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Hello all. I am new to this board however have been reading many posts. I wanted to post a thread because I'm at the end of my patience level.
Wife and I put an offer on a house back in early Feb. House was selling for 300K we put in an offer 270K. Seller accepted a week later, addendum sent back to us another week later so we can say hopefully...that the short sale packet went out in either late Feb/Early March.
Selling agent and sellers are very active with keeping communication open with the bank, our agent, etc. The bank gave the sellers a date of either last Tue/Wen to hear back from them to give an answer and sure enough Tue, Wen, Thu& Fri went by. Selling agt spoke with sellers and bank and they gave them the "oh we got backed up excuse. ummm...you should hear back from us by May 6th at the latest...."
Has anyone come across the good old ahhh we're going to push the date back again and get you an answer then run around?
What advice can you give us? Patience are running on fumes. When do we finally pull the plug and move onto other properties? Is there light at the end of this tunnel?
Join the club! We are in the same situation, but ours is May 13th to hear, but the bank requested a closing date change to 5-29. You seem to be having good communication as well so that is good. Otherwise I think it is just hurry up and wait again. We are in really no rush to go anywhere, but still is a pain on how slow things are.
Why would your patience be running on fumes? Didn't your agent explain that these take a long time? If you want a great deal, you need a great deal of patience.
If you don't have that, best to find another property.
These things can takae months. Don't believe anything the lender tells you unless it's in writing. Banks may be good at lending money but they're terrible at getting rid of it. Also, don't approach these things from a "logical" point of view. There's no logical course of events in short sales, that's why many agents and their buyers won't even look at them.
Hey guys,
thanks for some of the feedback. Yes our agent definatly prepared us 4 months ago when we started the home buying process. The answers to why we're going on fumes is because as I type this I am writing from an Extended Stay. We rented our condo out back in Feb for May 1st move in date. We thought 3 months we would be safe and were going to close by then. However things don't always work out the way we want. Our things are in storage and we get to live in a hotel for the time being.
The bank burnt the sellers a few weeks ago by giving them the dates and now they extended their date to late next week. The way things have been going we're really not expecting to hear next week like promised. We know it's a time consuming thing but like I said earlier, here we are now out of our home, living in a hotel.
On the positive side of things, our realtor did inform us that the selling agent who has seen the BPO, has no reason for the both of them to go to bat for us with the bank as the BPO assesment looks very strong along with the price we put in. Our realtor has also put off showing us homes, the home values in the neighborhood are in the same price range as the offer we gave(including larger homes), and our realtor told us why would the bank say no? We got our game on.
I guess we are in the final stretch of things, but we've been saying that for months.
Oh I do have a question for realtors checking this thing out that have closed on short sales. What is the typical TAT for closing once the bank accepts the offer? We have been told two things.
1. We can do is ASAP within 2 weeks once inspections are done.
2. Up to an additional 30 days.
I thought that once the bank accepts the offer the ball is in our court and we can proceed ASAP. I mean it's not like we're waiting here to sell our home....WE WANT IN QUICK!
hello we be waiting fot the short sale bank for about 2 months early this week they ask for personal informacion from the buyer and a new pre-approve letter from my bank anybody has a ny idea is this is getting close to the end?????
Ed009 - each short sale is different but from my experience, sounds like you're at the beginning stages. They want that info upfront then it has to go through a few more steps. Bpo/appraisal, bank approval and possibly investor approval.
I've been waiting since the beginning of March and awaiting the investor approval. It has been at this stage for the past 3.5 weeks with no word back.
Good luck! Hopefully it will go fast n smooth for you.
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