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Good luck with that! I don't see any issue with the bank accepting your offer (of course, that is logical since you offered more than what they countered for originally and banks are not necessarily logical). I would worry about the tenant who is occupying it currently, just keep up on things to ensure there are no issues with him leaving and / or damaging the property.
But I do ask, why offer 390k if the bank originally countered at 365k? Did you find this out after you made the offer?
- Yes, we found about the previous offer after we have made ours. We looked at the comps and thought 390 was fair as we didn't want to get into a bidding war with other buyers. The strategy worked as our offer was accepted over others by the seller at least. Seems this is the way to get your offer accepted at all these days.
- Yes, we found about the previous offer after we have made ours. We looked at the comps and thought 390 was fair as we didn't want to get into a bidding war with other buyers. The strategy worked as our offer was accepted over others by the seller at least. Seems this is the way to get your offer accepted at all these days.
I figured as much. We talked about offering more than the 300k they were asking on ours (we really believe the house is worth much more), but given the fact that we are on the hook with all closing costs we couldn't afford much more than that with our down payment. I was worried about someone coming right behind us and offering and a bidding war, but it was a chance we took and it paid off.
Lurking for a while here: frustrated so I decided to share my timeline. We are first time home buyers!
Location, Northern NJ
Initially listed 1/16/11 for $325,000
Reduced 4/3/13 to $309,900
1st Mortgage w. Wells Fargo HELOC also w wells
11/8/13 - we walked the home and saw some major neglect, the bones of the home are great, but owner has let it go. This is owner occupied.
11/12/13 - after my agent pulled comps and we analyzed the values we decided to put an offer of $260,000 - 5% down Conventional
11/13/13 - offer accepted by seller, seller asks for us to pay Att fees as he is literally out of cash. We say no problem.
11/21/13 out of attorney review. His attorney who has done many short sales in the past, is driving the equator bus in terms of documents and processing w/ Wells.
12/12/13 - after consulting with a few parties my wife and I decide to have our inspection done, as we want to be ready on our end as well as make sure everything we saw was up to snuff.
Inspection report comes back OK.
1/3/14 -we decide to proceed with our loan paperwork(our bank is chase who I feel does a great job underwriting your loan up front to avoid headaches on the back end ) Chase orders their appraisal on the home, comes in at $270,000 higher good, but not too high.
2/1ish/14 I contact our attorney to find out what the status is, he tells me the seller has had a very difficult time providing the proper paperwork, as he has ok job, no tax returns, no proof of any funds... Nothing. O No!
2/19/14 called my att again for update, he tells me the other attorney said that all documents are now in equator. Wells asked for another copy of the listing at this time as well.
2/26 attorney says that wells asked for another copy of the affidavit (I don't remember signing one nor do I have one on file, but I might have at our initial meeting) attorney says should be last piece of paperwork they need and plan to hear something in the next week or so.
3/6/14 today, received call from attorney that 2nd lien(HELOC) asked for a copy of the payoff. Remember HELOC is also wells. Probably different investor I would assume.
With all of the great stories on this board does anyone have any clue where I am in the process? My bank is waiting on the commitment and they said they will be ready to close quickly.
Having out first baby on the way At the end of May does not make the stress level any better at this point.
The lack of communication has really put a damper on the whole process. I'm dealing with attorneys mostly who are tight lipped to begin with.
House has been listed for 3 years now, and we also found out mortgage payments stopped about 5 years ago. blows my mind this wouldn't move faster.
Someone walked me off the ledge please!
UPDATE
Heard back from Wells Fargo today, they countered at the list price $309,900.
Our REA suggested we take the next steps.
Send wells a copy of our lenders appraisal, $270,000. We counter offer $270,000 the listing agent writer a letter detailing how the home was listed at 309,900 for 14 months with no bids. Detail with photos the homes terrible conditions, bathrooms, siding being a train wreck, overall unkempt and termite damage. He then suggests we put our counter offer in asap. I sent over appraisal and listing agent is doing his letter tonight. I am securing detail photos in the morning.
Sounds like things are moving. Anyone think we have a shot at wells coming down to the 270,000? Which is the appraised value?
Also we found out the BPO came in at 345,000 our attorney said this coins be based off a drive by by wells, a third party, dug off zillow, or the actual amount the seller owes?
The first lien holder did a new BPO and that amount is now 185000 which is the same as my apprasial. The list price was 155000 set by the bank and I offered 159000 plus 4000 in closing assistance. The bank hasnt counter offered yet and per my realtor she isnt sure if they are going to but its possible.
Can anyone who has gotten ss approval tell me what their BPO came back at and what amount the bank ended up accepting was.
The first lien holder did a new BPO and that amount is now 185000 which is the same as my apprasial. The list price was 155000 set by the bank and I offered 159000 plus 4000 in closing assistance. The bank hasnt counter offered yet and per my realtor she isnt sure if they are going to but its possible.
Can anyone who has gotten ss approval tell me what their BPO came back at and what amount the bank ended up accepting was.
After the approval they ordered another BPO? Unreal! I certainly hope they don't try to counter. Did you finally get the written approval or were you still moving forward on the verbal?
I hope they don't raise the price on you and you close as scheduled.
The first lender only provided a verbal approval back in Nov. I still have not received written approval. .per my RA their BPO was outdated since B of A took so long to approve their lien release and thats why they had to order a new BPO. Whenever the listing agent calls the bank just tells him its in underwriting. .supposedly we will hear something this week but Im not holding my breath. I hope they dont counter but with these banks you never know. I am prepared to walk away if need be.
I hope it all works out patentlywaiting. We were just assigned a second negotiator and our BPO is already 30+ days old so I can certainly see at least one more BPO ordered for us as well. We haven't even gotten to the second or third lien yet
I hope you don't have to walk, you've stuck it out this long
3/12 - we heard from our Attorney today and it looks like the lender has everything they need to approve the short sale. The BPO was acceptable. Anyone have any idea how long it will take now? We'll working with Wells Fargo?? Thanks!
The first lien holder did a new BPO and that amount is now 185000 which is the same as my apprasial. The list price was 155000 set by the bank and I offered 159000 plus 4000 in closing assistance. The bank hasnt counter offered yet and per my realtor she isnt sure if they are going to but its possible.
Can anyone who has gotten ss approval tell me what their BPO came back at and what amount the bank ended up accepting was.
Unfortunately I have no idea what the BPO came back on ours. I will see if I can find out though.
3/12 - we heard from our Attorney today and it looks like the lender has everything they need to approve the short sale. The BPO was acceptable. Anyone have any idea how long it will take now? We'll working with Wells Fargo?? Thanks!
Depends on what "lender has everything they need to approve the short sale" means. Who told you the BPO was acceptable?
While I am not sure how faithful a bank is to their stated guidelines....this document can give you a good idea of the Wells Fargo process so you can understand possibly where the file is
According to that document, assuming that they are past the "Processing" stage, then you could be looking at 2-3 weeks for an answer. This is not the bible though, banks can and will take as long as they want depending on workload, investors, and other factors that may cause a delay in anything.
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