Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Foreclosures, Short Sales, and REOs
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 09-08-2015, 10:45 AM
 
4 posts, read 6,975 times
Reputation: 13

Advertisements

Time to introduce myself and story after lurking for almost a year.

Here is the 'short' of it:

Sept 2014 - Saw townhouse 249k
Sept 2014 - put contract on it (VA loan) 252.5k asking for 10k closing
October 2014 - August 2015 Bank bullshiits for the next 10 months and pretty much nothing gets done except paperwork.
Last week of August 2015 - Bank counters 255k and no closing help; I counter with 252.k and no closing help.
Sept 8th - Negotiator says I should receive an answer within 48 hours.

When I started this process I had no idea it could take a year. Well the one thing I want people to understand is that it can take a year or longer. Thank God I love the house and haven't found anything else I liked as much in the last year.

The one thing that is funny is that people that get impatient after a month or two of the process starting when there are people waiting longer than I have. Lol.

Good luck to all of those stuck in the abyss. May the closing date be with you.
Reply With Quote Quick reply to this message

 
Old 09-10-2015, 08:13 AM
 
4 posts, read 6,975 times
Reputation: 13
Sept 2014 - Saw townhouse 249k
Sept 2014 - put contract on it (VA loan) 252.5k asking for 10k closing
October 2014 - August 2015 Bank bullshiits for the next 10 months and pretty much nothing gets done except paperwork.
Last week of August 2015 - Bank counters 255k and no closing help; I counter with 252.k and no closing help.
Sept 8th - Negotiator says I should receive an answer within 48 hours.

Update:
Sept 10th negotiator says it will be Sept 15th at the latest. (What happened to 48 hours?)

My bday is coming up (9/20) and that will mark 1 year since I signed the contract. 1 year of my life waiting...
Reply With Quote Quick reply to this message
 
Old 09-15-2015, 12:33 PM
 
4 posts, read 6,975 times
Reputation: 13
Well just when I thought this would never end, I get the approval this am. Closing in 28 days!

It will have taken 13 months from signing the initial contract until getting the keys.

For those considering a short sale, please understand and prepare for a potentially long timeline.

This has been the most challenging process I have ever gone through by far.
Reply With Quote Quick reply to this message
 
Old 09-17-2015, 11:28 PM
 
9 posts, read 13,024 times
Reputation: 10
I've been waiting for my short sale to close for over 9 months now!

12/10/14: found house online, listed well below it's fair market value in a hot market
12/11/14: did a walk through with a contractor, placed an offer that's 35K over the listing price (my agent felt that a higher offer would be more likely to be accepted).
12/12/14: my offer is accepted by the sellers and sent to their bank
1/14-5/14: multiple rounds of signing arms length agreements, etc.
6/14/15: find out that there are two mortgages on the house, the offer has been accepted by the first bank and we are green-lit for inspections, appraisals, etc.
7/1/15: my lender's appraiser values house at 50K more than my offer. inspection shows about 30k of work needed on the house. sign. get a closing date for the end of the month. the owners move out of the house.
7/31/15: closing date is extended. i look through public records and see the owners are in the middle of chapter 7 bankruptcy (started it in 1/13), and the sale of the house is being reviewed by the court.
8/15: public records show that the bankruptcy court has 'cleared' the sale of the house, for the price that I offered. closing date set for 8/31.
9/1/15: closing date extended to the end of the month.

I'm working with a realtor who's done a few short sales, but I don't know how much experience the seller's agent has. It's been a long, frustrating experience because of the lack of communication and the repeated pattern of establishing closing dates, only to extend them. At this point, I don't know when the house will close, because I don't know if the BPO has been ordered, etc. It seems that as long as I stay patient, the sale should go through (the court gave creditors and both lenders time to object to the sale, with no objections), but it's probably going to be a year from the time that I submitted my original offer.
Reply With Quote Quick reply to this message
 
Old 10-17-2015, 09:42 PM
 
2 posts, read 3,195 times
Reputation: 10
Hello everyone, quick question. I understand that the seller needs to accept the offer first, obviously. We made an offer 4 days ago and haven't heard back from our realtor. My question is: Is it usual on a short sale for the seller to take so long to accept or counter? I've read some time lines and it seems for many the seller didn't accept for about a week. Thank you.
Reply With Quote Quick reply to this message
 
Old 10-18-2015, 03:29 PM
 
536 posts, read 847,593 times
Reputation: 768
Quote:
Originally Posted by Sladurana View Post
Hello everyone, quick question. I understand that the seller needs to accept the offer first, obviously. We made an offer 4 days ago and haven't heard back from our realtor. My question is: Is it usual on a short sale for the seller to take so long to accept or counter? I've read some time lines and it seems for many the seller didn't accept for about a week. Thank you.
Your offer needs to be strong enough that the sellers, & their broker or agent, feel they have a reasonable chance to convince the bank holding the note that this is the best price they're going to receive on the defaulted asset.

