Bank asks for a signed Arm's Length Affidavit, and updated pay stubs and bank statements.
7/08 - Signed Arm's Length Affidavit
7/11 - Found out seller still hasn't submitted pay stubs, yet.
7/11 - Went and looked at the house again. Grass hasn't been cut in weeks, and looks like the seller moved out.
7/13 - Moved close date to 8/15
7/15 - Bank Statements and Arms' Length Affidavit sent to bank.
7/23 - Had dinner with my agent. She told me the new trend with banks is to say "we'll accept your offer, but you can't do inspections". She suggested that we do the inspections ahead of time, just in case, but I'm not sure if I want to. I think i'm going to take the chance that they will let me do them, rather then waste my money if I don't get the house. I also found out that we haven't had a number assigned, yet…. And here I was thinking that we would hear any day now.
7/24 - Seller's agent went to Fifth Thirds in person to try and get some answers, but the manager wasn't in. He is trying again on 7/25.
7/25 - Seller's Agent went to Fifth Thirds in person. The person handling our file had us in the "incomplete pile" even though we had all of the information. She said there was six files ahead of us, and would get to as soon as she can
8/12 - Got to talk to the seller's agent, and look inside the house again.
8/13 - Informed that the processor/ negotiator was told by someone much higher up to get moving on this. Promised we would have a response within the next two days. She even stated that we should get started with my lender.
8/15 - No word from the bank. Seller's agent sent this: "I don't think she did much with our file till the other day. Now I believe it is being worked on. I expect ever with her attention it may take a bit to get a response from her investor. I am confident we will hear something relatively soon."
8/15 - Grass was cut at the property.
8/19 - Received an email that the processor/ negotiator is waiting for a response from the investor.
8/26 - Seller's agent recieved the following email from the bank: "Variance has been approved. I have requested foreclosure fees and cost and will put the file into QC once these have been recieved."
I'm assuming the "Variance" is the extra seller's concessions I requested to help with closing costs (it is over 1%, per HUD standards).
Why would she request 'foreclosure fees and cost' if it is a short sale? Did he start the foreclosure process since this has taken so long?
Location: Suburb of Pittsburgh, PA
Single Family Home
Bank: Fifth Thirds/ FHA
Last sold: September 2011 for $160K
11/05/12 - house listed at $169,900
01/04/13 - price reduced to $149,900
3/27 - Offer submitted to seller $149K with 9K in seller concessions.
3/28 - Seller said there was multiple cash offer on the house. Told to come back with best offer.
3/29 - Seller accept offer of $155 with 5K seller concessions. Sent to the bank.
4/25 - Bank appraisal/BPO was ordered.
5/05 - Appraisal completed - $154K. The house labeled "vacant" even though the seller is still living there.
5/30 - Went and looked at the house again. My agent told me the file was sent to the FHA/ HUD, and would be another month or so.
5/31 - Bank asked for my Proof of Funds and updated bank statements from seller.
6/05 - Proof of Funds and bank statements submitted to bank.
6/10 - Moved close date to 7/15
6/27 - Received response from Fifth Third's bank: "Thank you very much for your patience in my reply. I have 3 files currently ahead of this one for review. "
7/08 - Bank asks for a signed Arm's Length Affidavit, and updated pay stubs and bank statements.
7/08 - Signed Arm's Length Affidavit
7/11 - Found out seller still hasn't submitted pay stubs, yet.
7/11 - Went and looked at the house again. Grass hasn't been cut in weeks, and looks like the seller moved out.
7/13 - Moved close date to 8/15
7/15 - Bank Statements and Arms' Length Affidavit sent to bank.
7/23 - Had dinner with my agent. She told me the new trend with banks is to say "we'll accept your offer, but you can't do inspections". She suggested that we do the inspections ahead of time, just in case, but I'm not sure if I want to. I think i'm going to take the chance that they will let me do them, rather then waste my money if I don't get the house. I also found out that we haven't had a number assigned, yet…. And here I was thinking that we would hear any day now.
