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Update.........................
Quote:
Originally Posted by jame2012 City State: St. Paul, Minnesota Year: 2012 Bank- PNC Bank # of Lenders :1 PMI: No Listing price- $ 99k
February 26th -Made offer 80K with 1k earnest money deposit. February 27th--Seller accepted our offer and signed our purchase agreement. February 28th--Seller agent sent the package to the bank.. March 1st------ Seller done the True in Housing sale inspection.
more will come as the waiting day pass by........I just hope it not all crazy **** and waste our time end up loosing after waiting.....
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Updated.....
today is March 26-2012 and we still waiting.....nothing happen yet, it about 1 month now......soon if we didn't hear anything from the bank within 2 month, we are ready to walked......I also heard my seller agent that this is her first time sell house so she also a rookie, that mean more time waiting.....
Update.........................
Today April 10th and listing agent told my agent that BPO has been done...
That was it...haven't heard from the bank that they accept or counter our offer yet....but we are nearly gonna walked because my wife like the split entry more than the ramble....but the split entry one is kinda odd and also a Short sale....
There is already an offer accepted and sent to the bank,,but we decide to write an offer anyway, and make sure it is better than our competitor offer because we are paying all the closing cost and make sure it higher than the listing price....the listing agent also send to the bank and hope for the best that the bank will take our offer instead of the 1st offer sent...
What I know is that if the other house already has an offer in to the bank even if you send a higher offer they have to process the first one. First come first served. Now if it is still in the seller's hand they can accept the highest offer. I would recommend that you hold onto your first offer and wait it out. You can always back out if you find another or the other offer falls thru and they start the process over on your's. We ended up waiting 4 1/2 months on ours. inspection this week
So here is our timeline:
Nov 20, 2011 - offer submitted to seller
Nov 21, 2011 - offer approved by seller
Not sure on dates but we sent our earnest money, etc.
2 BPOs done on home, first came in "too high" according to selling agent.
Apr 5, 2012 - told "we are close"
May 8, 2012 - lawyer calls our loan officer for an updated pre-qual letter.
Still waiting.....We are at 5 1/2 months, we have decided since our "contract" was up 4/30/12 to pull out and get our earnest money, that on Monday we will make an offer on another home, non short sale, and just drop this home. Very very frustrating process, loan is with Chase.
One lender - Chase
May 30 Listed at $115K
May 31 offer at $121K (very low list, multiple offers)
June 1 offer accepted by seller and submitted to bank
July 26 - no news whatsoever except "package is in" and after nagging for more information "a home preservation specialist has been assigned" (whatever that is?), no negotiator has been assigned and no BPO ordered (as far as she knows).
I'm frustrated by our agent - I'm well aware that shortsales take time and am tired of the patronizing "you need to be patient" responses. She's very mellow and I have no confidence that she's turning the heat up on the sellers' agent.
Any advice to get info, or move the process along. I didn't expect this to be quick, but it's almost two months with zero progress it seems. Any advice would be truly appreciated.
One lender - Chase
May 30 Listed at $115K
May 31 offer at $121K (very low list, multiple offers)
June 1 offer accepted by seller and submitted to bank
July 26 - no news whatsoever except "package is in" and after nagging for more information "a home preservation specialist has been assigned" (whatever that is?), no negotiator has been assigned and no BPO ordered (as far as she knows).
I'm frustrated by our agent - I'm well aware that shortsales take time and am tired of the patronizing "you need to be patient" responses. She's very mellow and I have no confidence that she's turning the heat up on the sellers' agent.
Any advice to get info, or move the process along. I didn't expect this to be quick, but it's almost two months with zero progress it seems. Any advice would be truly appreciated.
I completely commiserate with you. I wish I had some useful advice. My buyer's agent is exactly the same way. To make matters worse, her emails are pretty much unintelligible because she apparently can't be bothered to use proper punctuation or anything. Ugh.
I've taken to just texting/emailing her at least one time per week. She has the same annoying attitude that you describe - ultra patronizing, etc. I called her out on it a few weeks ago. I'd asked her a simple yet important question, and she launched into yet another diatribe about being patient, etc. I basically said it's within my rights to ask a simple question, and asking a question is not a sign of being impatient. So totally aggravating. Is it really that difficult to be remotely nice/polite?
I completely commiserate with you. I wish I had some useful advice. My buyer's agent is exactly the same way. To make matters worse, her emails are pretty much unintelligible because she apparently can't be bothered to use proper punctuation or anything. Ugh.
I've taken to just texting/emailing her at least one time per week. She has the same annoying attitude that you describe - ultra patronizing, etc. I called her out on it a few weeks ago. I'd asked her a simple yet important question, and she launched into yet another diatribe about being patient, etc. I basically said it's within my rights to ask a simple question, and asking a question is not a sign of being impatient. So totally aggravating. Is it really that difficult to be remotely nice/polite?
