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I've been looking on this sight for about a month so I figured I would provide my timeline so far to add to the list!
1 mortgage with Wells Fargo
List Price- "approved" at $399,900
Offered $350,000
10/7- made first offer
10/10- seller countered with $375k
10/11- accepted and signed contract
10/12- signed short sale addendum
10/13- additional full price offer came in before attny review finished
10/14- made full price offer and sent offer to bank
10/17- BPO ordered
10/21- BPO completed
10/23- Attny Review finished
10/25- signed Short Sale affidavit
10/31- listing removed from MLS and sellers agent said we should hear answer from the bank within a week.
I thought since this thread and other's like it were so useful for me I'd share my own experience with other's as well. I already went through one short-sale and it was a nightmare of a situation. After 6 months I ended up walking away from it. This is the second "short-sale process" that I am going through. Hopefully it'll help someone as other's stories have helped me
House Price - $110,000
Loan Type – FHA
Location – PG, Maryland
Offer Price - $110,000
Bank - Nationstar
Pre-Approval - The shortsale is considered pre-approved because it already went through the short-sale process with the bank and the buyer was approved the price of $110,000, however, buyer didn't have the necessary funds in order to purchase the home. Hoping that this will help to speed up the process but my real estate agent and I know that regardless the bank is going to have to start all over on this file anyway.
October 16th, 2013 – Offer submitted
October 17th, 2013 – Offer accepted
October 19nd, 2013 – Signed Ratified Contract / Ratified Contract was sent back to seller
October 23rd, 2013 – Listing Removed from MLS and other house websites
October 25th, 2013 – Contract sent to Bank around this time with 25th being the latest date. The mortgage is with Nationstar.
October 29th, 2013 – Loan officer says that the contract settlement date is set for 12/17/2013. Real Estate Agent says that we should hear something from the bank next week.
October 30th, 2013 – Listing changed to ‘Pending Status’ on Redfin
October 31st, 2013 – My real estate agent says that the seller’s agent is really pushing to close within 30 days and the seller is very motivated to sell (The seller hasn't been living in the home, the home has been vacant for a while). Although my real estate agent and I know that closing within 30 days is highly unlikely, it’s nice to at least know that the seller really wants to do this short sale.
List price $499,900
Offer $425,000
2 mortgages, one is BOA
6/22/13-Offer made
6/25/13-Offer submitted to bank
7/9/13-Bank requests more paperwork from seller
7/15/13-Bank asks for a few adjustments to contract: we have to pay closing costs & home warranty, owner wants to take refrigerator.
7/18/13-Found out bank wants to do another BPO, status in Equator is "offer submitted"
7/30/13-Found out 2nd mortgage is being sold to a new lender, BPO has been ordered but not completed
8/16/13-Were told by listing agent that seller is "working on tax issues." Luckily it is not a tax lien on the house. Offer is being reviewed by new 2nd lender.
8/17/13-Found out new lender bought the BOA loan (the primary mortgage loan).
8/22/13-Listing agent is going to list the property as pending. Working on getting a commitment letter signed between new loan servicer, homeowner, & us so that we have some form of a contract.
9/10/13--BPO has been done.
10/4/13--The bank was negotiating with the seller on an "agreeable amount." We are under the assumption that they are asking him to bring some money to the table.
10/15/13--Bank is asking us for proof of funds for down payment.
10/23/13--Listing agent tells our agent that she is expecting a response from the bank on Thursday (10/24).
10/24/13--Asking for another pre-approval letter dated through November..."just in case they can't get the deal done in November. 11/1/13--A "relationship manager" has been assigned to the case. LA stated to him that the property taxes will be further delinquent if not closed by Nov 15 (which is the date our contract extension ends as well...we can extend past that if we like). LA then asks if our lender will be ready to close in about 2 weeks (this is coming from LA...NOT THE BANK). We don't even have a written contract, so how the heck does the LA think we will be able to even START the loan approval without a contract?!?! I'm just absolutely baffled. I think the LA is blowing hot air and telling us what she thinks we want to hear. We just want the truth!!!!
List price $499,900
Offer $425,000
2 mortgages, one is BOA
6/22/13-Offer made
6/25/13-Offer submitted to bank
7/9/13-Bank requests more paperwork from seller
7/15/13-Bank asks for a few adjustments to contract: we have to pay closing costs & home warranty, owner wants to take refrigerator.
7/18/13-Found out bank wants to do another BPO, status in Equator is "offer submitted"
7/30/13-Found out 2nd mortgage is being sold to a new lender, BPO has been ordered but not completed
8/16/13-Were told by listing agent that seller is "working on tax issues." Luckily it is not a tax lien on the house. Offer is being reviewed by new 2nd lender.
8/17/13-Found out new lender bought the BOA loan (the primary mortgage loan).
8/22/13-Listing agent is going to list the property as pending. Working on getting a commitment letter signed between new loan servicer, homeowner, & us so that we have some form of a contract.
9/10/13--BPO has been done.
10/4/13--The bank was negotiating with the seller on an "agreeable amount." We are under the assumption that they are asking him to bring some money to the table.
10/15/13--Bank is asking us for proof of funds for down payment.
10/23/13--Listing agent tells our agent that she is expecting a response from the bank on Thursday (10/24).
