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Nelly1996 were around the same time. it will be interesting to see how this plays out for the two of us.
Bank: Chase
Number of loans: 1
Our offer was sent to the bank on October 5th.
October 18: we signed Earnest money contracts
October 28: a negotiator was assigned to the file
on a side note, where I live we got hit with that horrible Fall snow storm. I dove past the house and it has tree limbs down all over the yard and it looks a hot mess. I hope the bpo is done soon haha!!
Here is the painful timeline of buying a BOA short sale:
9 Aug 11: Placed offer
22 Aug 11: Seller accepted offer and we went under contract
21 Sept 11: BOA ordered full appraisal and it was completed
4 Oct 11: Update from BOA- "evaluation was complete and you should see counteroffer within the next 7 to 10 days."
3 Nov 11: No counteroffer yet and the selling agent will not reply to my agents emails
This house went to closing and had an acceptance letter from BOA and when the previous buyer walked we stepped in. BOA restart the whole process over from step one.
Jul 02: Offer made
Jul 03: Offer accepted by seller
Jul 13: Commitment for title insurance received
Jul 29: BPO completed
Aug 11: Asset manager approves sale price.
Aug 25: PMI comany, Radian, receives file for review
Aug 29: Radian asks for a $6600 seller contribution
Sep 01: Seller counters $3300. Radian counters $3300 now, plus $3300 promissory note.
Sep 06: Seller declines promissory note, pulls counter offer. File sent to Fannie Mae for approval, minus the $6600 for Radian
Sep 16: Fannie Mae agrees to eat Radian's portion. File sent for 'final approval'
Oct 07: Final written approval. Closing set for November 4th.
Oct 28: Written approval revoked, yes, apparently that CAN happen. Asset manager wouldn't allow sale with low (by $4k) buyer's appraisal. File resubmitted for approval with sale price of $4k lower.
Back to waiting again. Yes, the asset manager pulled the approval a week from closing. So there's your lesson, written approval does not mean that the bank has signed off, they can still change their mind at any time before closing.
Hi - Here's our timeline, we're first time buyers and found this house that we really loved, before knowing that it was SS. Not knowing the full process, however, our agent explained it to us and we believe that it's worth the wait.
Lender: BOA
10/30/2011 Made offer
10/31/2011 Seller accepted / Offer sent to the Bank
11/03/2011 Seller agent requested SSN, Ph, Address, DOB
Now we wait... We really hope that the process will move fast! Based on the previous posts, it seems that after the last task, a negotiator needs to be assigned then a BPO will be ordered; so, by Nov 16 we should hear something back, right?
Sep 06: Seller declines promissory note, pulls counter offer. File sent to Fannie Mae for approval, minus the $6600 for Radian
Sep 16: Fannie Mae agrees to eat Radian's portion. File sent for 'final approval'
I'm having trouble understanding this part..."pulls counter offer"...so the seller basically skipped over Radian???
4 Oct 11: Update from BOA- "evaluation was complete and you should see counteroffer within the next 7 to 10 days."
3 Nov 11: No counteroffer yet and the selling agent will not reply to my agents emails
Our agent has been calling and emailing selling agent for over a week to get an update but no response. Is this typical for shorts sells? He has also sent an addendum to extend the closing date by a month and no reply on that either. What happens if seller does not sign this addendum? No way would we do this again.
I wonder how often the sellers use shortsales as a way to extend the forclosure date.
At least in Florida, people are using the delay/short sale often.
But this is what they normally do.
Default on purpose for 2 plus years (saving $$$$$ on no housing payments).
As the 2 year period approaches, they than start considering a short sale.
That way it will be close to 3 years before they need to move out.
Had this one couple ( who happen to send all three of their kids to $15k/year private school not pay for 3 years. They finally got approved for hafa. They gamed the short sale system big time.
It looks like we're in the home stretch with our SS purchase:
Year -- 2011
Bank -- 1 (Aurora); single loan, at or above 100% loan-to-value when issued
PMI -- Yes
Investor -- non-GSE; probably retained in Aurora's books
Price -- $280K (up from $275K offer)
June 4 -- made offer of asking price of $275K
June 6 -- sellers accept our offer
June 11 -- officially "Under Contract"
June 18 -- we do our inspections; nothing major found (we figured we'd rather make sure there were no issues than spend months waiting only to find out that there was a big problem)
July 28 -- Advised that Aurora has acknowledged seller's paperwork and that seller is being considered for HAFA program
August 11 -- we extend period to get SS approval by another 30 days -- no update
September 11 -- we extend period to get SS approval by another 30 days -- buyer approved for HAFA and BPO ordered; realtor waiting to be contacted to set it up
September 26 -- Full appraisal done (took 1.5 hours vs. 15 min. "walk-through" BPO)
October 11 -- advised that bank has accepted our offer; file sent to mortgage insurer for review, should get approval "soon"; we extend period to get SS approval by another 30 days
October 13 -- told that the processor at Aurora might need another 30 days to get the approval from the mortgage insurer, but that she will try to "prioritize" given how long it's taken since offer was made
October 18 -- MI requires net of $275K at closing; we're asked to come up in our offer "closer to $290K". We increase our offer to $280K, which is over 95% of appraised value. Realtor seems disappointed, but will see what can be done.
October 20 -- Verbal approval
November 2 -- Receive written approval from Aurora, with closing required by 12/31.
Assuming that our bank appraisal is in line with seller's lender's appraisal, we hope to close in early December. This relatively uncomplicated deal will have taken just about 6 months from contract to close.
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Short Sale Timeline - Just Started...
