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In reaching out to Nationstar this week, we have continued to request information on the transaction without any success. As such, We filed a formal escalation request to Nationstar. Through this, Nationstar acknowledges to respond to the transaction within 3-4 business days.
Closing went off without a hitch last night. Got keys and it's all ours! It's sort of surreal at this point, and hasn't really sunken in yet. I'll be taking the next couple days off work to do paint/carpet/ect and I'm sure by that point it will all sink in and start to really feel like ours.
Closing went off without a hitch last night. Got keys and it's all ours!.
Congratulations!!!
I really hope we will be saying the same thing within the next week or so.
Still waiting (been a month now) for the 2nd lien holder to approve the per diem payoff since they gave their approval but will be receiving 3k less due to the payoff. We've been emailing the law firm handling our deal just about every day and haven't heard from them for 3 weeks now!!! We were scheduled to close 10 days ago and this 3k is holding everything up.. Luckily we still have about 3 weeks before we need to close, otherwise we have to file an extension.. We have to move out of our current place by next week since we originally planned on being in our new house 8-10 days ago.
Can't wait to get the keys and move on with our lives. The past 9 months have been so frustrating; just waiting and waiting... taking 1 step forward and 2 steps back. Seems like our life has been on pause all this time, just thinking about this house and checking email for updates every couple minutes..some times only to find out they decided not to update us for weeks at a time..
thanks for letting me vent.
anyone else have the per diem payoff situation? Where you have to get a second approval from the 2nd lien holder, because they will be getting slightly less thst they originally gave their approval for?
We are still in the game for the short sale. It has been approximately 75 days since our offer. Bank does not want to do repairs, which I guess if fine but we will offer much less on the house. We offered pretty close to market for a repaired house. Realtors are going back to the bank and presenting a recent comp two doors down that sold for less per square foot, bigger house, with a pool and a BRAND NEW roof they put on at closing.
Strange thing happened too. We went back to take a look at the house to see if we really wanted to continue forward. It has been empty for a long time, but the sellers are taking excellent care of it and the lawn. All of a sudden there is a patio table and chairs on the outside patio. Looked new too. Strange. Nothing else at the house. We also found that one of the windows has been shot with a bb and needs replacing (wasn't there before). Minor detail, but we also noticed moldy carpet which probably means another leak somewhere. I am really having my doubts on this house, but then I wonder how low the bank will go and think it might be worth it.
Until we just can't wait anymore we are continuing......
Still waiting (been a month now) for the 2nd lien holder to approve the per diem payoff since they gave their approval but will be receiving 3k less due to the payoff. We've been emailing the law firm handling our deal just about every day and haven't heard from them for 3 weeks now!!! We were scheduled to close 10 days ago and this 3k is holding everything up.. Luckily we still have about 3 weeks before we need to close, otherwise we have to file an extension.. We have to move out of our current place by next week since we originally planned on being in our new house 8-10 days ago.
UPDATE:
Finally heard from the 2nd lein holder yesterday. They want another $5,000 or else they wont approve. I guess every day that nothing happens, the 1st lein holder accrues interest or something which takes more and more away from the 2nd lein holder's payoff and leaves them with less and less of an incentive to approve it.
Luckily, the sellers agree to bring 1000, the listing agent 500, and our agent 500. Which is already a big help! So we will only need to bring another $3k to closing. Still well worth it considering the value of the house at this time, besides the fact that it doesnt seem like there is much out there, especially with that price range.
Our locked rate is expiring today, as we expected to close over 10 days ago. Will file extension and request the company to pay for it.
"Be ready to wait wait wait, then in the end things will go from 0-100 in an hour after its approved"
^^^This is exactly right!! Sometimes I feel like a sitting duck for almost a week, then bang-I get one email from the attorney, another from the lender, and I'm running around printing things out, signing & sending back then....sitting duck again.
I am really having my doubts on this house, but then I wonder how low the bank will go and think it might be worth it. Until we just can't wait anymore we are continuing......
