Short Sale Timelines (again) (2014, appraisal, 4%, negotiations)

[patientlywaiting13]

Congrats ctousley....it sounds like you are almost at the finish line. Good luck Friday. Let us know once you have your keys in your hand.

[dmarie_86]

Oh what a wait our short sale is turning into. The seller received his ATP (Approval to participate) on 2/25. We were told then that we should receive approval very soon after. It has now been 3 weeks and the listing agent is now saying "a couple weeks until approval". Heard that one before. Is anyone else purchasing a short sale where the original loan was an FHA. The process is a bit different with these...any info is greatly appreciated. We've been going at this since 10/13. Trying to be patient.....good luck to all!

[glittercandy0504]

1/25/13 - Checked out the house listed at $280,000, fell in love and made an offer at $285,000 with closing costs included, signed the contracts.
1/27/13 - Seller approved the offer and signed the contracts and now all contracts are under attorney review.
2/11/14 - Signed the 1/15/13 Arms, Length Affidavit for first lender and we are still under attorney review, but hopefully its all completed this week
2/28/14 - 2nd Lender approval!
3/14/14 - 1st Lender wants changes. They requested that we only get $8,500 in closing costs included instead of $10,000.
They want my RA to change her commission to 4% from 5% (which I think is very unfair to her.)
She has to re-submit the hud sheet (I think its called) and hopefully get an approval sometime next week.
Fingers crossed!
3/19/14 - 1st Lender Approval

Closing Date: May 29, 2014

Originally Posted by glittercandy0504

1/25/13 - Checked out the house listed at $280,000, fell in love and made an offer at $285,000 with closing costs included, signed the contracts.
1/27/13 - Seller approved the offer and signed the contracts and now all contracts are under attorney review.
2/11/14 - Signed the 1/15/13 Arms, Length Affidavit for first lender and we are still under attorney review, but hopefully its all completed this week
2/28/14 - 2nd Lender approval!
3/14/14 - 1st Lender wants changes. They requested that we only get $8,500 in closing costs included instead of $10,000.
They want my RA to change her commission to 4% from 5% (which I think is very unfair to her.)
She has to re-submit the hud sheet (I think its called) and hopefully get an approval sometime next week.
Fingers crossed!

[Luvmy3dogs]

Congrats ctousley, glittercandy, and patientlywaiting!!


I'll be around for awhile, LOL!! With the new negotiator, I am still hoping to get some kind of feedback in the next week or so.

[patientlywaiting13]

Congrats glittercandy...im still waiting with you luvmy3dogs..no word from the bank yet. Im still waiting on ss approval from 1st lien holder.

[ShortSaleSlowMo]

Originally Posted by ShortSaleSlowMo

[/b]
UPDATE

Heard back from Wells Fargo today, they countered at the list price $309,900.
Our REA suggested we take the next steps.

Send wells a copy of our lenders appraisal, $270,000. We counter offer $270,000 the listing agent writer a letter detailing how the home was listed at 309,900 for 14 months with no bids. Detail with photos the homes terrible conditions, bathrooms, siding being a train wreck, overall unkempt and termite damage. He then suggests we put our counter offer in asap. I sent over appraisal and listing agent is doing his letter tonight. I am securing detail photos in the morning.

Sounds like things are moving. Anyone think we have a shot at wells coming down to the 270,000? Which is the appraised value?

Also we found out the BPO came in at 345,000 our attorney said this coins be based off a drive by by wells, a third party, dug off zillow, or the actual amount the seller owes?

Any advise thoughts are welcome thanks!

3/14/14-Submitted counter offer $270,000 in the counter we also supplied letter from listing agent showing home on market for over a year at $309,000 with no offers. Copy of my home appraisal showing value of $270,000 comps in the area showing sale price of 97% of our counter offer, updated photos I took of the home to show the current condition which is POOR
No word back from Wells, it's unsettling that I have seen some transactions with Wells start this year and are already closing this month while mine sits on the table still. I have lost hope that this process will work at all as we are sitting at 4months with little hope to go on....there is no timeframe for a response back. Has anyone had any experience with a response to a counter offer for a Wells Fargo held property?

[esenogaraicila]

Location: Northern NJ
List Price: $150,000
Offer: 160,000 with no closing assistance, 20% down, as is
Owners owe fees for Dam Assessment that we (buyers) agreed to pay for.

11/1/13 - Home was listed
11/3/13 - Walk through house and absolutely loved it! Needs work, but is in a neighborhood we wouldn't have been able to afford as we already have another home.
11/6/13 - Pre-approved (this will be our 2nd home)
11/7/13 - Offer made for 10k over list price with closing date of 1/10/13
11/8/13 - Seller accepts offer
12/3/13 - Out of attorney review - changed short sale approval date to 2/15/14
12/6/13 - Septic inspection. Found a cesspool on the property not a septic system.
12/7/13 - Reached out to health department to ensure they would allow us to close on the home if $$ was put in escrow to put in a septic system. Town agrees (Thank goodness my husband does that for a living!).
12/28/13 - We get married!!
1/7/14 - House is winterized and all utilities have been turned off. Sellers had balance with electric and gas companies. Both utility companies allowed us to open accounts under our name to turn on utilities to have additional inspections done (however, we had to pay for these utilities out of pocket). Scheduled appointments to turn on utilities.
1/8/14 - Our attorney emailed the sellers attorney - we didn't want to be held liable for anything that may happen when dewinterizing the home. Signed agreement put in place. Scheduled appointment with plumber to dewinterize.
1/17/14 - Met with both utility companies to turn on the electric and the gas. Hired plumber to get furnace up and running as the temperatures were only going to be in the teens for the next few days!
1/18/14 - Home inspections done. Nothing major to report, but mold in the basement. Basement will have to be gutted and refinished. Water test could not be done due to a MLK day the following Monday.
1/18/14 - Engineer came to home to provide estimate for new septic system.
1/20/14 - Bank orders BPO
1/21/14 - Water testing done and home was winterized again.
1/23/14 - Sent over all receipts to attorney to she could keep on file the money we had put out of pocket.
1/24/14 - Town confirmed that underground oil tank had been removed.
1/28/14 - Radon test came back fine.
1/29/14 - Sellers attorney let us know they're getting the run around from the bank and have not yet heard back regarding the BPO
2/18/14 - Signed SS Affidavit
2/21/14 - Received result of water test. Came back inconclusive and they will have to retest - UGH. House is already winterized so we'll have to wait to see if we get approval.
2/22/14 - Seller's lender asks for our financing information.
3/5/14 - Confirmation that BPO was acceptable. Lender is still requesting documentation from sellers.
3/10/14 - Confirmation the sellers have given the lender all information requested.
3/20/14 - SHORT SALE approval!!!!!!!!!!!!!!!!
3/21/14 - 40 DAY closing - Date set of April 29th! I'll keep ya'll updated!

