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We completely agree! We have been in love with the house we've been under contract with for over 8 months now, and are scheduled to close next week. The house we are buying is so perfect for us that we agreed to:
-the bank's counter which was 2k more than listing price (which now i realize is actually very good)
-pay all of closing costs ~6k
-pay the law firm fee for processing the short sale ~$1,600
In the past 8 months prices have risen quite a bit (similar homes now selling for 30k more), so these extra few thousand dollars are well worth the investment.
Even though it is a very long and frustrating process, hold on to your dream home!
I'm a little surprised when I'm reading through these posts how much information people are getting. I've never bought a house before, let alone a short sale, so I am clueless. I'm seeing lots of posts about people knowing exactly what the bank is doing (i.e. short sale package submitted to the bank, bank negotiator assigned, etc). We have not been able to get any details & our RE says that the selling agent has no details.
Our RE is a family member of my boyfriend, and I'm not sure if he is doing everything he is supposed to. He never provided us with any comps at any point.
Am I getting the best representation here? When I try to talk to my boyfriend about it, I feel like he gets pissed & defensive because it's his family member.
Even though you/your boyfriend may not want to hear this, I would recommend finding a different realtor. Sometimes because the rep is a relative he/she thinks they can take shortcuts and be a little lazy. You have to see at least some sort of comps, even if the comps arent exactly the same.. your house may have an extra bedroom or more sq ft but at least you know what price ball park your in. Without comps you really cant tell if the listing price is even accurate, some listing agents work the same way "what feels right" (for the seller- um the higher the price the better of course).
We had a few bumps in our 8 month journey with our relator too and we started feeling like he didnt care about it anymore since it was taking so long. (He is a coworker of mine). He kept saying "i know you love this place and it has everything you wanted, but let's move on and find something different so we can close quicker". Had we listened to him, we would have walked away after 8 months of waiting.. (we got approved 3 weeks after this conversation). We are glad we hung in there, even though the realtor was tired of holding on. We close next week and will be moving into our dream home.
Your boyfriend needs to realize it is business and not personal. Which is why going with a relative is easiest since you know them, but may not always be a wise way to go. Good Luck!
Apparently, I can wait 10 months but this week is killing me. Killing me. Hoping that there are some words of wisdom out there to help me through. I feel so powerless.
It seems to me like you will get the approval within a week and move on to closing very soon. I've noticed that usually when it takes around 8-10 months there is a hold up at some point for several months. For us, our process went very quickly the first 3 months but then it took 3 months to get the 2nd lein holder's approval.. after the approval everything went quickly, closing next week.
Since your long hold up is in the past, seems you will be getting your keys very soon! Hang in there.
I did drive by the house a couple days ago and there was a notice on the door. It basically stated the home was found to be vacant and it would be reported to the mortgage holder, and that if no response in 3 days the home would be rekeyed, and winterized. It was from a company called safeguard properties. The for sale sign is still in the yard. I took a pic and sent it to my realtor to find out what's going on Wednesday, but still no word from anyone. Has anyone else ever dealt with this?
Yes, they put the same notice on our house. I thought it was a foreclosure notice or something, but it is just a notice they put up stating that they will winterize the home. Banks order this service to be done. Winterizing it means they shut off the water and put chemicals in the pipes to keep them from freezing and bursting during the winter since no one is living there. Don't worry about the notice, it's actually a good thing. Good luck.
We are still waiting to hear the results of our appraisal. It was supposed to have taken place Thursday of last week, and we were supposed to receive the results Friday (which we did not). We were told it was common for the appraiser to do several in a day, and get out the reports first thing Monday. Monday came and went with no report, and now it's Tuesday, I'm starting to get antsy about this with our closing date on 17 days away...
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.
We're with you! Our whole process took over 8 months.. we finally are scheduled to close next week! We were so excited the first 3 months and had all these plans and decorating ideas. I was looking at other houses for sale just about every day to see what else was out there. But during the process, the first lein holder sold the loan to a different bank 3 months into the deal, as we were awaiting their approval.. which delayed the process by 2 months by the time the other bank assigned a negotiator and order another bpo. Also, the 2nd lein holder (US Bank) took 3 months to approve the deal during which they asked for updated sellers documents 3-4 times, and took 1-2 weeks each time just to say they "received" the documents. It has been a long and frustrating journey.. and we really started doubting we would even get the place since prices of similar homes are now on market for ~30k more than what ours is under contract for. We are anxious and hoping everything goes smoothly with closing since we have had enough bumps and pit stops down this road.
On the other hand, it may be a good thing it all happened this way. If we would've known up front it'd take over 8 months, we probably would'nt have gone for it even though it is the perfect house for us. Now that the 8 months are in the past and we are only a week away from getting the keys, we are glad we hung on to this house because it offers everything we wanted and in these 8 months the value increased much higher than the price we are getting it for.
For those still waiting.. hang on and dont give up! It seems that most have to face a period (weeks to a couple months) where nothing is happening or moving forward.. if you've experienced that period, things should be moving along and you should get your place very soon.. Good Luck!
Got some news! The bank will accept my offer under the condition the realtors accept 1% less commission, so hopefully they agree
1 Lien BOA
Listing price: $205k
2/24/13 offer accepted at $206.6k (had to outbid 1 other)
3/5/13 Attorney review complete, signed arms length, short sale addendum
3/9/13 Home Inspection complete
3/16/13 Mortgage Application submitted
3/25/13 BOA counters at $220k
3/26/13 We countered at $210
4/3/13 The bank told the attorneys that they will accept the $210 as long as the realtors agree to lower the commission from 6% to 5%
Here's my little update. Not much but getting there!
3/5/13 - offer was accepted by sellers
3/7/13 - listing agent wanted 3% earnest money from
Us to escrow company right away so we turned that in.
3/17/13 - our real estate agent informed us that the listing agent has submitted the short sale package to Chase. Escrow has not opened yet because they need more documents and then they will cash the earnest money.
3/22/13 - our RE agent mentioned she is getting an updated HUD statement to the bank. Chase countered and wanted us to pay for the transfer fees and back HOA fees. They also countered at 25k higher at 280k. Our RE agents are trying to get the bank to pay the fees and accept 260k.
3/29/13 - Sellers' bank is requesting HOA back fees invoice from the association. This document is holding up the approval. 4/2/13 - Back HOA fee invoice sent to bank. RE agent hopes this is the last document needed before approval or countering again.
Can't believe it's been almost a month since we submitted our offer. This month actually went by fast.
I was looking at other houses for sale just about every day to see what else was out there.
This is me...every single day I check out any new houses that have hit the MLS. We are coming up on 60 days since we made the offer and still waiting to hear something on the BPO. Each week that goes by without an update I start to doubt the process and the house. Then I look at what is available in regular sales and would rather wait because the house is perfect for us. House prices seem to be climbing too and that makes me nervous that our offer will not be accepted as is and we don't have much wiggle room. The house needs some cosmetic and roof work and I think we made really close to our highest offer considering those expenses.
How long should it take to hear back regarding the BPO? Will it move quicker once we hear back? I think, we just want to know what the bank is thinking so we can either counter or move on...the stress is killing me.
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It was from a company called safeguard properties. The for sale sign is still in the yard. I took a pic and sent it to my realtor to find out what's going on Wednesday, but still no word from anyone. Has anyone else ever dealt with this?
