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Wow- haven't heard that one before. I suppose our agents took care of that without us knowing if that's a requirement.
Actually, i was just looking through some of the papers we signed and there is a Real Estate Certification document that the agents sign and include their Real Estate License #.
Originally Posted by sarahsdaughter I'm new to the board, but find it so helpful! Here's my timeline!
First Time Home Buyer (Short Sale)
Listing Price: $289,000 Offer: $245,000 Bank: Ocwen (the loan was with GMAC/ALLY, but transferred to OCWEN)
4/1: Offer made to seller (i was the only offer); house had been listed 5 months 4/2: Offer excepted by Seller 4/5: Offer/package submitted to Ocwen 4/7: Loan application submitted 4/8: Appraisal ordered (i requested the appraisal because I felt that the house would not appraise at the offer and wanted to get a jump on the process if the offer came in lower) 4/17: Received update from Seller's Agent that the file was transferred to another servicer within Ocwen 4/19: Received short-arm affidavit received from Ocwen for my signature 4/24: Received appraisal from lender 4/27: Received notice from underwriter for recent paystubs and bank account statements
Update: 5/1: Received call from my agent. She spoke with seller's agent who is expressing her frustration that she has had to resend documents to Ocwen several times. Just sent them a 71 page document two days ago and received an email stating that they were still waiting on the document. She resent the document AGAIN today. Update:
5/3/13: Received call from my agent today. Ocwen is requesting the following:
1. Lender Approval Letter
2. Proof of Earnest Money Deposit
3. Proof of Buyer's Funds
4. Letter from Lender stating date of settlement
5. HUD-1
Good to see progress!! I hope your case will keep going like this We got also another affidavit request yesterday and sent it. It was done before but the form format is different this time. So latest timeline:
Mid March: Contract Acceptance
End of March and 5/3 : Affidavit (arm's length)
I have been watching this board for a few weeks now and decided to add my time line.
Listing price: $575k (house on market for 4 months, no offers)
Offered: $490k w/ 3% cc
2 liens both with Wells Fargo
02/04/13 - submitted offer to sellers
02/19/23 - seller accepts offer
02/20/13 - offer submitted to bank and short sale process initiated with Wells Fargo
03/08/13 - listing agent tells us that file has been assigned to negotiator at Wells Fargo and sellers financial paperwork is submitted
04/18/13 - Wells Fargo requests pre-hud 1 Statement
04/22/13 - Wells Fargo requesting "wet signatures" on contract, electronic signatures not accepted. Sign and send contract back to bank same day.
05/02/13 - Wells Fargo counters at $543k no cc, price not supported by recent comps or repairs needed in house
05/03/13 - we counter at $500k 3% cc, Wells Fargo declines but offers us opportunity to dispute BPO. Wells Fargo sends us addresses of comps used for BPO. 2 of the 3 comps are houses 10 miles away in another county. There are plenty of comps within 3 miles of the shortsale property.
05/06/13 - submit proper comparable sales, list of repairs with photos and contractors estimates.
Now we are back to waiting... Has anyone successfully disputed a BPO? Or had comps used from a completely different area? Of course the area they chose has an average sales price about 200k higher.
Originally Posted by sarahsdaughter I'm new to the board, but find it so helpful! Here's my timeline!
First Time Home Buyer (Short Sale)
Listing Price: $289,000 Offer: $245,000 Bank: Ocwen (the loan was with GMAC/ALLY, but transferred to OCWEN)
4/1: Offer made to seller (i was the only offer); house had been listed 5 months 4/2: Offer excepted by Seller 4/5: Offer/package submitted to Ocwen 4/7: Loan application submitted 4/8: Appraisal ordered (i requested the appraisal because I felt that the house would not appraise at the offer and wanted to get a jump on the process if the offer came in lower) 4/17: Received update from Seller's Agent that the file was transferred to another servicer within Ocwen 4/19: Received short-arm affidavit received from Ocwen for my signature 4/24: Received appraisal from lender 4/27: Received notice from underwriter for recent paystubs and bank account statements
Update: 5/1: Received call from my agent. She spoke with seller's agent who is expressing her frustration that she has had to resend documents to Ocwen several times. Just sent them a 71 page document two days ago and received an email stating that they were still waiting on the document. She resent the document AGAIN today. Update:
5/3/13: Received call from my agent today. Ocwen is requesting the following:
1. Lender Approval Letter
2. Proof of Earnest Money Deposit
3. Proof of Buyer's Funds
4. Letter from Lender stating date of settlement
5. HUD-1
Update:
5/6/13 - Lender sends requested documents to be submitted to Ocwen
5/713 - Received Hud-1 Settlement Statement to be submitted to Ocwen
Property located in King County, WA
1st lien- 210k BOA
2nd lien- 150k US Bank
Listed at 275k on July 3
July 4- Offered 253k + closing (we were first offer)
July 5- Seller counters at 255k + closing
July 6- Buyer accept and now under contract
July 19- Email stating we have 21 days to get docs package together
Aug 9- File uploaded to Equator
Aug 13- BOA ordered BPO
Aug 23- BPO results, request of EM check 1k
Aug 24- BOA counters at 277k, US Bank received all docs
Aug 27- Buyers accept BOA's counter, US Bank reviewing docs and orders BPO
Sept 11- US Bank can't find docs we sent, sent again
Sept 18- BOA sells loan to Seterus Inc. US Bank BPO results and will submit for approval
Oct 1- Seterus takes over for BOA
Oct 19- Seterus negotiator is assigned
Oct 22- Seterus orders BPO
Nov 5- Approval from Seterus, payoff enough for 1st leinholder (Seterus), waiting for US Bank
Nov 6- Feb 12- Weekly updates that US Bank is still reviewing
Feb 13- US bank requests some last docs from sellers and states we should close very soon.
