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12/14/13 - Viewed home and submitted offer ($164,900 with closing closts)
12/17/13 - Offer accepted by seller
12/18/13 - Short sale packet submitted to bank
01/09/14 - Drove by property and saw a winterization notice on the door.
And since that, nothing but silence. I've contacted my Realtor a couple of times to see if there are any updates from the listing agent. Keep getting told that we won't hear anything execpt an approval or counter offer. After reading this entire forum, I would think that I should get some updates, like BPO, negotiator and so on, right? Someone help me out here!
01/31/14 - Counter offer received from bank. They want $190,000 and will pay 3% or they will take $185,000 with no closing costs. Talked to our realtor and we are going to counter for $5 to $10k less with closing.
I have to edit my timeline, I think I was a bit confused but I understand more:
Approved Listing: $280,000
Offered: $285,000 with closing costs included (closing costs will be about $10,000)
1st Loan is about $380,000 & 2nd Loan is about $85,000
1/15/13 - Pre-Approved
1/25/13 - Checked out the house listed at $280,000, fell in love and made an offer at $285,000 with closing costs included, signed the contracts.
1/27/13 - Seller approved the offer and signed the contracts and now all contracts are under attorney review.
I spoke to my realtor and she told me that she has been talking to the lender, while its been in review, and they are willing to accept my offer but they will only offer the 2 loan $4000. How would this go in anyone opinion? I have my fingers crossed!
Quote:
Originally Posted by glittercandy0504
Here is my time line:
1/15/13 - Pre-Approved
1/25/13 - Checked out the house listed at $280,000, fell in love and made an offer at $285,000 with closing costs included, signed the contracts.
1/27/13 - Seller approved the offer and signed the contracts, and all paperwork was sent to the lender.
Just received email from my agent with b of a counter offer worksheet attached; however I dont see any changes in the price of the house. What I do see is the bank is crediting me 4000 in closing cost (which I initially asked for but for some reason it was left off of my offer according to this worksheet). After that the only other two changes were a misc.fee of $55.67 which Im good with and the closing date changed to March 20th. It appears the counter is in my favor. Has anyone had this happen before?? And why wasnt my request for 4000 in closing cost assistance added to the initial offer worksheet.
Well per listing agent I have 3 days to sign and return which of course I already did.
Does anyone know what happens next and how long should I expect to wait for a approval letter.
I have read that most 2nd lien holders want at least 5 to 10 percent of principle balance...so what the first mortgage is offering maybe sufficient. In my case the seller is doing a hafa short sale..and with a hafa short sale the maximum amount that can be given towards a second lien is 8500...So to make matters simple SPS (primary lien holder) offered B of A(secondary) the full 8500 which I assume b of a has accepted.
It works in the favor of the 2nd lien holder to accept whatever is offered opposed to letting the house foreclose then get nothing. However I have heard of the 2nd lien holder being difficult and request more money then they cause short sale to fall apart.
Thank you! I am hoping they take the offer or work something out with the other lender. Fingers crossed. I hope everything works out for you and good luck with your closing.
Quote:
Originally Posted by patientlywaiting13
Glittercandy0504
I have read that most 2nd lien holders want at least 5 to 10 percent of principle balance...so what the first mortgage is offering maybe sufficient. In my case the seller is doing a hafa short sale..and with a hafa short sale the maximum amount that can be given towards a second lien is 8500...So to make matters simple SPS (primary lien holder) offered B of A(secondary) the full 8500 which I assume b of a has accepted.
It works in the favor of the 2nd lien holder to accept whatever is offered opposed to letting the house foreclose then get nothing. However I have heard of the 2nd lien holder being difficult and request more money then they cause short sale to fall apart.
Thought I'd post my Short Sale purchase timeline..
Lender: Chase for first, "Subsidiary of Chase" for second.. MERS shows SLS is one of the loans so I guess that would be the second.
Single Family Residence in SW FL listed on MLS as "Potential Short Sale". List 235k. Was on MLS for about 3 weeks.
1/5 Offer submitted.
1/6 Rejected. New offer submitted.
1/8 Offer signed by seller 200k
1/11 Property pulled off MLS
1/14 Seller sends packet to Chase
1/20 Property back on MLS as pending
2/1 Property pulled off MLS
Patiently waiting.. Submitted several other offers but all got high counters or rejections.
I'm in the same boat. Made offer Nov 12th, omy ffer greater than listing price, w/ no closing cost, supposedly the listing was pre-approved short sale. Owned by BOA (only - I think). I have signed numerous docs , some twice b/c they want hard signatures. I have given them everything except my blood in ink). My agent only provides info when I ask (most of time) or the bank has requested more docs to be signed. February 12th will be 3-months and waiting....hopefully, not much longer otherwise I will have to go with plan A=new build (b/c this SS was plan B) even though it's hard to stomach the cost to build new.
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