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Hi everyone, I've been following this thread for a while now and thought I would post my experience up to this point. It has been a long haul on both ends for us.... We put our house which was a regular sale the beginning of Feb 2012. We finally closed the sale on that housethe end of October 2012. So we had already waited 9 months when we started looking at properties to purchase. All of our furniture was bought outside the house deal by the buyers, so we didnt have much to move other than personal belongings, which went into storage. We found a small month to month rental where we are literally camping, not wanting to buy all new furniture until we actually move into our new house. So middle of October we finally started looking. Immediately we ruled out short sales because we did not want to go through hell. After looking at quite a few properties and not finding what we were looking for, our agent suggested we look at a short sale peoperty. Of course we fell in love with it, therefore breaking rule #1. Don't fall in love with a SS property until the ink on the closing paper is dry.....
Timeline so far.....
Wells Fargo leinholder. Don't know the balance on the mortgage. One lien. Full price offer, plus no assistance, large down put, conventional pre approved loan on our side.
Nov. 6 - first walk-through. Our schedules are different so I went, then he went later. I said yes he said no. I told our agent that we were moving on.
Nov. 9 - I walked through again when I was *supposed* to be looking at other houses. Had hubby go through again too, and he changed his mind. Made offer.
Nov.13 - finally accepted by seller.. There were multiple offers for them to sort thru. I'm assuming the package was sent to the bank at this time, but its hard to get any info out of the LA.
Dec. 14 - Short Sale Arms Length Affidavit signed.
Dec. 17 BPO ordered
Jan 2. BPO completed?? Still no straight answer from LA.
Jan 30- our agent finally tells us LA has news for him/us, but hasn't told him just what that is yet and he *might* get to us *sometime this week.* I'm so ready for this to be done, I'm tired of camping out. So glad this forum is here so we can help each other through this. Anyone have any experience with the *new* law about servicers having to respond to offers within 30 days? Obviously that ship has now sailed... Bye bye.....
So it look like this third negotiator working on the file is on top of his game and communicating all the time with the listing agent who in turns contact me more often now (she is directly in contact with the bank unlike before where she was going through seller's RA).
Since it's been more than 3 months since the last BPO, they just had to re-order one . This time, the agent is going with the person doing the BPO to make sure that they see everything that need to be done in the house and don't come up with a too high value like the previous one.
Then, once it's done, they send everything back to the two lien holders for approval.At least both liens are with the same bank (Chase).
So it look like we wont hear anything for an other 1.5+ months I'm sure.
Quote:
Originally Posted by gabrielh
Thanks... Hopefully we will get this house one day lol.
I read that banks negotiators turnaround is very high and not uncommon to have up to 4different ones on one short sale.
Just hope they don't have to start from scratch again.
So it look like this third negotiator working on the file is on top of his game and communicating all the time with the listing agent who in turns contact me more often now (she is directly in contact with the bank unlike before where she was going through seller's RA).
Since it's been more than 3 months since the last BPO, they just had to re-order one . This time, the agent is going with the person doing the BPO to make sure that they see everything that need to be done in the house and don't come up with a too high value like the previous one.
Then, once it's done, they send everything back to the two lien holders for approval.At least both liens are with the same bank (Chase).
So it look like we wont hear anything for an other 1.5+ months I'm sure.
We followed your stories/updates very closely and wish that you will get your home soon.
We will have a party to celerate so..keep us updated....
Thanks! Will do,this forum is a good place to vent.
The waiting is so frustrating. I think about this house every single days.I also check all the new homes coming up on the market in hope of finding something similar sold as a regular sale but haven't so far.
Need to start a Short Sale buyer support group lol.
Quote:
Originally Posted by Wearesc
We followed your stories/updates very closely and wish that you will get your home soon.
We will have a party to celerate so..keep us updated....
Hi everyone, I've been following this thread for a while now and thought I would post my experience up to this point. It has been a long haul on both ends for us.... We put our house which was a regular sale the beginning of Feb 2012. We finally closed the sale on that housethe end of October 2012. So we had already waited 9 months when we started looking at properties to purchase. All of our furniture was bought outside the house deal by the buyers, so we didnt have much to move other than personal belongings, which went into storage. We found a small month to month rental where we are literally camping, not wanting to buy all new furniture until we actually move into our new house. So middle of October we finally started looking. Immediately we ruled out short sales because we did not want to go through hell. After looking at quite a few properties and not finding what we were looking for, our agent suggested we look at a short sale peoperty. Of course we fell in love with it, therefore breaking rule #1. Don't fall in love with a SS property until the ink on the closing paper is dry.....
Timeline so far.....
Wells Fargo leinholder. Don't know the balance on the mortgage. One lien. Full price offer, plus no assistance, large down put, conventional pre approved loan on our side.
Nov. 6 - first walk-through. Our schedules are different so I went, then he went later. I said yes he said no. I told our agent that we were moving on.
Nov. 9 - I walked through again when I was *supposed* to be looking at other houses. Had hubby go through again too, and he changed his mind. Made offer.