[fishbrains]

Originally Posted by fishbrains

1/4/14-Viewed house
1/7/14-Tendered offer. Offering $265, asking price was $270k. I have a bit of cash back in there to put towards closing costs. First and second mortgages total $340k and are both held by the same bank
1/10/14-Seller accepted offer.
1/24 received an 'opening package' from the title insurance company, which I returned a couple of days later
2/18 I received word that the bank had ordered the BPO and we are waiting for them to work on it.

Originally Posted by fishbrains

2/25. The bank fired my negotiator and has assigned a new one, who hasn't gotten to my file yet.

3/14 I told my agent if we did not have a decision by April 4th I wanted to start looking at other properties.

3/19 My mortgage (different from my agent) guy says that we are getting close, so we should start the real mortgage approval process. I now have to send him a bunch of financial statements.

3/21 unofficially the bank has accepted my offer and they want to close on 4/21. Apparently the bank has verbally told the selling agent that it is all a go, with no counter. Sounds hopeful, but I am wary until I get an official response.

[ctousley819]

Thanks everyone! We did close on Friday, key is in hand! We can't believe everything ended up working out. Tomorrow we start cleaning and moving!

My thoughts are with everyone on this topic and their short sales. We were fortunate in that ours seemed to go through very smooth, but even then my wife was still about to lose it. I thought I would need to have her committed.

Thank you to everyone for your thoughts and advice and just general chit chat, I can say it definitely helps others to talk to about this. I will stay active in this thread in hopes that I see everyone end up with success stories.

Good luck to everyone!

[ctousley819]

Originally Posted by esenogaraicila

Location: Northern NJ
List Price: $150,000
Offer: 160,000 with no closing assistance, 20% down, as is
Owners owe fees for Dam Assessment that we (buyers) agreed to pay for.

11/1/13 - Home was listed
11/3/13 - Walk through house and absolutely loved it! Needs work, but is in a neighborhood we wouldn't have been able to afford as we already have another home.
11/6/13 - Pre-approved (this will be our 2nd home)
11/7/13 - Offer made for 10k over list price with closing date of 1/10/13
11/8/13 - Seller accepts offer
12/3/13 - Out of attorney review - changed short sale approval date to 2/15/14
12/6/13 - Septic inspection. Found a cesspool on the property not a septic system.
12/7/13 - Reached out to health department to ensure they would allow us to close on the home if $$ was put in escrow to put in a septic system. Town agrees (Thank goodness my husband does that for a living!).
12/28/13 - We get married!!
1/7/14 - House is winterized and all utilities have been turned off. Sellers had balance with electric and gas companies. Both utility companies allowed us to open accounts under our name to turn on utilities to have additional inspections done (however, we had to pay for these utilities out of pocket). Scheduled appointments to turn on utilities.
1/8/14 - Our attorney emailed the sellers attorney - we didn't want to be held liable for anything that may happen when dewinterizing the home. Signed agreement put in place. Scheduled appointment with plumber to dewinterize.
1/17/14 - Met with both utility companies to turn on the electric and the gas. Hired plumber to get furnace up and running as the temperatures were only going to be in the teens for the next few days!
1/18/14 - Home inspections done. Nothing major to report, but mold in the basement. Basement will have to be gutted and refinished. Water test could not be done due to a MLK day the following Monday.
1/18/14 - Engineer came to home to provide estimate for new septic system.
1/20/14 - Bank orders BPO
1/21/14 - Water testing done and home was winterized again.
1/23/14 - Sent over all receipts to attorney to she could keep on file the money we had put out of pocket.
1/24/14 - Town confirmed that underground oil tank had been removed.
1/28/14 - Radon test came back fine.
1/29/14 - Sellers attorney let us know they're getting the run around from the bank and have not yet heard back regarding the BPO
2/18/14 - Signed SS Affidavit
2/21/14 - Received result of water test. Came back inconclusive and they will have to retest - UGH. House is already winterized so we'll have to wait to see if we get approval.
2/22/14 - Seller's lender asks for our financing information.
3/5/14 - Confirmation that BPO was acceptable. Lender is still requesting documentation from sellers.
3/10/14 - Confirmation the sellers have given the lender all information requested.
3/20/14 - SHORT SALE approval!!!!!!!!!!!!!!!!
3/21/14 - 40 DAY closing - Date set of April 29th! I'll keep ya'll updated!

Congrats!!!!!!!!!!!