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I am so frustrated. I have asked repeatedly for detailed status on where we are at and all I can get is a response about how many times a phone has been picked up. I can make phone calls all day long too. That means nothing. Who is being called? What is their position within BofA? What are they being asked? What is the reply? Since signing the contract on this house our house has sold and we closed on it Monday. Our family of 7 is now living in 3 spare rooms at my parents. I would like to at least be told a worthwhile status with fair expectations of what is going on with the bank. It is the only house in our school's zone that fits our large family and I am starting to lose faith the parties involved can get this deal done. Sorry, had to rant.
I can totally relate...we haven't made much progress ourselves. BofA sold the primary loan on the home we put an offer in on, so we essentially started the process all over again after 2 months of waiting. We were always told that all communication is done through equator, not through phone calls. I know I read about trying to escalate files through twitter but apparently that may cause a new negotiator to be assigned to the file. Hope you get some answers soon!
I am so frustrated. I have asked repeatedly for detailed status on where we are at and all I can get is a response about how many times a phone has been picked up. I can make phone calls all day long too. That means nothing. Who is being called? What is their position within BofA? What are they being asked? What is the reply? Since signing the contract on this house our house has sold and we closed on it Monday. Our family of 7 is now living in 3 spare rooms at my parents. I would like to at least be told a worthwhile status with fair expectations of what is going on with the bank. It is the only house in our school's zone that fits our large family and I am starting to lose faith the parties involved can get this deal done. Sorry, had to rant.
I am in the the same boat. I am living in 2 spare rooms at my parents house also so my kids could go to the same school, never expecting for this sale to take this long. My realtor advised it would take time, but this was presented to me like this. She is a family friend so hard to be angry with her, but still frustrating and I share your pain.
Property located Waldorf,MD
Mold in Basement
2 liens one BofA
Listings price $320
Offer $250
4/9 Viewed house no electric caused sump pump unable to work caused water to back up in property
5/19 Viewed house again buying power changed fiancé self employed
5/20 Written offer to remove personal items and sheet rock to court appointed trustee attorney . Owner are divorce (sale in lieu)
5/29 Trustee counter as-is will not remove personal items or sheet rock.
5/30 Resent contract as-is
6/7 Received ratified contract
6/10 Contract sent to BofA
7/15 Requested info.Has bpo been done? Has active duty status been verified? I did research and know one of the owner was active duty military.
7/22 Received email from trustee. He was dealing with military services division and was told he would have to send court appointed papers to BofA legal to have him as seller. He did not receive such approval until last week. He resent offer
8/2/13 Received email from my agent asking us to sign BofA SS addendum. Signed and sent back.
8/20/13 Received email from my agent. Attorney sent email to listing agent last week stating bank ordering BPO. I called my agent and ask why we just getting this info, per listing agent he forgot to send it. Also if unable to get approval by 8/30/13 willn't be able to use UDSA loan (must go FHA). Higher mortgage payment and go from zero down to $10k 8/27/13 Bank requested first 5 of social, dob and mortgage lender information
6/23 – Looked at house for first time
6/26 – viewed 2nd time with husband. Made offerof $380K asking 10K in closing (house has been vacant for about two years. we will be having to do some work on it)
6/27 – verbal acceptance by seller. Seller living out ofstate…was faxed contract
7/5 – received word seller signed contract and is meetingwith BofA on 7/8
7/8 – signed short sale addendum and wrote earnest check
7/10 – signed Arms length affidavit.
7/12 – signed Arms length affidavit again and toldconfirmation was received from BofA all paperwork was received
7/22 – told a negotiator is assigned and will meet withselling agent on 7/24
7/24 – selling agent talks with negotiator and is told theyhave no record of the short sale request, no paperwork
7/26 – seller and selling agent talk with BofA and are againtold a negotiator will work with them on Wed
8/1 – received word that new negotiator again said they haveno record of the short sale request, no paperwork (numerous other people withBofA in different roles and orgs are acknowledging they have no idea why thenegotiators are saying this. They are looking at the paperwork in front ofthem)
8/2 – my loan officer is familiar with short sales and hasbeen working with selling agent throughout (selling agent has only done 1 shortsale before). He reached out to a short sale attorney and the attorney is“foaming at the mouth” and believes if hired he can rectify the no paperworksituation and get traction. Seller emails and calls attorney to discuss hiringhim.
