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Old 12-30-2008, 06:58 PM
 
Location: Lakeland, Florida
4,391 posts, read 9,460,168 times
Reputation: 1866

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I have wrote about this before but every day it seems like there are new rules to the short sale.
Here is the timeline so far -Put an offer on a short sale on Dec 9th gave price that was bank approved and asked for closing costs to be paid. Seller signed the offer we gave on Dec 10th but can't pay closing costs. Supposedly went to bank for approval. On Dec. 16th bank wanted proof that we were putting over 50 percent down, which we gave to them that day.Then on Dec 17th we learn it is scheduled for auction on Dec. 22nd. Dec 19 they cancel the auction for 22nd. We hear the bank is preparing a counter offer on 23rd but never hear anything. Today the counter offer is sent and when we get it, it still only has the sellers signature and not the bank. It's basically the same offer the seller signed on the 10th. Then an hour later an addendum comes where the seller is asking for 1,000 more in purchase price to finish paying the bank that has the 1st mortgage. There is a second mortgage but according to the listing agent that bank is ok with everything.
No where in this whole thing do I see any signatures from the bank. My real estate agent called the listing agent and he said "well the bank looked at it and they are ok with everything"
Sorry this is long, but doesn't the bank have to sign something and approve this. This whole short sale thing is confusing. Is this just the beginning, they have a timeline where we close in 30 days, so not sure.
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Old 12-30-2008, 08:35 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,103,442 times
Reputation: 2661
Quote:
Originally Posted by Chickrae View Post
I have wrote about this before but every day it seems like there are new rules to the short sale.
Here is the timeline so far -Put an offer on a short sale on Dec 9th gave price that was bank approved and asked for closing costs to be paid. Seller signed the offer we gave on Dec 10th but can't pay closing costs. Supposedly went to bank for approval. On Dec. 16th bank wanted proof that we were putting over 50 percent down, which we gave to them that day.Then on Dec 17th we learn it is scheduled for auction on Dec. 22nd. Dec 19 they cancel the auction for 22nd. We hear the bank is preparing a counter offer on 23rd but never hear anything. Today the counter offer is sent and when we get it, it still only has the sellers signature and not the bank. It's basically the same offer the seller signed on the 10th. Then an hour later an addendum comes where the seller is asking for 1,000 more in purchase price to finish paying the bank that has the 1st mortgage. There is a second mortgage but according to the listing agent that bank is ok with everything.
No where in this whole thing do I see any signatures from the bank. My real estate agent called the listing agent and he said "well the bank looked at it and they are ok with everything"
Sorry this is long, but doesn't the bank have to sign something and approve this. This whole short sale thing is confusing. Is this just the beginning, they have a timeline where we close in 30 days, so not sure.
In this stage there is nothing required of the bank. That is the whole reason shorts tend to be miserable...the seller has no vested interest and the bank has no committment.

So try and close. Ignore the noise. If it closes you get the house. If it does not you have learned why shorts are difficult.

and good luck...
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Old 12-30-2008, 11:05 PM
 
Location: Lakeland, Florida
4,391 posts, read 9,460,168 times
Reputation: 1866
My real estate agent was surprised to that it had been two weeks and basically we have the same contract back that was signed by the seller in the first place. I guess I am just wondering did the bank approve it or not...or maybe they never sign anything because it technically still belongs to the seller? I realize it could all fall through, so we are trying to just "go with the flow". It makes it difficult being 1,200 miles away from the house we are trying to buy too.
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Old 12-31-2008, 04:05 PM
 
Location: Just south of Denver since 1989
11,819 posts, read 34,326,708 times
Reputation: 8940
only the owner is obligated to sign an offer. The bank approves the amount net to them, and all the costs that are being paid.

There will be two approval letters from both of the seller's lenders. But they will not sign your offer, or any amendments or extensions.
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Old 12-31-2008, 04:45 PM
 
Location: Lakeland, Florida
4,391 posts, read 9,460,168 times
Reputation: 1866
Quote:
Originally Posted by 2bindenver View Post
only the owner is obligated to sign an offer. The bank approves the amount net to them, and all the costs that are being paid.

There will be two approval letters from both of the seller's lenders. But they will not sign your offer, or any amendments or extensions.
Ok well thanks for letting me know that. It makes sense then, maybe that's why it took them two weeks to get back to us after the seller initially signed it.
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Old 12-31-2008, 11:31 PM
 
Location: Northern Nevada
8,545 posts, read 10,257,082 times
Reputation: 3068
Wow, what a mess..glad we have some folks on here that can explain that to you....so basically you are back at square one with the sellers accepting the offer...so now it is only between the bank and the sellers...

Keeping my fingers crossed for you!
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Old 01-01-2009, 10:00 AM
 
Location: Lakeland, Florida
4,391 posts, read 9,460,168 times
Reputation: 1866
yes Dogmom you know the mess it can be right?
Anyways what everyone is saying on here is correct. The banks doesn't actually sign the offer the seller does. I was very confused.. but both banks have sent approval letters. Now we have till Friday to send back the sellers signed offer (as they countered on Monday) by Friday. We are suppose to close by January 29th. Another trip to Utah is in the forcast!
I just love short sales, especially around the holidays! ha ha
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Old 01-01-2009, 10:38 AM
 
Location: Northern Nevada
8,545 posts, read 10,257,082 times
Reputation: 3068
Wow, I sure hope when we start looking this month I don't fall in love with a short sale...We had so much stress selling I dont think I can do it with buying. I feel like telling DogPaw to handle it. I am so serious...I get tired just thinking about it. We sent off our paperwork to our mortgage guy on Wednesday, hopefully we can get a pre approval letter before we even start looking...ay yi yi...
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Old 01-01-2009, 12:54 PM
 
Location: Lakeland, Florida
4,391 posts, read 9,460,168 times
Reputation: 1866
Good luck Dogmom in your search. That was our problem, every home in that area we looked at happened to be a short sale except for one. Now to make matters more complicated, that one house that wasn't a short sale just had a price reduction of 18,000 yesterday. We wanted to make an offer on that house when we were there but when our agent called the listing agent they said the sellers were firm, so we didn't do it. That house has dropped 46,000 since September. Tomorrow we have to sign offer and send back by 5pm on other house. Since it's a short sale its not a binding contract, what a dilemma we are in. Do you know anything about the Ironwood area off Dixie downs rd?
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Old 01-01-2009, 01:26 PM
 
Location: Northern Nevada
8,545 posts, read 10,257,082 times
Reputation: 3068
Rae, it's like a vicious cycle, isn't it? I don't know anything about Ironwood...I haven't heard good things about parts of Dixie Downs...who is the builder..email me the address and I can look it up..hang tight!
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