Most markets in the US are now appreciating, & have been for some time. If your offer is not close to current fair market value...the short sale attempt will likely go down in flames.

The fact that you say they haven't responded to your offer suggests to me that you may be fishing lower than the asking price...& these days, the sellers' asking price is almost always countered higher by the servicer.

If you were offering full price, or even a couple points above...you can bet they'd be all over it.

Remember, this is not the buyer's short sale...it's the seller's short sale.

The seller has to convince the bank they deserve consideration.

If they can meet the lender's short sale hardship guidelines...then the strength of your offer will come into play.

MLS records are now showing that in many cases, bank owned foreclosure properties (REO) are actually netting a higher return for the investor behind the note, than do short sales.

Are you prepared to go higher to close the deal? If not...the bank may very well decide they can do better selling it themselves after they foreclose.

These are just some of the considerations the smart short sale listing broker has to discuss with their clients when it comes time to decide whose offer to run with.
Reply With Quote Quick reply to this message
 
Old 10-19-2015, 03:41 PM
 
2 posts, read 3,195 times
Reputation: 10
Hello!

1-W/ comparatives I believe we offered very fairly, and no we did not low-ball their listing price.

2- I was just asking when a seller did accept offer, how long it usually takes to find out/for seller to accept. Reading timelines it seems it varies anywhere from same day to a week or two before seller "accepts". So this was probably a stupid question t begin with, seems I already had my answer.

3- Per realtor, verbal acceptance. Pending signed contract.

Only time will tell.
Reply With Quote Quick reply to this message
 
Old 10-30-2015, 11:27 AM
 
4 posts, read 6,975 times
Reputation: 13
UPDATE

It took 13 months but I got the keys.

After 2 weeks of living in my first new home, the best advice I can offer is if you love the home you are waiting on, wait on it till the deal falls through. There is no feeling in the world than getting the home thats right for you. If I had to move out and wait another year, I would.

Good luck to all and to all a good night.

THE END!
Reply With Quote Quick reply to this message
 
Old 11-03-2015, 10:47 PM
 
3 posts, read 7,400 times
Reputation: 11
Good evening all,

Here is our short sale story so far:

Winter of 2014 did a walk through of a property in NJ. 3.66 acres, 3 bed, 2 bath. 200 plus year old house but in very good condition. Price then $225,000. Out of our budget.

Fast forward to Sept 2015. While out for a motorcycle ride with the little lady our realtor called and gave us an address to check out because the price dropped to $165,000. Not recalling the address we drive up and viola, the house we both wanted way back when.

So timeline starts:

Exterior viewing Sept 8th ( we call the agent that day and say SOLD )

Escrow deposit made Sept 10th

Offer submitted Sept 15th

Seller accepts offer Sept 21st

Sellers atty notifies us Sept 24th the sellers bank orders appraisal.

Contracts are signed and returned to agents and attorneys.

Sept 30th we do a home inspection, including termite inspection. ( All looks good ) minor issues. IE: missing outlet cover.

At this point we are sitting and waiting a few weeks.

Arms Length Affidavit signed Oct 8th.

ALA resigned again Oct. 22nd. Listing agent could not find it.

Our mortgage company did their inspection on Nov 3rd.

The mortgage company is PHH Mortgage. Not sure what would be the next steps in this process, any insights from those that have been dealing with this would be great.

No real urgency other than the weather and the house we are currently in is jointly owned by my Ex-wife and I. And I want to give it back to her to deal with.

Our agent says things are progressing quickly. Our contract has a closing date of Dec 28th. He feels it could easily be sooner now that all appraisals are done. However no BPO has been ordered that we are aware of.

Hoping for a response within a week from sellers bank on an approval. Am I being optimistic or could this really progress this quickly?

Anybody ever hear of or deal with PHH Mortgage? Reading online they are one of many companies that deal with Wachovia/Wells Fargo mortgages.

All help and suggestions appreciated. Up late cause its on my mind constantly.

Thanks in advance
Reply With Quote Quick reply to this message
 
Old 11-10-2015, 01:58 PM
 
29 posts, read 48,950 times
Reputation: 17
Quote:
Originally Posted by shamieya View Post
Early September 2014: offer and all documents successfully sent to lender (US Bank).
.
.
.
February 23- Underwriting stage...
April 2, 2015- Bank is getting house appraised? (This supposedly already happened) Sale has been outsourced to Service Link...are they doing everything all over again.

I am the seller. At this point, I have no idea what is happening. Attorney is waiting on a call back. I'm just frustrated and tired of it all.
September 2015 - received approval to participate
November 2015 - finally closed, after about 14 months.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Foreclosures, Short Sales, and REOs
Similar Threads

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top