8/7 – receive word seller is meeting with the attorney theafternoon of 8/8 to sign paperwork
8/9 - learned seller rescheduled meeting with attorney for the afternoon of 8/12
8/13 - attorney had sent in letter to BofA. BofA has provided verbal approval and requested some updated docs, including us signing with a closing date of 9/20
8/15 - seller's agent now says BofA hasn't actually approved and requested all of the paperwork sent in again, 5th or 6th time the full package will be submitted. Now requesting closing date of 10/1 listed. Resigned. Meanwhile our loan officer has already gathered from us fresh financial docs and signatures so he can get our loan ready
8/20 - my agent today asked for an update and selling agent advised today she was asked to resend all of the paperwork she had sent on Friday. So now the 7th submission of the same paperwork? She was then advised the CRM would be in touch every 7 to 10 days.
8/28 - asked for update. The update we get is that she tries calling every day and is still waiting.
UPDATE: finally received an update. which is that the bank responded it will be 2 to 3 months before a negotiator will be assigned to begin reviewing.
Huh? I don't know how we went from being told we were a go for a 9/20 closing to now finding out it has been over 2 months and no one has ever been assigned to it, although twice we were told there were to be meetings with negotiators in the past. It seems we've been fed some BS. So if it's 3 months before someone starts it and then possibly 2 months to be reviewed and then a month to close, we're staring at a possible 8 months to wait on a house that could just be denied or foreclosed on. I believe we will be withdrawing our offer although we have been asked to give them thru the holiday weekend before making a decision at least. Looks like we will be building a house of our own.
Thank you to everyone who has shared their experience. Before I signed up for this short sale, I didn’t know jack about them. Now, after researching and reading this entire thread, I feel like I know how the game is played: NO RULES! Fortunately we are not in a hurry to close, but I can’t fit another child in this apartment. So we need a house in order to get pregnant with our third. Apparently I make crazy decisions all around.
Life on Hold: A Short Sale Story in Progress in Central Florida
Distressed property in a highly sought-after neighborhood
2 Liens: 1st Wells Fargo (for $507,000) and *SURPRISE!* 2nd Citimortgage HELOC (for $63,000)
11/2006 – Sold for $633,000
9/2011 – Listed for sale $449,000
6/8/2013 – 1st Buyer under contract for $400,000
8/8 – BPO done $450,000
8/15 – 1st buyer walks
8/17 – House re-listed as approved short sale price of $450,000
8/19 – We walk the house and love it, put in full cash offer of $450,000 & $6,000 earnest money
8/20 – Sellers accept, officially under contract, listing removed. Now the fun starts.
8/21 – Paperwork submitted to Wells Fargo for approval
8/29 – Wells Fargo gives verbal approval, Listing Agent says they are “working with the 2nd lender and hope to hear back next week.”
8/30 – Tenants move out. Home is officially vacant/empty.
Now we wait. 2nd lien is the dreaded HELOC so it could go either way. Our contract is up October 25th but I would be willing to wait longer depending on how this progresses.
I can totally relate...we haven't made much progress ourselves. BofA sold the primary loan on the home we put an offer in on, so we essentially started the process all over again after 2 months of waiting. We were always told that all communication is done through equator, not through phone calls. I know I read about trying to escalate files through twitter but apparently that may cause a new negotiator to be assigned to the file. Hope you get some answers soon!
I've been confused by the listing agent's replies all along and asking for details for that very reason. I'd done a lot of research online to understand the process and had asked if equator was being used and lots of detailed questions like has a BPO been ordered and detailed questions were never answered. I also advised them with detailed instructions on how to escalate through twitter to BofA, but was told the listing agent doesn't have a twitter account. I think our issue has been incompetency which is the most frustrating thing about this. A reply by BofA that it will be a total of 5 months for anyone to ever be assigned to look at an offer is an unacceptable answer, yet that was our update, with no mention of any action to be taken to improve upon that.
