Short Sale Timelines (again) (appraisal, 3%, agent, mortgage)

[Mmiller741]

I know there are several of these already, but they are starting to get dated. The short sale timelines seem to be getting better... So what's your status?

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

Hopefully we are getting there. I'll be out of town next week, I bet that's when we will get the call. It'll only cost me $100 in gas to get back and sign the paperwork. Maybe fax? Either way it'll be worth it.

What's your story?

[sheshells]

lien holders- (2) US Bank- $185k, BOA -$50k
List price of home - $70k

11-6-11: made a full price offer on a pre approved SS property. Bank's agreement with seller for sale was 12/31/11 to avoid default

11-8-11: our offer was accepted by the sellers.

12-6-11: agent suggested we move forward with the inspection, appraisal and begin our loan process.

12-23-11: our mortgage loan was approved

1-3-12: seller's bank agreed to extend the the sale date b/c of their backlog; the new deadline to complete sale is 3/12/12.

1-24-12 we were told the bank's obligations were complete and the file moved to the processor for review.

2-10-12: updated HUD-1 submitted to bank

2-29-12: verbal approval given, written approval letter to be sent next week. Refreshed our loan today with more current financials, started setting up home owners insurance, title company putting together paperwork

closing set for March 9th!

update in red:

3-8-12: Our bank changed something on the final HUD which didn't sit well with one of the seller's lenders. The title company was able to get both to reach a compromise after several calls.

3-9-12: we signed the final papers today and rec'd keys. Amen; it's ours!

[Jackalope78]

I posted this in the other thread, but that one is pretty dated.

Property located in Beaverton, OR
1st lien- 370k Wells Fargo
2nd lien- 70k HSBC
Listed at 435k

Feb 9- Offered 400k
Feb 10- Seller accepts
Feb 12- WF asks us to sign a 60 day closing addendum
Feb 28- WF asks for a hardship affidavit packet from seller
Mar 7- HSBC is waiting for the BPO, WF is reviewing the offer.

The seller has hired a loss mitigator to handle the sale. This seems like a good choice so far. This guy acts as a negotiator and is in constant communication with the banks. He expects to have some answers next week. Fingers crossed.

[mai95]

BofA shortsale timeline
1 lien
listed $145,000
offered $139,000 PLUS 3% for closing cost
located in Central Florida

1-11-2012 offer submitted
1-18-2012 seller signed contract
2-16-2012 My agent called and said BPO ordered.
2-28 BofA counter offer $145,000 no word yet on 3% for closing.
3-8 BofA requesting HOA amount due from seller

Anyone Know what it means when bank is requesting HOA due? I'm thinking it is that they are getting ready to accept offer or?

[Mmiller741]

Originally Posted by mai95

Anyone Know what it means when bank is requesting HOA due? I'm thinking it is that they are getting ready to accept offer or?

My interpretation of this is that the HOA "owns" the home too. If the sellers haven't kept up on the HOA fees, then the HOA can deny the sale and enforce their lien against the house.

It's key that the sellers maintain their HOA fees, I have read this causing a lot of trouble.

[Mmiller741]

Originally Posted by sheshells

3-9-12: we signed the final papers today and rec'd keys. Amen; it's ours!

Congrats. We hope to be saying the same real soon.

[sheshells]

Originally Posted by Mmiller741

Congrats. We hope to be saying the same real soon.

Thanks! Thursday was a mad scramble when our bank moved one item on the HUD and US Bank balked. Luckily the title company was able to work it out with US Bank. The approval from BOA (2nd) was due to expire today (the 12th) so we were on pins and needles until we signed the closing papers that nothing would go wrong. I've never appreciated holding a key in my hand as much as I did on Friday!

Based on your timeline, and Citi asking for the Arm's Length to be signed, your approval should be coming very soon too. Good luck, not much longer, the finish line is within sight!

[mai95]

Originally Posted by Mmiller741

My interpretation of this is that the HOA "owns" the home too. If the sellers haven't kept up on the HOA fees, then the HOA can deny the sale and enforce their lien against the house.

It's key that the sellers maintain their HOA fees, I have read this causing a lot of trouble.

Thanks that is something what I was thinking, can only hope if that is what it is you never know with these banks.

[debowebo]

There are two liens on the property we are buying. I only know the 2nd is for 104k, with Suntrust.
Here's our timeline:
1/25/2012- put an offer on home and it was accepted by seller
1/26/2012- sign arm's length
2/3/12 BPO was completed
2/27/2012- Updated HUD form was requested from 2nd
3/6/12- 1st mortgage has all they need.. Just waiting on 2nd. How long does the 2nd take? We need to move by the end of April.

[mai95]

BofA shortsale timeline
1 lien
listed $145,000
offered $139,000 PLUS 3% for closing cost
located in Central Florida

1-11-2012 offer submitted
1-18-2012 seller signed contract
2-16-2012 My agent called and said BPO ordered

3/16 Agents says deal is off, bank wants to have seller move back in and re do the loan, they have been out of house for over a year but are still local, they took all appliances including celling fans. Oh well only out $450 for home inspection and turing on utilites for three days. Back to square one.