Awesome, congrat!! Look like these pre-approved short sale is the way to go.
Today we are at month 9 since we first signed our offer.
As mentioned earlier, the listing agent (we are dealing directly with her) had to resubmit new contracts and everything to the new negotiator/loss mitigator assigned by the bank (3rd one). She said they mixed up a lot of paperwork (with previous buyer's offer etc..).
Also the thing is that seller was using an attorney to deal with the bank an it look like they were the ones that caused the most problems and not following up with the bank properly (I always suspected that).
Now the listing agent is the one dealing directly with the bank and she said that they are very responsive.
This morning she had an email asking if we still wanted the house (duh) and how many days do we need to close.
She couldn't tell me at what stage of the process we are now. I suspect they have to resubmit everything to the investors for approval. (even though in early December they supposedly had investors approval and were getting ready to send us the approval letter
).
Couples things that have been making this process even more painful:
-There are two liens in the house, both with Chase (2nd is HELOC). And the 2nd lien holder had trouble accepting what they were getting the first time (but later on accepted)
(probably going to go through this all process again..I hope not though)
-Investor of the loan is Fannie Mae and are infamous for being unreasonable in there asking prices (agent has been fighting with CMA's..).
Tons of ppl have been complaining about that on the "Short Sale Superstar" Forum.
So...if you plan on purchasing a Short Sale:
-Make sure the short sale and price have been pre-approved by the bank (can always be the case if you are the first one submitting an offer)
-That there is only one Lien on the house
-That the investor is NOT Fannie Mae or Freddie Mac.
The only upside in all that, is that I was able to sort out my finances during all these months of waiting.
Since we already own a house that is slightly upside down and plan on keeping it and renting it out, we will need to have 6 months PITI reserve for EACH house when closing on our loan (something NO ONE told us about when we got pre-approved for the loan).
So now...we are good to go
Quote:
Originally Posted by redhotoliveoil
I CLOSED TODAY!  Today is 3 months and 3 days from the day I first saw my condo. It was a Bank of America Cooperative Short Sale property. These are preapproved short sales. If you guys come across any of this type of short sale, go for it!!!
Good luck to everyone...and Gabrielh, keep us posted! Good luck especially to you! |
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).
I even beat out cash offers! Between that and them only showing the place one day, I was lucky! I had offered twice before that and been outbid or beaten by a cash offer and that is happening a lot down here. So I feel like this place is meant to be for me.
