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[quote=JoeJ2013;28947175]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).quote]
We received the results 9 days after it was ordered, which from what i hear is normal. Those appraisal reports are 20-40 pages long, so it take a few days to get it typed out.
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.
From the time we agreed to the bank counter offer (and were putting together the package with all of our docs), it took the first lein holder 5 weeks to order the BPO, and the 2nd lein holder 7 weeks (2 weeks after). The BPO results come in 7-10 days. It sounds like you are almost there, just hang in there. I know it is rediculously frustrating, having it on your mind all day everyday.. i would have my email open and refresh it literally every 10 seconds awaiting some sort of update. After the BPO is ordered, things should move aong, they will request docs they need.
In our case the hold up was with the approvals- The 2nd lein holder took a really long time to approve the deal (4 months), because the 2nd lien holder usually gets very little out of the deal and they arent in a hurry to close the deal.. but if you hang in there- they will eventually approve it!!!.. even though they arent in a hurry, they'll still get something vs if they let it go to forclosure, the 2nd lienholder gets $0.
I totally know what you are going through because we were in that same position 3 weeks ago before we finally got approved and setting up the loan.
Whew, ok, appraisal came in fine at $265k vs the $248k selling price. They did nit pick some stuff we were planning on repairing anyway (we just weren't planning to do it prior to closing). It's an FHA loan though, so I halfway expected it.
I was told this morning that the BPO came back and that the bank has asked for the seller's financial statements again. I assume this means we will hear something from the bank soon??? I hope because we are really starting to wonder, as great as the house is, if we should move on to something else.
JoeJ2013, we are doing an FHA loan as well and I was wondering how that works with repairs. What kind of things have to be fixed prior to closing? I don't want to pay a lot of money to fix things ahead of time....what if something goes wrong and the sale falls through? That was a great appraisal for you though.
JoeJ2013, we are doing an FHA loan as well and I was wondering how that works with repairs. What kind of things have to be fixed prior to closing? I don't want to pay a lot of money to fix things ahead of time....what if something goes wrong and the sale falls through? That was a great appraisal for you though.
I was told by my realtor that they would require repairs to be done w/ the FHA. There were some things wrong with the place & so far they have not required any repairs.
The issues with our property are cosmetic. The home was left vacant for about a year, and in that time some kids broke in and vandalized the 2nd floor. Holes punched in drywall, obscene spray painting, busted closet doors. These were the 3 issue cited by the appraiser.
The seller has refused to help out with this, so we will be doing the repairs prior to closing. We were obviously planning to repair these issues right away, so now we just do it a couple weeks sooner. Ultimately, on these sorts of issues it's up to the underwriter as to if they will require the repairs be completed prior to closing. We are waiting to hear on that, but it seems as if they will.
It will be about $600 for the repairs necessary, and we have actually agreed to split the cost 3 ways between us, our agent, and the mortgage advisor. A small investment that helps everyone achieve their goal. Pretty cool IMO, and it was actually suggested to do it this way by our agent!
I know I have not waited as long as others but boy this waiting game is tough. It's worst that there is absolutely no inventory of houses where we live and if this falls through, I don't know where we would go since we are renting a two bedroom townhouse and in 9 weeks we are expecting our 3rd baby. I guess we would have to stay here and make it work if all else fails!
We submitted all the request docs after countering the bank and are awaiting a second counter or hopefully an approval. Anyone been in this situation with countering the bank and providing more docs? How long before a second counter or an approval for you?
Wells Fargo loan, no 2nd lien
Home is in Lutz, FL Listed at $275,000 Processed in Equator
3/27 offer submitted for $280,000 did not ask for any seller assistance at closing
3/29 verbal acceptance from seller
4/4 received signed contact back from seller along with addendums about them using a lawyer to handle the short sale and use being liable to pay the lawyer if the bank does not
4/13 asked to sign Wells Fargo short sale addendum
5/8 found out that status in Equator for 'negotiate' according to the lawyer a BPO has already been done
5/16 Regina Brown from Wells Fargo has requested missing documents and some bank documents from the sellers
5/23 told by lawyer we should have a decision from Wells Fargo in the next 21 business days
6/11 Status in Equator has been updated to 'Awaiting Approval' has been this way for at last a week or two prior.
7/6 file is awaiting approval from MI could be 45-60 days both the bank and investor have approved the sale so once MI makes a decision we will be ready to close
7/18 have approval letter from Wells Fargo in hand, but have been told they are still waiting on a line of credit to be approved?
9/22 have now had approval for 60+ days on 1st awaiting 3rd extension while the 2nd is being worked on. The sellers filed bankrupcy 16 months ago and am now being told the trustee needs to approval the sale before the 2nd will signoff on the sale. No idea on timeframe.....
12/?/12 contacted trustee ourselves got house released for sale
1/?/13 lawyer resubmitted all short sale doc to bank
3/11/13 approval on first loan letter gives 30 days to close
4/2/13 approval on the second letter wants closing by 4/11/13 (same as first is asking for) requested extension but were denied
We submitted all the request docs after countering the bank and are awaiting a second counter or hopefully an approval. Anyone been in this situation with countering the bank and providing more docs? How long before a second counter or an approval for you?
For us it took about 3 weeks to a month to get the approval from the first lien holder. The second took it's time since it wasn't getting much out of the deal (4 months). Don't even ask how we found the patience to wait that long, but like you say.. there is nothing else out there so we just hung on and hoped for the best. It paid off because we close at the end of this week!!! its been a long 8 and 1/2 months since we went under contract, and as much as i hated reading "just be patient", that really is what it all comes down to with SS. Which is why it's a good idea to really make sure the place is right for you and there is nothing better out there for you. Then, although it can be very long and frustrating- it is well worth the wait.
Wells Fargo loan, no 2nd lien Home is in Lutz, FL Listed at $275,000 Processed in Equator
3/27 offer submitted for $280,000 did not ask for any seller assistance at closing
......
4/5/13 closing set for 4/11/13 I love my lender!
WOW, I thought our 8 and 1/2 month wait was long, kudos to you for finding the patience and holding on for over a year now! Congrats on closing this week! Hope all goes well you get your well deserved new place! The worst is int he past, the best is very very close in you furture! Enjoy.
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