Hang in there, things will come through soon!
We've been waiting for about 10 months now (since last July) but are finally scheduled to close next week! It has definitely been a long and frustrating journey; the first lein holder sold the loan which delayed the process by about a month and a half, then it took the 2nd lein holder 5 months to give the approval, then we were scheduled to close but didnt hear from anyone for a month, our lock in rate expired, after about 7-8 months our agent was telling us to move on and find something we can get and move into quickly, the 2nd lein holder came back saying they will approve only if we bring another 5k to closing...like I said- a very long and frustrating journey.
On the upside: we're getting a great deal (especially since prices just went up quite a bit), everything we wanted in our first home, and the sellers and agents offered to pay for 1/2 of the 5k.
What I've learned from this SS process is that to get something, you need to sacrifice something.
To get a great deal, you have to sacrifice time or condition of the home.
To get deal done quick or good condition of home, you need to sacrifice more money.
What kept us hanging on was that fact that we were getting such a great deal on it compared to other homes on the market, and this house has everything we were looking for and more- so we had to sacrifce time. We are just expecting our first child and this house has 5 bedrooms- so plenty of room to grow into it. A very similar home 5 doors away just went on the market for $30k more than what we're getting ours for so definitely worth waiting and investing some work into touching it up.
We offered 20k less than listing price. Even though the bank wanted 2k more than listing (22k more than our offer), we still went for it since the house has absolutely everything we wanted and even though our budget was lower, the 20k difference is only about $100 more a month which we think is worth it for having everything we want.
We are unbelievebly excited to get the keys and start personalizing it. Hope all goes smoothly before and at closing.
Best of luck to everyone whose still waiting. Remember to receive something you must give something. The day will come when you'll look back and say "it was worth the money/wait" but until then just hang in there.
Hope this encourages you and keeps you holding on to your dream home.
3/5/13 - Offer on townhouse accepted by seller. $250k on SS with one loan from Chase.
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.
4/12/13 - REA said the SS lender had an appraisal done on the townhouse. 4/26/13 - update: file completed but reassigned to negotiator in USDA loan department. Once reviewed by negotiator, going to be submitted to investors to approve. This process is really dragging on!
2/8/13 Saw house for 2nd time
2/8/13 Made verbal offer for $265,000. Changed offer to $285,000 with concessions.
2/8/13 Received prequalification letter for FHA loan
2/11/13 Signed offer and sent to seller's agent
2/13/13 Received signed offer back from seller. Contract and financials were sent to lawyer.
2/22/13 Contractor estimates received for roof, walkway, fireplace and sent to seller's agent.
2/27/13 Lender asked for proof of downpayment funds. Felt this was odd since it is an FHA loan at only 3.5% down. Sent letter from mortgage company as well as 401k statement.
3/4/13 Seller paid the back HOA dues and late fees and the lein was removed
3/7/13 Advised that BPO was being ordered by Citi negotiator
3/15/13 Update advised that lender was waiting on BPO results
3/22/13 Found out 3/26 that the BPO wasn't really ordered until this date
3/26/13 Update advised that the BPO was ordered 3/22, two weeks after we thought, and they are still waiting for results.
4/7/13 New negotiator assigned 4/11/13 Third party authorization sent by seller 4/22/13 Preliminary HUD received - bank asking us to remove repairs - asked sellers agent to go back to bank 4/27/13 REA said investor Freddie Mac wants the repairs removed. Told REA to change offer to $260,000 with closing cost assistance and remove the repair contingency. We will take out a 203K loan if approved.
Updates are in bold since my last update. This is starting to get on my nerves, but there is nothing else out there that we are happy with. Hopefully we will hear something soon about our updated offer. If they won't come down on the listing price of $285,000 I don't think this is the house for us. Unfortunately, without the repairs, the house is not worth that price. In the meantime we still explore other housing options as we do not have a good feeling about this deal going through. We have time, but we are very anxious to know where we are going to be living for the next 15 years
Anyone have good luck with Freddie Mac as the investor?
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