I think we're experiencing general agent frustration with short sales. I know that:
short sales aren't "short"
we have to be patient
it's in the bank's hands
there are no guarantees
What I expect, however is:
that our agent communicate with the other agent (and not just a token email)
that all information shared by the other agent is passed on to us
that our agent understand that wanting what information IS available is entirely consistent with an understanding of the points above
We had a candid discussion with our realtor Friday as well, and she acknowledged that she had not been passing on all the information, and that there was other information we certainly should have by this time. She contacted the other agent (who interestingly is on the last few days of a three week holiday with her assistant on maternity leave) and they are connecting tomorrow to establish the specifics of where we're at. Hopefully we can then have whatever information is available.
What we did find out is that the sellers appear to be in no rush, which doesn't bode well for us if they don't have a strong incentive to complete quickly (they've stopped paying but there is no foreclosure proceedings commenced and they're living in the house without making payments).
The bank is Chase (WAMU originally). They are only short on the second mortgage, hopefully that helps the process along. Both are with Chase.
June 1st – Seller accepts our offer at $3,000 more than list price.
June 3rd –Offer and paperwork sent to Chase
June 27th – BPO was completed
July 17th – negotiator assigned by Chase and we are told that we will hear something by our offer contract deadline of July 31st.
As of today (July 30th), we haven't heard anything back from Chase regarding the short sale. If we decide to do an "amend and extend" what timeframe should we give them? We want to push them along (if that's even possible)...
Bank- Aurora Bank (now Nationstar)
# of Lenders :1
PMI: Yes
Listing price- 170K
April 7, 2012 -Made offer -180K
April 9th -Seller accepted
April 12th - papers sent to seller's title company
April 19 - papers submitted to bank
April 20 - Aurora starts the foreclosure process
May 5 - bank asks for more paperwork from seller
May 10 - bank has requested paperwork, will issue negotiator within a week
June - Nationstar taking over, all files being transferred to their system
June 20 - BPO done
July 17 - Nationstar asks for us to fill out pre-approval forms, sent back same day
July 26 - Nationstar asks us for proof of funds, sent back the same day
I find it interesting how the foreclosure process starts the day after they receive our shortsale paperwork, I hope they aren't just dragging us along! Things seem to start happening (slowly) once they switched to Nationstar but we are starting to get anxious. I'm wondering with the BPO done over a month ago and then last week they asked for proof of downpayment funds if this means that we *might* hear something soon. Anyone have any ideas? I know each shortsale is different but I can use some uplifting news! I have been taking this long wait well but now it's starting to get to me!
Also, if the seller is already moved out, is there any reason why we would have to wait 30 days to close? We're staying with the inlaws so it's not like we have to give 30 days notice where we're at.
Bank- Aurora Bank (now Nationstar)
# of Lenders :1
PMI: Yes
Listing price- 170K
April 7, 2012 -Made offer -180K
April 9th -Seller accepted
April 12th - papers sent to seller's title company
April 19 - papers submitted to bank
April 20 - Aurora starts the foreclosure process
May 5 - bank asks for more paperwork from seller
May 10 - bank has requested paperwork, will issue negotiator within a week
June - Nationstar taking over, all files being transferred to their system
June 20 - BPO done
July 17 - Nationstar asks for us to fill out pre-approval forms, sent back same day
July 26 - Nationstar asks us for proof of funds, sent back the same day
I find it interesting how the foreclosure process starts the day after they receive our shortsale paperwork, I hope they aren't just dragging us along! Things seem to start happening (slowly) once they switched to Nationstar but we are starting to get anxious. I'm wondering with the BPO done over a month ago and then last week they asked for proof of downpayment funds if this means that we *might* hear something soon. Anyone have any ideas? I know each shortsale is different but I can use some uplifting news! I have been taking this long wait well but now it's starting to get to me!
Also, if the seller is already moved out, is there any reason why we would have to wait 30 days to close? We're staying with the inlaws so it's not like we have to give 30 days notice where we're at.
Just some advice if u live in florida? U can usually follow the distress homeowners court case online easily. Why is this important?
The longer the non payment the shorter the short sale duration. Make sense? Our former neighbors hadn't paid in 3.5 years. They finally offered hime for short sale last June (just as kids finished school year). Short sale was denied in Ocotber 2012 after BPO price came 30k over contracted price. (I follow activity like a hawk in my neighborhood).
Than what this? I see. $100k small business loan forgiven on county website by the SBA in December. Bamm. I immediately know the distress homeowners did some type of BK filing or negotiations cause u don't just get a $100k lien waived. Bamm they move out 5 months later. Usually in florida u got about 6 months from time of BK filing (chapter 7) Bamm home is put up a short sale again the same time. Bamm short sale closes in 3 months cause all lien holders were wiped out with what they did around November 2011 ate their short sale was not approved.
Got that? That's how u follow the real time frame a short sale takes. Just look through the court system what's happening. It will give u a strong sense if the sale will move along or not.
Bank- Merrill Lynch (BoA) and Wells Fargo
# of Lenders :2
May 8th, 2012 -Made offer
May 29th -First bank countered
May 31st -Accepted counter and asked to sign Arms Length Affidavit
July3rd - Counter from 2nd bank
July 5th- Accepted counter and asked to sign Amendment to Agreement.
No word since...Ugh, we were originally told a closing date of July 22nd, and then June 22nd...is the end near? We don't wanna give up the property because its in an amazing area, and the price is fantastic but the wait is driving me nuts!
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Arizona shortsale
