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Bank: GMAC (2 Loans)
Location: Altadena, CA
LP: $339,000
Original Offer: $356,259 (I wanted an odd number), all cash
6/22 - Made offer
6/25 - Seller accepts our offer
6/26 - Home Inspection
6/29 - Inspection Comes back with some Issues (We get all the other inspections done)
Sewer Inspection ($7k), Eletricial Inspection ($9k), Roof Inspection ($1k), Fireplace Inspection (depends on what we want to fix)
Spent $300 on home inspection, $100 on videoing the sewer lateral, $75 for electrical tests(knob and tube wiring is found)
7/10 - We counter with $9,000 less than original offer and bank recounters to $349,800
7/17 - GMAC starts the approval process
8/8 - Bank sets revised foreclosure date at 9/20/2012
8/14 - Loans are verified showing house has 2 loans at ($406k and $105k)
8/17 - Sign something related to seller and any insurance claims going back to GMAC
8/20 - Listing Agent pays for termite inspection out of pocket
8/24 - Termite fix cost is brought into final counter offer of verbally with bank at $349,000
9/6 - Addendum signed on our side for $349,000 counteroffer
9/7 - House is delisted
9/10 - House wasn't supposed to be delisted and put back on MLS
9/11 - MLS shows now looking for backup offers, this turns out to be wrong and fixed
9/14 - 1st Mortgage Approved
9/17 - Foreclosure date pushed to 10/28/2012
Our agent is saying the 2nd mortgage will be approved by 9/28. Then the 10 day escrow process will start. Somewhere in there FHA/HUD/Fannie Mae approved this, but its not clear when that actually happened.
9/27 - 2nd mortgage approved, we are in 10 day escrow, will close 10/12, what a rollercoaster ride.
Bank: GMAC (2 Loans)
Location: Altadena, CA
LP: $339,000
Original Offer: $356,259 (I wanted an odd number), all cash
6/22 - Made offer
6/25 - Seller accepts our offer
6/26 - Home Inspection
6/29 - Inspection Comes back with some Issues (We get all the other inspections done)
Sewer Inspection ($7k), Eletricial Inspection ($9k), Roof Inspection ($1k), Fireplace Inspection (depends on what we want to fix)
Spent $300 on home inspection, $100 on videoing the sewer lateral, $75 for electrical tests(knob and tube wiring is found)
7/10 - We counter with $9,000 less than original offer and bank recounters to $349,800
7/17 - GMAC starts the approval process
8/8 - Bank sets revised foreclosure date at 9/20/2012
8/14 - Loans are verified showing house has 2 loans at ($406k and $105k)
8/17 - Sign something related to seller and any insurance claims going back to GMAC
8/20 - Listing Agent pays for termite inspection out of pocket
8/24 - Termite fix cost is brought into final counter offer of verbally with bank at $349,000
9/6 - Addendum signed on our side for $349,000 counteroffer
9/7 - House is delisted
9/10 - House wasn't supposed to be delisted and put back on MLS
9/11 - MLS shows now looking for backup offers, this turns out to be wrong and fixed
9/14 - 1st Mortgage Approved
9/17 - Foreclosure date pushed to 10/28/2012
Our agent is saying the 2nd mortgage will be approved by 9/28. Then the 10 day escrow process will start. Somewhere in there FHA/HUD/Fannie Mae approved this, but its not clear when that actually happened.
9/27 - 2nd mortgage approved, we are in 10 day escrow, will close 10/12, what a rollercoaster ride
9/29 - Found out no written approval was ever sent, only verbal approval, everyone associated with the house needs to be sorted out on 10/1. Our agent said until he has written approval we are not in escrow.
Quote:
Originally Posted by llbean59
2 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!
8/30/12: Signed extension
9/10/12: Received verbal approval from bank!
9/13/12: Received offer letter and scheduled home inspection.
9/28/12 Appraisal completed
Just waiting on official closing date. It should be some time this month!
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!
9/27 went under contract. Cashed my deposit check, paid for appraisal. Est closing date is 10/26. Still under the impression something is gonna go wrong.
July 13 - Submitted offer
Aug 3 - Owners make counter offer wanting to keep absurd items such as toilet paper holders, towel racks, firewood, trees on property, etc. We accept.
Aug 5 - Owners finally get around to signing their own counter offer.
Aug 20 - Bank asks for another signed copy of the offer; their copy has gone corrupt.
Aug 22 - Resign and date offer. So much time has passed since the offer has originated.
Sept 14 - Signed Short Sale Affidavit / Arms Length Agreement
Sept 24 - Received HUD-1; signed and returned
Sept 26 - Asked to resign, notarize, etc docs in packet
Sept 27 - Asked to print names at the bottom of the document
Oct 1 - Realtor says it should be any day now to hear from the first bank and says that the second bank has been offered 6K, and so far, they seem to be playing nice...
