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Old 07-18-2012, 11:14 PM
 
7 posts, read 34,771 times
Reputation: 18

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Asking price - $80000
Offered $65000 3% closing cost

3/15 Submitted Offer
3/16 Seller Accepted Offer
5/25 BPO ordered
6/1 Bank Countered at $90000
6/1 Countered back at $85000 3% closing cost
7/2 Verbal approval given
7/18 Hard Copy approval given
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Old 07-25-2012, 02:56 PM
 
21 posts, read 173,235 times
Reputation: 17
Year 2011
BOA
List price: 179k
Liens: 2

Financing: FHA 5% with a 5k earnest deposit after approval. Using grant from county for closing costs.

12/31/11 - made offer 175k

01/04/12 - seller accepted offer sent to bank

01/13/12 - 1st Earnest deposited

01/31/12 - Wrote to @bofa_help via twitter. selling agent got a response for BoA

02/15/12 - Negotiator assigned. Waiting for BPO to be completed

02/21/12 - BPO Completed. Waiting for approval.

03/13/12 - Verbal approval for 1st lien. Found out it has a 2nd lien waiting for 2nd lien to be approved so we can get a written approval and move fwd.

03/30/12 - Goes to pending approval on equator for that 2nd lien. "They have all the documents they requested and will be reviewed for final decision"

04/12/12 - Seller pays 300$ title search, still involved. There was a document that BOFA was requesting regarding the second lien.

04/16/12 - BOFA has updated their short sale process. Request 3 new updated documents signed from us.

05/01/12 - Bad news after short sale changes in BoA. Removed and re-added into the system late April. Bank requesting documents again. Selling agent sent all documents they already had. New short sale negotiator assigned to case.

5/16/12 - Released from short sale. Found an REO at a similar price. Closing in 45 days if the appraisal goes smoothly.

7/24/12 - Closed on my REO. I did not survive the short sale process. It is my honest advice to everyone that if your seller has multiple liens it will probably take longer than it should or fall apart.
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Old 08-10-2012, 08:54 AM
 
36 posts, read 83,412 times
Reputation: 22
Quote:
Originally Posted by Big John stud
Update

Quote:
Originally Posted by Big John stud
Home located: Moreno Valley, CA
LP: $160,00
Offered: $164,800 (cover VA costs)
Offer made: April 23
Accepted by seller: April 24
BPO done: May 16
Signed arms length agreement: May 17
Since then; nothing. Listing agent says we're waiting on hard copy approval.
I'm just waiting & whining.

I'm told, through my agent, that the file is in "investor review".
Hoping that's a good thing?

6/28- Hard copy approval! Woo Hoo!
Well, now the sellers escrow company is saying that the HUD-1 does not show them paying my closing costs on my VA loan. Everything else does! So fed up with the lack of communication.

Now more waiting.


And now, escrow says they found a 2nd when they pulled title. So, it's back to that black hole called the bank & equator.
I had a closing date of Aug 10, guess that won't fly. How could BofA miss a 2nd that they hold?
My BP has been up for days & the stress is killing me.

Greentree (holder of 2nd) was offered 3k.
8/6 greentree counters & says they want 6k. So it's back to the bank.

Waiting & waiting.

Putting in offers all over & getting beat out by cash investors at every turn.

Tempted to by up the mountain in Crestline. Problem is, hour + commute & no garages.

I remember this from the Navy;

Hurry up & wait!
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Old 08-15-2012, 09:17 AM
 
3 posts, read 8,241 times
Reputation: 10
1 lienholder: B of A
LP: $225
Offer: $220 less 3% seller credit
6/1/2012:Offer accepted and alll docs uploaded to bank
7/9/2012:Confirmation that a negotiator had be assigned and Equator indicates that we are in the offer analysis stage
8/8/2012: BPO completed

Any ideas how long the typical wait is once the BPO is completed?
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Old 08-15-2012, 09:40 AM
 
Location: Reno
843 posts, read 2,210,320 times
Reputation: 586
Quote:
Originally Posted by Danette15 View Post
1 lienholder: B of A
LP: $225
Offer: $220 less 3% seller credit
6/1/2012:Offer accepted and alll docs uploaded to bank
7/9/2012:Confirmation that a negotiator had be assigned and Equator indicates that we are in the offer analysis stage
8/8/2012: BPO completed

