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Here is our story of SS process:
Its a townhome in JAX, FL listed for $110k (Short sale) , Lender BOFA
01/18/12 - Made initial offer for $95k
01/19/12 - Seller though reluctant a bit initally, accepted the offer.
01/20/12 - signed the offer by both and sent to seller's agent.
The seller has availed FHA loan to buy this property, hence, waiting for FHA approval as well apart from the lender BOA
waited long enough without much updates from the sellers agent inspite of repeated messages left on her voice mail by my agent.
04/04/12 - Heard from agent today that ATP (approval to participate in SS process) has been recd by the negotiator.
Now can someone give an idea as to what is left to complete the deal and the timeline it's going to take further.
Our current lease expires by may end and I wonder if its wise to revoke my offer and try some other properties to close quickly. I do have pre approval from BOFA on a conventional mortgage.
Really early in the process, but will update as we go:
BofA shortsale timeline
2 liens (both with BofA)
listed $210,000
offered $210,000 PLUS $5000 for closing cost (comps show the house = @ $240k-$245k)
located in Denver area
3/10 - Walked thru house (seller's live out of state and renting property until April 31) and made offer above.
3/13 - Seller accepts and we're under contract, MLS listing changed to as accepting backup offers. Also, I should note that seller's hardship package had already been sent in prior to listing the house and an appraisal ordered. Also, seller has professional negotiator already set up for this.
3/17 - Earnest money deposited
3/17 - Note on MLS that listing has gone up $20,000 but only as backup offers
3/20 - Contact our realtor to pass along BofA twitter etc. She gets back to us having spoken to listing agent. Told that the bank won't tell them what the appraisal is, but it was suggested by the bank to have backup offers start at $230k, due to the appraisal. She didn't think that BofA would FOR SURE counter at that, but that they could.
Update:
3/28 - Bank countered w/ $218.5k w/ all concessions agreed to. We are agreeable to that. Negotiator said that we should be in the house by May 1st. :happydance:
Update:
4/5: Our realtor called and said that the bank won't pay a couple of minor things (HOA transfer fee etc.) which total @ $350. Ok, no worries. Also, the HOA wants an escrow of $1000 to fix yard w/i 90 days of closing and if so, then we get escrow $ back. Again, no worries.
4/6: Our realtor called again and said that BofA wants us closed NLT April 27th. Yup, that's 7 weeks from initially seeing the house to closing. Also, signed docs affirming that we're not BofA employees etc.
Congrats eapeas! That is definitely a short, short sale. :-)
I saw that our house was listed as sold in the MLS. We are set to close April 16, so hopefully this means we are on track for that date. It has to close no later than April 23.
Congrats eapeas! That is definitely a short, short sale. :-)
I saw that our house was listed as sold in the MLS. We are set to close April 16, so hopefully this means we are on track for that date. It has to close no later than April 23.
Congrats Mmiller on hopefully closing on your house. Our offer that bank negotiator said was verbal approved on march 28th was false. Bank negotiator is upset about weekly emails about status. He basically said stop bugging me. ( I say do your job). He said we will hear a status today
Offer accepted by the bank on 4/9/2012. First offer was put in Dec 1st. Have gone back and forth with the bank to try to get any response. Wait finally paid off. Closing date set for May 4 or 10th. Hope to get inspection set up this week. Time to move on this
Offer accepted by the bank on 4/9/2012. First offer was put in Dec 1st. Have gone back and forth with the bank to try to get any response. Wait finally paid off. Closing date set for May 4 or 10th. Hope to get inspection set up this week. Time to move on this
Mar 14 - saw house
Mar 16 - sent in offer
Mar 19 - agreed on price with seller
Mar 21 - out of attorney review
March 23 - sent in paperwork to mortgage broker
Mar 24 - house inspected
Mar 28 - Sent in second deposit
March 29 - Sellers agreed to remedy termites once short sale approval
April 4 - Bank performed appraisal on home (no issues)
April 6 - Radon Test
April 13 - Heard the negotiator just finished the last of the paperwork (Hud, etc.) and the file will be sent for approval
Fingers crossed - we really want to close next month!
Things seems to be moving so I will go ahead and post our story!
House located in AA County, MD
2 loans with Chase, original sale price $389,000
Listed for $275,000
03/18 - Made our offer, $265,000 w/ 4% closing help
03/24 - Seller accepted & final initials/signatures obtained w/ 3% closing
03/28 - Offer goes to the bank
04/13 - Heard back from our agent; bank's BPO is list price, $275,000.
I'm hoping this means we will hear either a counter or approval within the next couple of weeks!!
Does anyone recommend doing the inspections now to make our offer stronger for the bank to accept?
Last edited by irin997; 04-13-2012 at 10:57 AM..
Reason: ask a question
Does anyone recommend doing the inspections now to make our offer stronger for the bank to accept?
I don't think I would pay for a inspection without having an acceptence letter. I don't think there is a ton of negotiations in a short sale.
What we did was have a friend, who is a licensed contractor, come in and do an inspection. I found a checklist online of what to look for in an inspection and we just walked the house. It only cost me dinner and gave me the peace of mind that we still want to pursue the house.
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