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3/26 Submit offer of 250k
4/1 Bank counters 280k - back and forth and agree to 265k
5/23 Short Sale approval with a closing date of June 30th
5/25 Submit Mortgage application and other details
6/1 - 6/19 Appraisal, inspection, everything good.
6/23 2ND LIEN HOLDER IS FOUND AND WANTS TO STOP PROCESS.
6/30 Ask mortgage office for rate lock extension
Like many of you I'm frustrated at this point. I saw that there was a 2nd lien holder on the Bank Approval but naively ASSUMED that they were in agreement as well. Currently having the seller's agent get back to us on the possible extension and other information. However, now we'll have to go from final loan review back to waiting on a new closing date.
Update:
House listed at $220,000 (Last sold in 2006 at peak of market for $350,000)
March 16 - Saw house and put in full offer of $220 plus closing costs. March 25 - Paperwork sent in to bank March 26 - May 21 Waiting May 22 - Just heard that our case has been assigned to a bank agent. Moving along. (It's better than hearing nothing!!) June 6 - We contact our realtor and ask if she's heard anything about a BPO. We were told it had been ordered and usually takes 10 days. June 13 - BPO came back at $225,000!!! More paperwork being sent in to bank. June 26 - We were told that the bank negotiator is working with the seller. Apparently, it has something to do with debt (like back taxes or HOA fees, etc). We offered to pay the debt if we could get the house for 220K and hopefully close by Aug. 1.
Do you know how much the dept was that the sellers owe? With our SS, there was some overdue HOA fees that were around $1500. We were prepared to let the sale go because as much as we loved the house, we were not going to pay for their debts (outside of the house of course.) Fortunately, the bank ended of covering those as part of the settlement. If they didn't, the agents were going to split the difference in order to close the deal (no one wanted to lose it).
Not sure what the amount is in your deal, but maybe see if the agents would be willing to help out to keep the deal going?
here is our timeline, we will find out this week if our counter offer has been accepted.
03/05/14 saw house, listed at 159900
03/07/14- made offer, accepted. Offered asking
03/17/14- offer submitted, there was a delay with seller, didnt want to sell but knows she had to.
No real news till last week
06/18/14- was tol that we had a negotiator signed, bpo done and would know soon what was happening
06/20/14- they came back with a counter of 187900 and 2000 closing. Devastated. Talked with my husband we we decided to counter their offer with 170000. We know the property isn't worth more than that but since things have been selling for more around there, we think thats why they think that they should get that much. Our house has the least amount of acreage, requires quite a few repairs and is not updated compared to other properties.
6/24/14- counter officially submitted. 07/11/14- got word that fannie mae along with our cma, list of things wrong with the house etc, accepted ,our counter offer of $170,000 and we are passing it along now to the bank (pnc). I think this means we are almost at the end, right!?
Now we wait. Ill honestly be pretty devastated if we dont get the house. We have been look for a year and a half and finally found the house. *sigh*
ctousley819 - We offered to pay back taxes, but we weren't given the amount. I'm guessing somewhere in the range of $2000-$4000? We haven't heard anything in regards to this offer. We have some wiggle room with money because our highest offer and price would be $250,000, and the BPO came back only $5,000 higher than our offer of $220,000. Who knows what will happen? All this waiting is taking a toll!
House listed at $220,000 (Last sold in 2006 at peak of market for $350,000)
March 16 - Saw house and put in full offer of $220 plus closing costs. March 25 - Paperwork sent in to bank March 26 - May 21 Waiting May 22 - Just heard that our case has been assigned to a bank agent. Moving along. (It's better than hearing nothing!!) June 6 - We contact our realtor and ask if she's heard anything about a BPO. We were told it had been ordered and usually takes 10 days. June 13 - BPO came back at $225,000!!! More paperwork being sent in to bank. June 26 - We were told that the bank negotiator is working with the seller. Apparently, it has something to do with debt (like back taxes or HOA fees, etc). We offered to pay the debt if we could get the house for 220K and hopefully close by Aug. 1.
**July 11 - Got a text that listing agent sent a detailed e-mail to bank assuring them that the seller has no money and no options at this time. We just found out today that the debt is $150,000! Listing agent says he's seen banks take a harder hit than this one and he's hoping to push along the process.
I don't know enough about short sales, but I'm starting to feel defeated in this whole process! I mean, the BPO came back at $220,000. Therefore, the owner must have a lien of at least $370K if he's in the hole $150K! Owner must have overpaid at at the top of the market. Now, housing prices are down, and he's in trouble. One way or the other, the bank is going to lose money. I hope bank will at least consider our genuine offer as a way to avoid loss of even more money with foreclosure.
I don't know enough about short sales, but I'm starting to feel defeated in this whole process! I mean, the BPO came back at $220,000. Therefore, the owner must have a lien of at least $370K if he's in the hole $150K! Owner must have overpaid at at the top of the market. Now, housing prices are down, and he's in trouble. One way or the other, the bank is going to lose money. I hope bank will at least consider our genuine offer as a way to avoid loss of even more money with foreclosure.
Well, that is why it's a short sale. I recently purchased a house with similar numbers. Mortgages in the high 300's, seller was behind on mortgage payments, land taxes, HOA fees, etc. We discovered they were behind on credit card payments too.
I paid $265, and it did work out.
Banks make no sense from the little guys point of view. It took them 6 months to agree to my offer, during that time they lost out on interest, had to pay additional taxes, etc. Didn't seem to matter to them at all. Deadlines are for the person buying the house, not the bank.
House listed at $220,000 (Last sold in 2006 at peak of market for $350,000)
March 16 - Saw house and put in full offer of $220 plus closing costs. March 25 - Paperwork sent in to bank March 26 - May 21 Waiting May 22 - Just heard that our case has been assigned to a bank agent. Moving along. (It's better than hearing nothing!!) June 6 - We contact our realtor and ask if she's heard anything about a BPO. We were told it had been ordered and usually takes 10 days. June 13 - BPO came back at $225,000!!! More paperwork being sent in to bank. June 26 - We were told that the bank negotiator is working with the seller. Apparently, it has something to do with debt (like back taxes or HOA fees, etc). We offered to pay the debt if we could get the house for 220K and hopefully close by Aug. 1.
**July 11 - Got a text that listing agent sent a detailed e-mail to bank assuring them that the seller has no money and no options at this time. We just found out today that the debt is $150,000! Listing agent says he's seen banks take a harder hit than this one and he's hoping to push along the process.
I don't know enough about short sales, but I'm starting to feel defeated in this whole process! I mean, the BPO came back at $220,000. Therefore, the owner must have a lien of at least $370K if he's in the hole $150K! Owner must have overpaid at at the top of the market. Now, housing prices are down, and he's in trouble. One way or the other, the bank is going to lose money. I hope bank will at least consider our genuine offer as a way to avoid loss of even more money with foreclosure.
WOW. While I do agree with the listing agent that banks have taken harder hits, you just never know. Logically they should just take your offer and be done with it, but you just never know. I really hope it works out for you.
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2nd Lien Holder Bottleneck
That's great! Enjoy your new home!