Any ideas how long the typical wait is once the BPO is completed?
I'm pretty sure there is no such thing as typical short sale... it's a mythical beast. However yours seems to be proceeding well, I'd think you should have something within a few weeks.... unless they close the file randomly.. that seems to happen often enough.. ours got closed in error..
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Old 08-15-2012, 09:51 AM
 
3 posts, read 8,241 times
Reputation: 10
Quote:
Originally Posted by braindead0 View Post
I'm pretty sure there is no such thing as typical short sale... it's a mythical beast. However yours seems to be proceeding well, I'd think you should have something within a few weeks.... unless they close the file randomly.. that seems to happen often enough.. ours got closed in error..
Thanks for the response. I think I remember reading about your transaction on one of these blogs. That was such a heartbreak. This whole process is not for the impatient (me). I was also wondering if BofA will even consider the seller credit. The house needs some work!
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Old 08-15-2012, 10:02 AM
 
Location: Reno
843 posts, read 2,210,320 times
Reputation: 586
Quote:
Originally Posted by Danette15 View Post
Thanks for the response. I think I remember reading about your transaction on one of these blogs. That was such a heartbreak. This whole process is not for the impatient (me). I was also wondering if BofA will even consider the seller credit. The house needs some work!
Probably someone else's, I've read of a few. The selling agent was on the ball, reopened and re-uploaded everything and got on their case. However from offer to accepted ours took 147 days.
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Old 08-17-2012, 08:03 PM
 
7 posts, read 22,019 times
Reputation: 11
1 lienholder: Suntrust
Austell, GA
LP: 65,000
Offer: $60,000
7/3/2012: Seller accepts offer
8/1/2012: Signed Arm’s length Affidavit
8/3/2012: BPO completed
8/8/2012: CMA completed
8/16/2012: Bank confirms that they have everything they need and the file is being reviewed

Buyer’s agent believes it could be 1 week or 4 weeks when we hear back on their decision!
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Old 08-22-2012, 08:22 AM
 
36 posts, read 83,412 times
Reputation: 22
Quote:
Originally Posted by Big John stud
Update

Quote:
Originally Posted by Big John stud
Home located: Moreno Valley, CA
LP: $160,00
Offered: $164,800 (cover VA costs)
Offer made: April 23
Accepted by seller: April 24
BPO done: May 16
Signed arms length agreement: May 17
Since then; nothing. Listing agent says we're waiting on hard copy approval.
I'm just waiting & whining.

I'm told, through my agent, that the file is in "investor review".
Hoping that's a good thing?

6/28- Hard copy approval! Woo Hoo!
Well, now the sellers escrow company is saying that the HUD-1 does not show them paying my closing costs on my VA loan. Everything else does! So fed up with the lack of communication.

Now more waiting.


And now, escrow says they found a 2nd when they pulled title. So, it's back to that black hole called the bank & equator.
I had a closing date of Aug 10, guess that won't fly. How could BofA miss a 2nd that they hold?
My BP has been up for days & the stress is killing me.

Greentree (holder of 2nd) was offered 3k.
8/6 greentree counters & says they want 6k. So it's back to the bank.

Waiting & waiting.

Putting in offers all over & getting beat out by cash investors at every turn.

Tempted to by up the mountain in Crestline. Problem is, hour + commute & no garages.

I remember this from the Navy;

Hurry up & wait!

Update 8/22

Got a call last night from my realtor,at 9:30pm, saying we got verbal approval for the 2nd.

Not getting my hopes up.

Let down too many times.

But, I do hope this is it.
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Old 08-25-2012, 11:53 AM
 
8 posts, read 23,644 times
Reputation: 12
Hi everyone. Been reading through the forums and it amazes me how different each lender can take to process a short sale. Well here is my process so far. 2 loans on the home: Countrywide 1st and US bank 2nd

7/16/12- Offer accepted by buyer. Listing price $138,800 Offered $137,000 No sellers contribution.
8/14/12- Signed Short sale purchase contract addendum.
8/22/12- Signed statement of personal information from title company

As of now still waiting. Haven't heard anything from agent about an ordered BPO or anything. Is this process normal. I suspect the signing the short sale purchase contract addendum was kind of late considering it needed to be with the submitted off. Any insight would be great. Thanks
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