Anxiously waiting. We were hoping to move before the end of October, but it seems like that won't happen. This has been very frustrating because it seems like we are dealing with a lot of foolishness. For example, it took the sellers over 2 weeks to decide they would give us a counteroffer!
If we had other options, we would have walked away from this upon recieving the foolish counter offer.
List price: $268K
Offered: $260K (as request by the seller's agent bec they didn't want problems with appraisal and of course we agreed! Originally FHA now got approved for Conventional 5% down
Location: redlands, ca
9/22 - showing of property
9/24 - offer sent/accepted and sent to the bank
9/24 - signed arm's length affidavit
9/26 - wired earnest money
10/5 - BPO ordered; seller asked for HAFA assistance
Waiting game.. Can't complain, it's only been almost 2 weeks.
Originally Posted by buzzkillb
Bank: GMAC (2 Loans)
Location: Altadena, CA
LP: $339,000
Original Offer: $356,259 (I wanted an odd number), all cash
6/22 - Made offer
6/25 - Seller accepts our offer
6/26 - Home Inspection
6/29 - Inspection Comes back with some Issues (We get all the other inspections done)
Sewer Inspection ($7k), Eletricial Inspection ($9k), Roof Inspection ($1k), Fireplace Inspection (depends on what we want to fix)
Spent $300 on home inspection, $100 on videoing the sewer lateral, $75 for electrical tests(knob and tube wiring is found)
7/10 - We counter with $9,000 less than original offer and bank recounters to $349,800
7/17 - GMAC starts the approval process
8/8 - Bank sets revised foreclosure date at 9/20/2012
8/14 - Loans are verified showing house has 2 loans at ($406k and $105k)
8/17 - Sign something related to seller and any insurance claims going back to GMAC
8/20 - Listing Agent pays for termite inspection out of pocket
8/24 - Termite fix cost is brought into final counter offer of verbally with bank at $349,000
9/6 - Addendum signed on our side for $349,000 counteroffer
9/7 - House is delisted
9/10 - House wasn't supposed to be delisted and put back on MLS
9/11 - MLS shows now looking for backup offers, this turns out to be wrong and fixed
9/14 - 1st Mortgage Approved
9/17 - Foreclosure date pushed to 10/28/2012
Our agent is saying the 2nd mortgage will be approved by 9/28. Then the 10 day escrow process will start. Somewhere in there FHA/HUD/Fannie Mae approved this, but its not clear when that actually happened.
9/27 - 2nd mortgage approved, we are in 10 day escrow, will close 10/12, what a rollercoaster ride
9/29 - Found out no written approval was ever sent, only verbal approval, everyone associated with the house needs to be sorted out on 10/1. Our agent said until he has written approval we are not in escrow.
10/2 Earnest money sent directly to escrow. Closing date has always been 10/12 and never changed.
10/5 Went over all forms and disclosure at escrow office, signed and dated.
July 13 - Submitted offer
Aug 3 - Owners make counter offer wanting to keep absurd items such as toilet paper holders, towel racks, firewood, trees on property, etc. We accept.
Aug 5 - Owners finally get around to signing their own counter offer.
Aug 20 - Bank asks for another signed copy of the offer; their copy has gone corrupt.
Aug 22 - Resign and date offer. So much time has passed since the offer has originated.
Sept 14 - Signed Short Sale Affidavit / Arms Length Agreement
Sept 24 - Received HUD-1; signed and returned
Sept 26 - Asked to resign, notarize, etc docs in packet
Sept 27 - Asked to print names at the bottom of the document
Oct 1 - Realtor says it should be any day now to hear from the first bank and says that the second bank has been offered 6K, and so far, they seem to be playing nice...
Anxiously waiting. We were hoping to move before the end of October, but it seems like that won't happen. This has been very frustrating because it seems like we are dealing with a lot of foolishness. For example, it took the sellers over 2 weeks to decide they would give us a counteroffer!
If we had other options, we would have walked away from this upon recieving the foolish counter offer.
Oct 9- First lienholder has given verbal approval
Oct 10-First lienholder emailed approval. Was told that we would have an answer from 2nd lienholder in 5-10 days. Sellers have offered to sell us the fridge that they swore they couldn't part with back in August. It'll only cost us $1000 to keep it in the home. Can you say "con-artists?" Uhm, no thanks. My name is not BooBoo the Fool.
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!
9/27 went under contract. Cashed my deposit check, paid for appraisal. Est closing date is 10/26. Still under the impression something is gonna go wrong.
Guess I'll find out soon enough.
Update;
10/10- termite inspection done. I've been to the house several times, doing my own inspection. I've seen nothing I can't handle. Getting a licensed one, just to see if he finds stuff that I didn't, or, to see if he finds the stuff I did. :0)
Loan is approved, just need some employment history questions answered.
Waiting on the VA appraisal (done last week, should be in by 10/12)
which will prolly come in low.
Still waiting for something to go wrong.
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