Nov.13 - finally accepted by seller.. There were multiple offers for them to sort thru. I'm assuming the package was sent to the bank at this time, but its hard to get any info out of the LA.
Dec. 14 - Short Sale Arms Length Affidavit signed.
Dec. 17 BPO ordered
Jan 2. BPO completed?? Still no straight answer from LA.
Jan 30- our agent finally tells us LA has news for him/us, but hasn't told him just what that is yet and he *might* get to us *sometime this week.* I'm so ready for this to be done, I'm tired of camping out. So glad this forum is here so we can help each other through this. Anyone have any experience with the *new* law about servicers having to respond to offers within 30 days? Obviously that ship has now sailed... Bye bye.....
Well my time on this thread is probably all done now as we heard back from the bank finally. Never knew Fannie Mae was the investor on this property. Sigh. Well the bad news is they countered RIDICULOUSLY high..... 80k OVER list price and have nothing to back it up with. We pulled comps in the area, they range 185k to 220k for identical floor plans. I dont know where they came up with 280k as a counter, as the home needed quite a bit of work and we did offer slightly over full list of $199,900. Disappointed is a true understatement. Good luck to all of yougoing thru short sale hell. I will never set foot in a short sale property again.
Sorry to hear that that's a known problem with Fannie Mae.Going through that as well.
Make sure the agent dealing with the bank knows that they can escalate the case directly with Fannie Mae here : http://www.homepathforshortsales.com/#agents and that they check the shortsalesuperstar forum for advices from real estates pros.
Quote:
Originally Posted by sandytoes1978
Well my time on this thread is probably all done now as we heard back from the bank finally. Never knew Fannie Mae was the investor on this property. Sigh. Well the bad news is they countered RIDICULOUSLY high..... 80k OVER list price and have nothing to back it up with. We pulled comps in the area, they range 185k to 220k for identical floor plans. I dont know where they came up with 280k as a counter, as the home needed quite a bit of work and we did offer slightly over full list of $199,900. Disappointed is a true understatement. Good luck to all of yougoing thru short sale hell. I will never set foot in a short sale property again.
What Fannie Mae are doing is that they are tacking another 20-30% on top of the BPO. They want the house to foreclose that way they can own it and then sell it for a crazy inflated price through their HomePath financing program that requires NO APPRAISAL!
Make sure the agent dealing with the bank knows that they can escalate the case directly with Fannie Mae here : Fannie Mae REO Homes For Sale - HomePath.com and that they check the shortsalesuperstar forum for advices from real estates pros.
I'm totally frustrated with this short sale process. I know I haven't waited as long as others but I'm too type A for a short sale apparently.
Dec 7th Seller accepted Contract
Jan 4th First Lien Holder Approved
Jan 30th Deadline for 2nd, if no response I was told the listing agent would escalate
Feb 4th Still no answer or escalation done
My realtor is out of the country for another week and a half. My lease is up March 31, and I'm terrified it won't be completed.
The banks are BOA and Suntrust. I'm not sure which is first and 2nd. I believe BOA is first and Suntrust 2nd. I've read so many other horror stories, and I feel back for complaining about 60 days but it's still stressful. I just wish there was something I could do.
My word of advice is: don't make any plans until the short sale is fully approved in writing by the banks.
I've been reading about this poor lady with her kids who were homeless during Christmas time because she had to move since she didn't renew her lease expecting the deal to be over by then.
Quote:
Originally Posted by nicegirlnova
I'm totally frustrated with this short sale process. I know I haven't waited as long as others but I'm too type A for a short sale apparently.
Dec 7th Seller accepted Contract
Jan 4th First Lien Holder Approved
Jan 30th Deadline for 2nd, if no response I was told the listing agent would escalate
Feb 4th Still no answer or escalation done
My realtor is out of the country for another week and a half. My lease is up March 31, and I'm terrified it won't be completed.
The banks are BOA and Suntrust. I'm not sure which is first and 2nd. I believe BOA is first and Suntrust 2nd. I've read so many other horror stories, and I feel back for complaining about 60 days but it's still stressful. I just wish there was something I could do.
Unfortunately I've put my notice in and I can't take it back. My realtor told me we would have an answer by Jan 30th so I assume 60 days would be more than enough time to close. However what she meant was they had to give a response by the 30th, which they haven't. It's just maddening that a 2nd lien holder can just hold the whole thing hostage. Banks were doing ANYTHING to get some people financed and into houses that were WAY over priced. It's not fair now that the home has dropped over 100k from 2005 to drag this out. The bank took the risk, the homeowner is trying to make it part way right, just suck it up and move on. I also don't even know if this house is in jeopardy of foreclosure or if the current owners are still paying.
Quote:
Originally Posted by gabrielh
My word of advice is: don't make any plans until the short sale is fully approved in writing by the banks.
I've been reading about this poor lady with her kids who were homeless during Christmas time because she had to move since she didn't renew her lease expecting the deal to be over by then.
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. This time, the agent is going with the person doing the BPO to make sure that they see everything that need to be done in the house and don't come up with a too high value like the previous one.
I really don't want to be homeless
