New Shortsale Timelines (buying, short sale, delay, letters)

[JessR17]

Originally Posted by Michial

20 Jan 12: BOA short sale approval letter came today! No PMI to pay. Closing should be 10 Feb 12.

Congrats!!! you went through quite a long time to get here! Good luck in your new home!

[Nelly1996]

Originally Posted by Michial

20 Jan 12: BOA short sale approval letter came today! No PMI to pay. Closing should be 10 Feb 12.

This is great news!!! Congrats to you!!! What a bumpy road...best wishes to you!

We close this Friday at 10am!!! Can't wait...

[iheartsf59]

Originally Posted by iheartsf59

1 loan with B of A

-Offer submitted to bank 10/5
-Tweeted @BofA_help about lack of response 11/17 - File assigned to new negotiator
-BPO completed 11/28
-Counter offer received 12/12 - I accepted

So now I wait for the written approval...anyone had any experience with this? How long should I expect this to take? I'm not sure if there is MI, but I understand that this could add time to the process (and even kill the deal).

Well, I'm not sure exactly when the letter arrived. Listing agent wouldnt respond when my agent asked and he insisted we had to close by 1/27. Last week I finally asked my lender to check with the title company - sure enough, they had an approval letter with an expiration date for 1/27! Everything is ready - just waiting for title company to contact me to schedule closing - prob for this Thursday! If this finishes up smoothly the whole process will have taken 4 months.

[iheartsf59]

Congrats to you, Nelly1996! I don't think I would have survived this process without sites like this! I know I saw your posts on the short sale superstars site! We might end up closing on the same day

[JessR17]

Year:2011-2012
Bank: Chase
Number of loans: 1


October 5th,2011: Purchase offer sent to bank.

October 18,2011: We signed Earnest money contracts

October 28,2011: A negotiator was assigned to the file

November 14,2011: Fully executed Contracts are submitted to the bank.

November 18,2011: Escrow Check is deposited into an Escrow account.

November 21,2011: A new negotiator was assigned and BPO was ordered.

November 28-December 7, 2011: BPO was completed

December 2011-At some point ANOTHER negotiator was assigned and the seller was approved for HAFA. (don't understand why/how this happened now.)

January 9,2012-Told our offer looks good and should be no problem for approval. We should hear in the next week.

January 12,2012-There was some kind of "problem" with the lawyer fees for BOTH parties. Negotiator requests both lawyers to change fee,sign, and re submit. This will delay us for an additional 7-10 days.

Patiently waiting......

[JessR17]

Originally Posted by Nelly1996

We close this Friday at 10am!!! Can't wait...

YES!! Good Luck!!

[Nelly1996]

Originally Posted by iheartsf59

Congrats to you, Nelly1996! I don't think I would have survived this process without sites like this! I know I saw your posts on the short sale superstars site! We might end up closing on the same day

Yes, these sites are great! Love reading these posts. Congrats to you as well!!! Come on Friday!

JessR17: Dang them lawyer fees! Ugh! But at least it sounds like an approval is near!!

[JessR17]

We were told yesterday we will have an answer by end of week.
I really hope the numbers are right. After all this waiting it would be so disappointing for them to come back with an out of our budget counter offer. Fingers crossed!

[eger]

Originally Posted by JessR17

We were told yesterday we will have an answer by end of week.
I really hope the numbers are right. After all this waiting it would be so disappointing for them to come back with an out of our budget counter offer. Fingers crossed!

I've found with Chase 1 week = 3 weeks..lol

I hope you hear an answer soon.

[Rhuobhe]

Originally Posted by Rhuobhe

Year 2011
BOA
List price: 179k

Financing: FHA 5% with a 5k earnest deposit after approval. Using grant from county for closing costs.

12/31/11 - made offer 175k

01/04/12 - seller accepted offer sent to bank

...

01/13/12 - 1st Earnest deposited

Still no negotiator assigned. Realtor says to give it two more weeks.