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congrats jrsy and bharris. BoA requested a bunch of forms to be resigned and turned in and set a deadline of 24 hours for it. We were scrambling to get it in on time, since it was difficult to get the Owner, the listing agent, the owner's lawyer, and me all on the same page.
Is it common for BoA to set these ridiculous timelines after not answering for 3 + weeks?
Our inspector suspected termites, but said it looked like a small problem. The sellers MUST take care of it.
Chicago: Yes, that is how BOA is. I wouldn't worry too much about whatever timeline they give you.
Thanks for the reply jrsydevil82. The short sale lender gave the approval for "as-is" condition. In the contract also it says if lender doesn't accept buyer pays. Seller doesn't have funds to do termite work. We can ask them (the lender) but then it will go back to review and who knows when would they answer.
Thanks for the reply jrsydevil82. The short sale lender gave the approval for "as-is" condition. In the contract also it says if lender doesn't accept buyer pays. Seller doesn't have funds to do termite work. We can ask them (the lender) but then it will go back to review and who knows when would they answer.
I guess it depends on how bad it is...if you just need to do a termite treatment someone told me it costs like $100. If there is a lot of structural damage due to termites, that's where it gets expensive. But everyone keeps telling me that if there are termites the seller MUST treat for them before the house can be sold.
Property located in Will County, Illinois
2 liens – Wells Fargo ($228K in 2009) & Marquette Bank Original List Price: $169,900 Reduced Price: $164,900 Offered Price: $155,000 (3% towards closing costs) Accepted Price: $155,500 (1% towards closing costs)
March 27th: Submit offer to seller for $155,000 (3% closing costs) March 29th: Seller countered with $155,500 and 1% closing costs, I accepted April 8th: Appraisal Ordered April 18th: Appraisal Completed May 22nd : Negotiator with Wells Fargo was reviewing the file and found a discrepancy with the appraiser's report. Appraiser indicated on his report that the home was unoccupied which is incorrect; the sellers are still living there. Appraisal had to be “re-certified”
Appraisal eventually came in at $159,000 (still within the 10% range of contract price)
June 12th: Emailed both my realtor and my attorney requesting that they get a status update. Realtor stated that my file is at the level 2 stage with Wells Fargo, in their closing department. The title was ordered and they found that when the sellers refinanced some years ago, Marquette Bank never released them from their mortgage. The sellers had to scramble and square things away with Marquette Bank, which has been completed. A Mortgage Release was recorded with the County Recorder on 6/3/13. Wells Fargo is now waiting to receive the clear title which should be happening within the next week or so.
My realtor is confident that I should be closing sometime in August, at the latest
Dec 8 offered $320k on house listed at$385k
Dec 10 counter accepted at 332k
Dec 13 contract submitted to Chase
Dec 15 home inspection completed
1/10 bpo completed
2/20 chase counters at $360k. We have them submit to Fannie Mae to dispute value with comps
3/15 Fannie Mae declines counter and our approval at $360k is gone
3/16 start process all over again
3/20 all paperwork submitted
4/1 chase submits to Fannie Mae
4/5 Fannie Mae declines loan because seller not delinquent 30 days or more, seller stopped paying on 4/1
Should of accepted the original offer. Don't ever counter Fannie Mae
4/16 started process over again
4/23 all paperwork submitted
5/5 bpo completed
5/24 bpo received negotiator sending to Fannie Mae to review
5/28 negotiator gets file back from Fannie Mae
6/10 chase approves $360k and 3% closing cost credit, sending to Fannie Mae for approval
Best advice don't dispute values in this market with the investor. Also ask for closing costs
Hopefully will hear good news in next few weeks!! I'm completely drained by this process
Property located in Will County, Illinois
2 liens – Wells Fargo ($228K in 2009) & Marquette Bank Original List Price: $169,900 Reduced Price: $164,900 Offered Price: $155,000 (3% towards closing costs) Accepted Price: $155,500 (1% towards closing costs)
March 27th: Submit offer to seller for $155,000 (3% closing costs) March 29th: Seller countered with $155,500 and 1% closing costs, I accepted April 8th: Appraisal Ordered April 18th: Appraisal Completed May 22nd : Negotiator with Wells Fargo was reviewing the file and found a discrepancy with the appraiser's report. Appraiser indicated on his report that the home was unoccupied which is incorrect; the sellers are still living there. Appraisal had to be “re-certified”
Appraisal eventually came in at $159,000 (still within the 10% range of contract price)
June 12th: Emailed both my realtor and my attorney requesting that they get a status update. Realtor stated that my file is at the level 2 stage with Wells Fargo, in their closing department. The title was ordered and they found that when the sellers refinanced some years ago, Marquette Bank never released them from their mortgage. The sellers had to scramble and square things away with Marquette Bank, which has been completed. A Mortgage Release was recorded with the County Recorder on 6/3/13. Wells Fargo is now waiting to receive the clear title which should be happening within the next week or so.
