New Shortsale Timelines (lawyers, counter offer, Realtor, commercial)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
No not yet. Still waiting. Maybe I will hear something before Christmas! That was my initial guess...
How's the process going for you??? Everything falling into place?!
Hope you'll get your Christmas present in time! Have you tried following up with your agent? Are they following up with the LA?
Process is going, we got approval for the loan, completed appraisal and inspection, however, we must baby proof the house because it's NOT at all safe for toddlers so still getting quotes from contractors. We hope that we can close on the 29th or 30th.
There was a mention in the approval letter that it was an amendment to an approval letter provide don the 12th, however, there was no approval letter for the 12th, so that was a typo from the bank and the loan underwriter picked on that, so now we have to wait for the bank to provide an explanation or amendment to state that otherwise the loan will not fund!!! There's always something ha! We'll see if the bank is willing to provide such a thing to fix their silly typo!
Oh and we must get property insurance before the loan funds as well, however, 2 insurance companies would not provide coverage because the house is a short sale!!!! Catch 22... We're trying with others today and hope one will agree!
Last edited by amaransia; 12-20-2011 at 11:23 AM..
Reason: Edited to add Insurance info
Good to you and hope you'll get your Christmas present in time! Have you tried following up with your agent? Are they following up with the LA?
No I have not. During this entire time (believe it or not) I have not asked for one single update from him. I just wait to hear from him. I know, that's silly. He made it clear to us in the beginning that it would be a long process, but anything that would be given to him by LA he would pass to us. I feel as though he was hinting to us to not bug him.
As far as your loan approval, I sure hope you hear something back from the bank. I don't see why it would take longer then a day or two. I'm sure you will get something soon! There is always some last minute things! UGH!
And good luck on your insurance! I got a quote from my previous carrier and they are ready to move forward when it's time.
No I have not. During this entire time (believe it or not) I have not asked for one single update from him. I just wait to hear from him. I know, that's silly. He made it clear to us in the beginning that it would be a long process, but anything that would be given to him by LA he would pass to us. I feel as though he was hinting to us to not bug him.
As far as your loan approval, I sure hope you hear something back from the bank. I don't see why it would take longer then a day or two. I'm sure you will get something soon! There is always some last minute things! UGH!
And good luck on your insurance! I got a quote from my previous carrier and they are ready to move forward when it's time.
Good you can go long without asking You seem to be on top of it with your insurance, that's great and sure it helps when you're ready to close. We're first time buyers, never had insurance before and our area seems to be very strict... Also, house has a pool, so it seems they have minimum requirement (have a fence) before they can insure the house. The previous owners had a cover with no fence and we can't install a fence before we close... hmmm, again, catch 22.
Good you can go long without asking You seem to be on top of it with your insurance, that's great and sure it helps when you're ready to close. We're first time buyers, never had insurance before and our area seems to be very strict... Also, house has a pool, so it seems they have minimum requirement (have a fence) before they can insure the house. The previous owners had a cover with no fence and we can't install a fence before we close... hmmm, again, catch 22.
Kudos to you for going with a short sale and being a first time home buyer! It's a tough transaction. This will be our second home buying experience...the first was an REO property.
How the heck do you get insurance with those types of rules?! You would think they would give you a time-frame once you move in to get those things fixed. Nonetheless, good luck!
Year 2011
Bank- 1st Chase 2nd Bof A
# of Lenders :2
PMI: Not sure yet
10-7 -Made offer (90% of the listing price)
10-24 -Seller accepted/ Offer sent to the Bank
10-27 Negotiator Assigned
11-3 buyer approved for HAFA and BPO ordered;
11-8 Buyer asked for 2 weeks to clear out for our inspection
11-22 Seller has a move out date set (Dec 1st) Sellers agent says the negotiator has not returned his calls.
12-13 Seller is slowly clearing things out. Still not moved out.
Our agent- The file was switched to a new negotiator. Sellers agent was expecting the counter today.
12-21 My agent said the offer still was not in. She was told by the listing agent the offer is too low. The negotiator is wanting us to up our offering price to draw up only one final offer.
12-21 My agent said the offer still was not in. She was told by the listing agent the offer is too low. The negotiator is wanting us to up our offering price to draw up only one final offer.
Are you going to increase your offer? Did you happen to look at comps?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
You seem to be on top of it with your insurance, that's great and sure it helps when you're ready to close. We're first time buyers, never had insurance before and our area seems to be very strict... Also, house has a pool, so it seems they have minimum requirement (have a fence) before they can insure the house. The previous owners had a cover with no fence and we can't install a fence before we close... hmmm, again, catch 22.