10/24/13--Asking for another pre-approval letter dated through November..."just in case they can't get the deal done in November. 11/1/13--A "relationship manager" has been assigned to the case. LA stated to him that the property taxes will be further delinquent if not closed by Nov 15 (which is the date our contract extension ends as well...we can extend past that if we like). LA then asks if our lender will be ready to close in about 2 weeks (this is coming from LA...NOT THE BANK). We don't even have a written contract, so how the heck does the LA think we will be able to even START the loan approval without a contract?!?! I'm just absolutely baffled. I think the LA is blowing hot air and telling us what she thinks we want to hear. We just want the truth!!!!
Hi Jojo.... I think your story matches at some percent to ours... heres the thing. When we submitted the offer to the house, after few weeks parallelly we started our loan process keeping average price in mind and by the time we recieved first approval from the bank, our loan got approved. We got fully loan approved of 170K but the bank approved at 155K so my loan office submitted extra paper work to reduce the loan from 170K ro 155K. I think when we recieved second bank approval my loan officer says we will be able to close in 2 weeks. (We also have the first bank approval expires on 15th Nov as well our lock rate expires on the same day). Ask your realtor in the short sale you dont have to wait till the approval before starting loan process.
also in case if this curent deal dies for some reason you have 120 days to transfer the approved loan fund to another house as well.
I've been looking on this sight for about a month so I figured I would provide my timeline so far to add to the list!
1 mortgage with Wells Fargo
List Price- "approved" at $399,900
Offered $350,000
10/7- made first offer
10/10- seller countered with $375k
10/11- accepted and signed contract
10/12- signed short sale addendum
10/13- additional full price offer came in before attny review finished
10/14- made full price offer and sent offer to bank
10/17- BPO ordered
10/21- BPO completed
10/23- Attny Review finished
10/25- signed Short Sale affidavit
10/31- listing removed from MLS and sellers agent said we should hear answer from the bank within a week.
To be continued...
11/4- received verbal approval from bank with a few changes to the HUD statement. Should receive written approval sometime this week and schedule closing date.
11/4- received verbal approval from bank with a few changes to the HUD statement. Should receive written approval sometime this week and schedule closing date.
that's quick! congrats!! I guess the full price does make a difference in this case...
that's quick! congrats!! I guess the full price does make a difference in this case...
Yea we were very surprised how quickly this has gone. After hearing all the horror stories, we tried not to get our hopes up too much. There were two previous offers that had started the short sale process and fell through, so I think that helped to expedite things as well. Won't be totally relieved until we have keys in hand!
Here is my short sale progress so far. Sold for $277,000 in 2006. listed at $193,000. 1 lein from Quicken loans. Set to go to auction December 9th
9/13 Home back on the market after previous short sale fell through.( I am told financing fell through for buyer)
9/13 Do a walk through and fall in love with the home. Made a full price offer $193,000
9/14 Multiple offers were received but our realtor talks sellers agent into taking ours
9/16 Offer accepted by the seller
9/17 Paperwork all in order and sent to lender
10/2 Bpo supposed to happen today and we are told results will be in Monday 10/7
Waiting impatiently now for news . Has anyone else had an experience with quicken loans in a short sale?
BPO came back 196,000 and bank won't pay closing costs. I hope our offer is solid enough.
11/4 new loan pre approval sent
11/6 Arms length Affidavit signed and proof of down payment funds sent over as requested by the bank. I hope this means an acceptance letter soon. The sellers agent will request the auction date be pushed back as well since it is in a month.
I thought since this thread and other's like it were so useful for me I'd share my own experience with other's as well. I already went through one short-sale and it was a nightmare of a situation. After 6 months I ended up walking away from it. This is the second "short-sale process" that I am going through. Hopefully it'll help someone as other's stories have helped me
House Price - $110,000
Loan Type – FHA
Location – PG, Maryland
Offer Price - $110,000
Bank - Nationstar
Pre-Approval - The shortsale is considered pre-approved because it already went through the short-sale process with the bank and the buyer was approved the price of $110,000, however, buyer didn't have the necessary funds in order to purchase the home. Hoping that this will help to speed up the process but my real estate agent and I know that regardless the bank is going to have to start all over on this file anyway.
October 16th, 2013 – Offer submitted
October 17th, 2013 – Offer accepted
October 19nd, 2013 – Signed Ratified Contract / Ratified Contract was sent back to seller
October 23rd, 2013 – Listing Removed from MLS and other house websites
October 25th, 2013 – Contract sent to Bank around this time with 25th being the latest date. The mortgage is with Nationstar.
October 29th, 2013 – Loan officer says that the contract settlement date is set for 12/17/2013. Real Estate Agent says that we should hear something from the bank next week.
October 30th, 2013 – Listing changed to ‘Pending Status’ on Redfin
October 31st, 2013 – My real estate agent says that the seller’s agent is really pushing to close within 30 days and the seller is very motivated to sell (The seller hasn't been living in the home, the home has been vacant for a while). Although my real estate agent and I know that closing within 30 days is highly unlikely, it’s nice to at least know that the seller really wants to do this short sale.
Novermber 5th, 2013 – The title company contacted me for my social security number and my birth date
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