My realtor is confident that I should be closing sometime in August, at the latest
Do you know if the sellers had to go to court to take care of this - I'm currently under contract for 9 months and the last I heard was that our sellers attorney was in court trying to clear the title and they were waiting for a signature but they wouldn't offer any more info and have not returned requests for status updates since which was about 3 weeks ago and I'm trying to figure out if this is normal for the process or if I should be concerned...
Property located in Will County, Illinois
2 liens – Wells Fargo ($228K in 2009) & Marquette Bank Original List Price: $169,900 Reduced Price: $164,900 Offered Price: $155,000 (3% towards closing costs) Accepted Price: $155,500 (1% towards closing costs)
March 27th: Submit offer to seller for $155,000 (3% closing costs) March 29th: Seller countered with $155,500 and 1% closing costs, I accepted April 8th: Appraisal Ordered April 18th: Appraisal Completed May 22nd : Negotiator with Wells Fargo was reviewing the file and found a discrepancy with the appraiser's report. Appraiser indicated on his report that the home was unoccupied which is incorrect; the sellers are still living there. Appraisal had to be “re-certified”
Appraisal eventually came in at $159,000 (still within the 10% range of contract price)
June 12th: Emailed both my realtor and my attorney requesting that they get a status update. Realtor stated that my file is at the level 2 stage with Wells Fargo, in their closing department. The title was ordered and they found that when the sellers refinanced some years ago, Marquette Bank never released them from their mortgage. The sellers had to scramble and square things away with Marquette Bank, which has been completed. A Mortgage Release was recorded with the County Recorder on 6/3/13. Wells Fargo is now waiting to receive the clear title which should be happening within the next week or so.
My realtor is confident that I should be closing sometime in August, at the latest.
June 13th UPDATE: We drove past the home last night and it looks as if the sellers have in fact moved out already. Now, I'm concerned about whether or not the home is being maintained at this time, I sure hope so! I have a call in to my realtor to discuss.......
Do you know if the sellers had to go to court to take care of this - I'm currently under contract for 9 months and the last I heard was that our sellers attorney was in court trying to clear the title and they were waiting for a signature but they wouldn't offer any more info and have not returned requests for status updates since which was about 3 weeks ago and I'm trying to figure out if this is normal for the process or if I should be concerned...
I don't know if the sellers had to go to court or not, my realtor didn't day. She told me that when Wells Fargo did a title search and found the lien from the previous bank the sellers had to scramble and look back through some of their old documents and provide even more information in order to get the Mortgage Release from their previous bank. According to the County Recorder's website the Mortgage Release documents were dated April 17th and weren't recorded until 6/3/13, maybe that's an indication that it took almost 2 months to get the title cleared up?
So, if the seller's attorney isn't getting back to you, see what info you can find on the county recorder's website. It wasn't until I stumbled upon the Morgage Release online that I asked my realtor about it.
updates below
I found this thread yesterday and found it helpful. So I decided to join. Here's my timeline.
First Time Home Buyer (Short Sale)
Listing Price: $168,000 Offer: $168,000 Bank: Wells Fargo 5/3: House put on the market[/font] (as per listing agent, he already submitted all documents for SS a month prior to putting house and market so he can speed up the process and advised our REA that the BPO has already been ordered) 5/4: Viewed home & put a offer in for listing price 5/5: Verbal seller approval 5/6: Written contract from seller (submitted a updated pre-approval letter to send to the bank as requested from listing agent)
5/7: Offer submitted to bank
5/9: Signed and submitted Short Sale Arms Length Agreement
Was informed that process should take 60 days since the Listing Agent did most of the work prior to house hitting the market. Does anyone have any helpful advice on the next steps that I should experience? and, anything that I can do on my end to help the process go faster. I know, I know, its a SS and its going to take long but we are so ready to move. thanks
5/16 I contact our REA and she tells me there is no weekly updates on SS. Is this true? I am getting a little frustrated with her lack of updates. 6/13 Seller's Bank Appraisal came in at $125k which is well below the listing price and our offer. Our agent received this info last week but gave the seller's agent some time to decide what they wanted to do. No response from them so we were told to sign the Amendment to Contract and fax immediately.
Any advice or idea what happens now?!?!
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My Short Sale Timeline
