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An update - the bank just approved things so now it's just a matter of getting the inspection/appraisal/survey squared away and I *should have a house! Assuming it takes another month to get to closing that would make it about 3 months from start to finish for the whole short sale process.
*This of course assumes the bank doesn't change their mind again in the meantime.
An update - the bank just approved things so now it's just a matter of getting the inspection/appraisal/survey squared away and I *should have a house! Assuming it takes another month to get to closing that would make it about 3 months from start to finish for the whole short sale process.
*This of course assumes the bank doesn't change their mind again in the meantime.
Congrads!! where are you located and what bank are you dealer with?
Upload docs and FINALLY complete all tasks & docs (correctly!) in Equator Jan 19 - what a hassle! lol - I will say it took time for seller to provide some of their info, though.
Assigned to a negotiator and Bank called for formal appraisal instead of just BPO on Jan 24
Appraisal done on Jan 27
Sellers HAFA paperwork is still in underwriting - has been there since at least Jan 13
Ours... we inspected the place Wednesday of last week (suspected problems, but they turned out to be very minor). I ran comparable recent sales and deducted for items pointed out on the inspection that were safety related. Put in an offer on Saturday along with supporting documentation. Sellers accepted, now it's with a lawyer and the bank (Wells Fargo).
My Update:
Mid Dec 2010: House listed at $400K. Short sell w/ 2 mortgages (possibly same lender). Offer submitted @$373K.
Mid Jan 2011: Received signed acceptance from sellers, got word from seller's attorney that SS application w/ my offer was submitted to bank. Looks like there were no other buyers.
End Feb 2011: Seller's attorney email said 2nd mortgage just approved. So now it's waiting for the 1st mortgage..... to be continued.
What's the typical short-sale procedure(s)? I submitted my offer. The owner(s) did not acknowledge us whether they accepted the offer or not. However, I contacted my agent, he said that we are waiting on the lender's approval. I'm confused. I thought the sellers would accept our offer first...then wait for the bank approval, no?
What's the typical short-sale procedure(s)? I submitted my offer. The owner(s) did not acknowledge us whether they accepted the offer or not. However, I contacted my agent, he said that we are waiting on the lender's approval. I'm confused. I thought the sellers would accept our offer first...then wait for the bank approval, no?
Some agents will submit unsigned offers to the bank and let the bank chose the one they will accept, then have the seller sign it. Not good from a buyer's perspective. You should insist on getting a signed acceptance from the seller. However, ask your agent if there may be some other reason why you have not received a signed contract yet.
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MA area