Mar 12- Approval from US Bank
Mar 14- Inspection ($350)
Mar 25- Loan Approved by Buyer's Lender
Mar 29- Appraisal Letter received
Apr 15- Scheduled Closing Date
Apr 23- US Bank states they will only approve if we bring another 5k to closing. We agreed.
Apr 24- Locked in rate expired, extension filed (lender requested her bank pay for extension)
Apr 30- Closing Documents signed, US Bank states they got enough, don't need the addtl 5k.
May 5- Loan Funded, Signed 2 last documents
May 3- Closed and Got the Keys!!!
This journey is finally over after 10 months now (a little over 300 days). I'm not even sure what to say at this point besides- it was worth the wait. Don't think we would have went for it had we known it'd take this long, but we kept waiting since there was really nothing else out there in the price range that offered what this house did, and simply walking away just seemed like a waste of the months we had already waited.
This house offers everything we were looking for and for a bargain which is why we held on as long as we did. We were excited to finally get the keys and turn this house into our home. We got married a couple years ago and are expecting a baby girl in July. We are excited to have such a great place, just in time, in which we can start and raise our family.
Some words of advice from our experience and what we've heard- make sure you know what is going on every step of the way. Do not be afraid to press real estate agents to get the deal to the next step. Some agents may be your relatives/friends or do this as a 2nd job and aren't as persistent. Don't reply to emails when your angry or frustrated, it can bite you later. Make sure you understand and are understood. Make sure to ask questions- sometimes even if you think you know the answer. Nothing worse than finding out there are $250 monthly HOA dues- at time of closing, and your agent forgot to mention that small detail, or how long you need to pay Mortgage Insurance, or effective June 1, 2013 MI on a FHA loan is for the life of the loan. This is most likely the largest purchase you'll be making in your life so it's important you know what you're getting into.
This site is absolutely great and we hope everyone who is looking for info and encouragement with their SS will find it here as we did. For all who are still waiting, I can't say much else than good luck and hang in there, you will be holding the keys very soon.
5/6/13 - Lender sends requested documents to be submitted to Ocwen
5/713 - Received Hud-1 Settlement Statement to be submitted to Ocwen
sarahsdaughter- Welcome to the board! Glad to have you here and hope you will find info and encouragement your are looking for as we did. We finally closed on Friday after 10 months (full timeline just above)! We really hope no one has to wait that long, but even if it does take a while and you start getting frustrated, be patient and hold on to your dream home. We are very glad we held on and now we get to turn this house into our home. Good luck!
I really hope USAA is much better and you dont have to go through this kind of waiting nightmare. It has been 10 months now since we've been under contract.
Thank you! Approval was received from the first bank on 04/24/2013 and still nothing from the 2nd, which is USAA. This waiting game is getting harder. I have been under contract since December 20, 2012.
Property in Fife, WA
2 Liens - Nationstar and USAA
Dec-20 First saw the town home
Dec-21 Went to see it again and wrote up an offer
Dec-22 Offer accepted by seller
Dec-22 Email asking we have all evaluation documents by Jan-10
Dec-24 Submitted additional information to law form negotiating SS
Jan-8 Sellers asked to submit updated income verification
Jan-10 Lead Negotiator at Law firm assigned to SS
Jan-11 Email stating SS is now "in play" and both Nationstart and USAA have received file
Jan-18 BPO is ordered
Jan-28 Provide proof of funds for down payment
Jan-29 Proof of funds forwarded to Nationstar negotiator
Feb-13 SS file submitted to evaluations team at Nationstar
Feb-22 File is transferred to closing negotiator
Mar-5 Offer is countered
Mar-8 Buyer accepts counter
April-23 Verbal approval from Nationstar
April-24 Received written approval from Nationstar
April-26 Seller needs to provide income verification to USAA
April-30 Negotiator at USAA confirms receiving sellers income verification
Haven't heart anything since and it's driving me crazy! I want the keys already. I have been under contract since December 21st, 2012.
5/6/13 - Lender sends requested documents to be submitted to Ocwen
5/713 - Received Hud-1 Settlement Statement to be submitted to Ocwen
Update: 5/8/13 - Seller's agent and my agent agree to use a Professional Short Sale Negotiating Team (Seller's agent admits that they have never done a short sale )... But what GOD has for me...IS MINE. Seller speaks with Short Sale Negotiator and approves their involvement.
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We got also another affidavit request yesterday and sent it. It was done before but the form format is different this time. So latest timeline:
)... But what GOD has for me...IS MINE. Seller speaks with Short Sale Negotiator and approves their involvement.
