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November 10, 2011 - Offer submitted for $155k (full asking), + 3% closing November 10, 2011 - Offer Accepted by Seller (30 minutes) November 11, 2011 - Docs sent to investor. November 13 - Response from investor, they will not cover closing costs, but bank will have the final say. November 18, 2011 - Assigned to a negotiator at the bank. Will not hear back until November 28 as they will be out for the holidays. December 7, 2011 - Negotiator was never assigned, escalated at Chase. December 8 - Negotiator finally assigned. December 10, 2011 - BPO started today, was told appraiser said offer price should not be an issue. December 31, 2011 - BPO completed January 2, 2012 - Chase would not accept docusign, wanted hand printed signature on the offer letter. Hope this doesn't start the process over. January 4, 2012 - Was informed to expect a decsion soon, but as others mentioned soon could be 2 weeks January 15, 2012 - I was informed a decision will be made by Feb 3, 2011. On Feb 13 we would officially hit 3 months.
February 1, 2012 - SHORT SALE APPROVED!!!! Wohooo!!! First offer and they accepted 3% closing. Given 45 days to get everything in order.
February 3, 2012 - Appraisal completed, and home came in $10,000 over my offer. Walking into equity, beautiful.
February 4, 2012 - Met with loan officer, signed all docs.
February 5, 2012 - Inspection completed, other than a few small things I have a clean bill of health.
February 6, 2012 - Loan submitted to Underwriting for Approval.
Once the loan is approved it goes off to USDA. Once cleared to close I'm looking at a March 9, 2012 closing.
Glad to hear things are moving along! We also included they pay closing, and they never had a problem with it. I think they ended up paying like $6900. Congrats!!!
Congratulations to all who've made it thru the SS process.
On 11/6/11 we made a full price offer on an approved SS property which had been on the market for 6 months.
On 11/8/11 our offer was accepted by the sellers.
We were told the seller's bank had set a deadline for a sale by 12/31/11.
In early December our agent suggested we move forward with the inspection, appraisal and begin our loan process.
Our loan was quickly approved on 12/23/11 and will be held until 3/5/12.
After Christmas the listing agent was able to get the seller's bank to agree to an extension on the deadline due to the bank's lack of movement and backlog; the new deadline is in March. I don't know which bank their loan is with.
On 1/24/12 we were told the bank's obligations were complete and the file moved to the processor for review and they would call. We've heard nothing further.
Does anyone have a guess where this puts us in a timeline for approval?
Year - 2011
Bank - BoA
House - REO Status
State - VA
1 Nov - Made offer
2 Nov - Selling agent wanted contract extended to 90 days.
2 Nov - Selling agent accepted contract, submitted info to BOA for approval.
3 Nov - Ernest money deposited.
16 Nov - Bank asked for some additional information.. (first 5 of SSN, DOB, etc..)
29 Nov - Received counter offer from bank.
30 Nov - Signed and returned counter offer.
02 Dec - Received approval from BoA, however it has the incorrect address.
10 Jan - Attorney says BoA needs to goto the house because they have the wrong address on file.
19 Jan - Received updated approval from BoA again. they screwed up the address again!!, and did not change the closing date..
26 Jan - Got bank approval with the correct address
30 Jan - was notified Met Life was no longer doing home loans. Had to make an addendum to the contract for a new lender.
03 Feb - Appraisal completed with some needed repair.
05 Feb - Seller accepted to do the repair.
07 Feb - Appraisal ordered to verify repairs
11 Feb - Loan approved, closing scheduled for the 27th of Feb.
Bank: BOA
Judgment Lien: FDIC
Number of Loans: 1
PMI: Yes
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
5 Nov 11: Was told "the Seller had become unresponsive and maybe we should start looking for another house".
8 Nov 11: After listing agent talked to seller he agreed to provide needed documents.
11 Nov 11: BOA received all needed doc's from seller and they are in Equator. Also our projected closing date was moved from 28 Oct to 30 Dec.
12 Dec 11: Was told no counteroffer that BOA has accepted our offer and approval letter should come on 14 Dec 11 after PMI has been settled, however there is a judgment lien for $40,000 that FDIC holds and BOA will not agree to pay any money toward and by the way the negotiator has been unsuccessful in locating the party at FDIC that can either reduce or agree to settle the 2nd lien.
16 Dec 11: Got $40,000 judgment lien reduced to a $10,000 settlement. BOA is still holding the approval letter until PMI is settled, which is due today.
3 Jan 12: BOA rejected our electronic signed contract and requested an "ink signed contract". We summited it to Agent right away and he said he "hoped to have written approval by Friday".
3 Jan 12: Selling agent received this message from BOA: "we have all of the required financial info and doc's, and have submitted *the necessary information for review. *After the entire review I will be contacting you of the decision. Thank's for your patience during this step in the process since it can require input from multiple parties."
13 Jan 12: Put an offer in on a REO Lake house and was told by the listing agent we would have an answer from Whittney bank by the 18 Jan 12. If the REO comes in before the short sale we are walking away from the SS. If the short sale approval letter comes in first we will buy two homes.
Closed on 10 Feb on orignal BOA short sale only to discover small mold problem under the sink. We had to move out for a few days while mold removal team is abating it. These mold guys seem to really play on your fears and charge top $$ for a little work. It just took the joy out of closing.
Closed on 10 Feb on orignal BOA short sale only to discover small mold problem under the sink. We had to move out for a few days while mold removal team is abating it. These mold guys seem to really play on your fears and charge top $$ for a little work. It just took the joy out of closing.
That is no fun, sorry to hear about the extra headaches! But nonetheless, at least you finally closed and the house is yours...congrats!!!
Thanks, we thought there may have been a mold issue but the listing agent insured us "there is no mold in this house" and he would not allow us to open up a panel under sink until after closing. We did have a mold inspection before closing and they said it would cost $700 to clean it up, but after removing drywall under sink they said over $10,000 if cabinets and counter tops need to be removed.
Ok, I have to play along now. I have been following this thread for a long time now looking for approximate timelines, so here is my story.
Property located in LA County, California
2 liens - Citi (399K in 2005) & BoA (100K in 2007)
Listed for 339K - started at 375K when first on market
Offered 332K
Jan 17: Submit offer to seller
Jan 18: Seller accepts
Feb 14: Negotiator assigned -had to hunt down seller's agent, wasn't getting anywhere with my agent :-(
Feb 14: BPO ordered
This thread has calmed me down many times I figure I might as well share
# of lenders : 1
Loan: Chase
Location : Los Angeles, CA
Listed as Short sale approved price 315k from 329k 6 months ago.
Original Purchase price was 395k
Jan 3rd - offer made @ listed price
Jan 5th - offer accepted
Jan 23rd - BPO Completed
Listing agent states all documents are complete now awaiting final review.
We are the 3rd set of buyers in this ss process. 1st walked away after 6 months. 2nd was cash buyer who countered @ a much lower price and walked away.
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