7/24 - Seller's agent went to Fifth Thirds in person to try and get some answers, but the manager wasn't in. He is trying again on 7/25.
7/25 - Seller's Agent went to Fifth Thirds in person. The person handling our file had us in the "incomplete pile" even though we had all of the information. She said there was six files ahead of us, and would get to as soon as she can
8/12 - Got to talk to the seller's agent, and look inside the house again.
8/13 - Informed that the processor/ negotiator was told by someone much higher up to get moving on this. Promised we would have a response within the next two days. She even stated that we should get started with my lender.
8/15 - No word from the bank. Seller's agent sent this: "I don't think she did much with our file till the other day. Now I believe it is being worked on. I expect ever with her attention it may take a bit to get a response from her investor. I am confident we will hear something relatively soon."
8/15 - Grass was cut at the property.
8/19 - Received an email that the processor/ negotiator is waiting for a response from the investor.
8/26 - Seller's agent recieved the following email from the bank: "Variance has been approved. I have requested foreclosure fees and cost and will put the file into QC once these have been recieved."
8/27 - Recieved verbal approval! Was told that we should have written approval within two weeks.
I have found this forum to be very helpful so adding my experience so far to the mix:
Asking price of $385k
One loan with BofA
6/23 – Looked at house for first time
6/26 – viewed 2nd time with husband. Made offerof $380K asking 10K in closing (house has been vacant for about two years. we will be having to do some work on it)
6/27 – verbal acceptance by seller. Seller living out ofstate…was faxed contract
7/5 – received word seller signed contract and is meetingwith BofA on 7/8
7/8 – signed short sale addendum and wrote earnest check
7/10 – signed Arms length affidavit.
7/12 – signed Arms length affidavit again and toldconfirmation was received from BofA all paperwork was received
7/22 – told a negotiator is assigned and will meet withselling agent on 7/24
7/24 – selling agent talks with negotiator and is told theyhave no record of the short sale request, no paperwork
7/26 – seller and selling agent talk with BofA and are againtold a negotiator will work with them on Wed
8/1 – received word that new negotiator again said they haveno record of the short sale request, no paperwork (numerous other people withBofA in different roles and orgs are acknowledging they have no idea why thenegotiators are saying this. They are looking at the paperwork in front ofthem)
8/2 – my loan officer is familiar with short sales and hasbeen working with selling agent throughout (selling agent has only done 1 shortsale before). He reached out to a short sale attorney and the attorney is“foaming at the mouth” and believes if hired he can rectify the no paperworksituation and get traction. Seller emails and calls attorney to discuss hiringhim.
8/7 – receive word seller is meeting with the attorney theafternoon of 8/8 to sign paperwork
8/9 - learned seller rescheduled meeting with attorney for the afternoon of 8/12
8/13 - attorney had sent in letter to BofA. BofA has provided verbal approval and requested some updated docs, including us signing with a closing date of 9/20
8/15 - seller's agent now says BofA hasn't actually approved and requested all of the paperwork sent in again, 5th or 6th time the full package will be submitted. Now requesting closing date of 10/1 listed. Resigned. Meanwhile our loan officer has already gathered from us fresh financial docs and signatures so he can get our loan ready
8/20 - my agent today asked for an update and selling agent advised today she was asked to resend all of the paperwork she had sent on Friday. So now the 7th submission of the same paperwork? She was then advised the CRM would be in touch every 7 to 10 days.
8/28 - asked for update. The update we get is that she tries calling every day and is still waiting
I am so frustrated. I have asked repeatedly for detailed status on where we are at and all I can get is a response about how many times a phone has been picked up. I can make phone calls all day long too. That means nothing. Who is being called? What is their position within BofA? What are they being asked? What is the reply? Since signing the contract on this house our house has sold and we closed on it Monday. Our family of 7 is now living in 3 spare rooms at my parents. I would like to at least be told a worthwhile status with fair expectations of what is going on with the bank. It is the only house in our school's zone that fits our large family and I am starting to lose faith the parties involved can get this deal done. Sorry, had to rant.
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Fifth Third/ FHA Short Sale in Pittsburgh