I am in the the same boat. I am living in 2 spare rooms at my parents house also so my kids could go to the same school, never expecting for this sale to take this long. My realtor advised it would take time, but this was presented to me like this. She is a family friend so hard to be angry with her, but still frustrating and I share your pain.
I hope your deal goes better than ours. Hopefully the listing agent is experienced in working short sales. It seems to me when the listing agent does not know how to deal with the bank chance of success drastically decreases.
Thank you to everyone who has shared their experience. Before I signed up for this short sale, I didn’t know jack about them. Now, after researching and reading this entire thread, I feel like I know how the game is played: NO RULES! Fortunately we are not in a hurry to close, but I can’t fit another child in this apartment. So we need a house in order to get pregnant with our third. Apparently I make crazy decisions all around.
Life on Hold: A Short Sale Story in Progress in Central Florida
Distressed property in a highly sought-after neighborhood
2 Liens: 1st Wells Fargo (for $507,000) and *SURPRISE!* 2nd Citimortgage HELOC (for $63,000)
11/2006 – Sold for $633,000
9/2011 – Listed for sale $449,000
6/8/2013 – 1st Buyer under contract for $400,000
8/8 – BPO done $450,000
8/15 – 1st buyer walks
8/17 – House re-listed as approved short sale price of $450,000
8/19 – We walk the house and love it, put in full cash offer of $450,000 & $6,000 earnest money
8/20 – Sellers accept, officially under contract, listing removed. Now the fun starts.
8/21 – Paperwork submitted to Wells Fargo for approval
8/29 – Wells Fargo gives verbal approval, Listing Agent says they are “working with the 2nd lender and hope to hear back next week.”
8/30 – Tenants move out. Home is officially vacant/empty.
Now we wait. 2nd lien is the dreaded HELOC so it could go either way. Our contract is up October 25th but I would be willing to wait longer depending on how this progresses.
We have acquaintances who bought a short sale in similar situation. With Wells Fargo, previous buyers had walked, but the leg work to get an approved price had already been done. They were closed within 30 days of their full price offer. So hopefully your goes similarly as smoothly. They did not have to contend with a second mortgage though. Good luck!
We have acquaintances who bought a short sale in similar situation. With Wells Fargo, previous buyers had walked, but the leg work to get an approved price had already been done. They were closed within 30 days of their full price offer. So hopefully your goes similarly as smoothly. They did not have to contend with a second mortgage though. Good luck!
kms I'm so sorry your SS didn't work out. Asking you to wait for months with no real progress is beyond frustrating. Hopefully you can build your dream home, one that's nice and big for all your kids!
As for my case, I really hope we can close this year. We were not told about the 2nd lien AT ALL, much less that it's a freaking HELOC for $63k. I had to look it up myself!
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.
6/19 Received signed Amendment to Contract from sellers.
6/21 Notified by seller's agent that its in the review process and things are moving along.6/30 Our agent let us go back in the house to view it again. Sellers left a bag of soiled food on the counter and the house smelled horrendous.
7/3 Found out from the sellers agent that the is a 2 liens on the house and the smaller of the 2 liens was approved. (We found sellers agent info and contacted him on our own) Our agent has yet to give us an update and we doubt she even knows about the 2 liens.
7/12 Sellers had to update their short sale package since its been over 30 days.
7/18 Our agent called and said the bank would like us to sign an amendment for a 60 day extension so they can approve our sale. Our original offer asked for us to close on July 31.
8/2 Signed and sent HAFA Affidavit
8/14 WHOOO HOOOO!!! RECEIVED APPROVAL LETTER FROM 1ST LIEN... (2ND WAS ALREADY APPROVED)...ALL REQUESTED DOCUMENTS SENT TO LOAN OFFICER TODAY...
8/30 OUR LOAN APPROVED!!!! CLOSING DATE SET FOR 9/16!!!!!
CAN'T WAIT!!! I AM BEYOND ECSTATIC!!!! GOD IS GOOD!!!!
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