Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Any help would be appreciated. My realtor is wonderful, but I'm still a little unclear as to how much longer the wait may be.
I am the buyer of a short sale that has an FHA loan and Colorado Housing and Finance Authority (CHFA) assistance. Here is my timeline:
8/28/13: Looked at Property
9/3/13: Full offer package sent to negotiator via fax (full contract, arms length, and HUD 1)
9/17/13: sent to investor (HUD)
11/22/13: HUD has signed off on the short sale
11/22/13: I was informed that CHFA is now reviewing and has to sign off and send paperwork to the seller
Any idea how much longer that would take. Weeks, months, etc.
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.
November 5th, 2013 – The title company contacted me for my social security number and my birth date
November 13th, 2013 - The title company has been assigned as the negotiator. RA told me I should hear by next week when BPO has been scheduled, etc.
November 26th, 2013 - Received approval letter!! I'm in utter shock right now. Faster than I expected. I'll find out more information on how it happened so fast November 27th, 2013 – Appraisal was ordered. Looking to do the inspection sometime this week[12/2/2013]. Also talked to my Realtor about why this short sale went so fast and basically he deduced it down to the seller's agent just being on top of the ball the entire time/ the seller's agent is experienced with short sales.
Any help would be appreciated. My realtor is wonderful, but I'm still a little unclear as to how much longer the wait may be.
I am the buyer of a short sale that has an FHA loan and Colorado Housing and Finance Authority (CHFA) assistance. Here is my timeline:
8/28/13: Looked at Property
9/3/13: Full offer package sent to negotiator via fax (full contract, arms length, and HUD 1)
9/17/13: sent to investor (HUD)
11/22/13: HUD has signed off on the short sale
11/22/13: I was informed that CHFA is now reviewing and has to sign off and send paperwork to the seller
Any idea how much longer that would take. Weeks, months, etc.
It could be a few days or it could take months, no way to really tell unfortunately. Hopefully the seller's agent and the seller are staying on top of the paper work that they need to provide to both institutions in a timely manner, since that is a key part that can speed up or slow the process down. And even if they are on top of it, these institutions have no problem taking their sweet time.
It could be a few days or it could take months, no way to really tell unfortunately. Hopefully the seller's agent and the seller are staying on top of the paper work that they need to provide to both institutions in a timely manner, since that is a key part that can speed up or slow the process down. And even if they are on top of it, these institutions have no problem taking their sweet time.
Thanks homeabc. I just can't seem to find anyone who has dealt with CHFA on any of the forums. Im sure like everyone else on here, we are just kind of lost.
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.
11/8/13--Signed Arms Length Affadavit
11/19/13--First underwriter approval
11/21/13--Short Sale Approval!!!!! Closing before Jan 7th!!!
11/23/13--Home inspection done. The inspection passed...just some minor repairs that we can do ourselves once we get moved in.
11/25/13--Locked in our rate. Appraisal and title work ordered. Loan application signed & ready for submission. 12/4/13--Mortgage loan approved. Closing date set for 12/16!
List price $369,000
Offer $285,000
1mortgage, Chase
10/22/13-Offer made
10/25/13-Offer submitted to bank
11/8/13 -Bank BPO ordered
11/22/13- BPO Complete and appraisal order
12/3/13- bank servicer gives file to negotiator
12/6/13-File review complete
12/11/13 - File given to investor
12/13/13 - investor counter offer $359K ($10K less than listing price, which was the amount seller owed).
12/13/13 -upped offer to $295K
List Price 155,000
Offered 159,000 and $4000 in closing cost assistance
Location Va
2 Liens Sps and B of A
House purchased in 2005 for $250,000 with 80/20 loan
Sps holds 80% and B of A holds other 20%
Bank had previously approved short sale but previous buyer walked away after waiting 1 year. Both banks approved short sale in Oct 2013 and buyer was due to close in Nov 2013.
First viewed house 10/18/2013
Ratified Contract 10/21/2013
Contract sent to bank 10/25/2013
Mortgage app completed 10/29/2013
Sps provided verbal approval 11/14/2013
B of A short sale addenum signed 11/15/2013
B of A confirmed they have all info needed 11/22/2013
Mortgage app credit approved waiting on short sale approval from both banks to proceed with appraisal 11/25/2013
B of A Negotiatior assigned 12/5/2013 listing agent advised we should hear something in 10 days
B of A asked for my ss#, dob, and address 12/5/2013
B of A requested updated Hud 1 with both seller and buyer address 12/10/2013
Waiting on B of A to make decision. I assume once negotiatior is done all docs will be sent to investor for approval which will take another 2 weeks.
List Price 155,000
Offered 159,000 and $4000 in closing cost assistance
Location Va
2 Liens Sps and B of A
House purchased in 2005 for $250,000 with 80/20 loan
Sps holds 80% and B of A holds other 20%
Bank had previously approved short sale but previous buyer walked away after waiting 1 year. Both banks approved short sale in Oct 2013 and buyer was due to close in Nov 2013.
First viewed house 10/18/2013
Ratified Contract 10/21/2013
Contract sent to bank 10/25/2013
Mortgage app completed 10/29/2013
Sps provided verbal approval 11/14/2013
B of A short sale addenum signed 11/15/2013
B of A confirmed they have all info needed 11/22/2013
Mortgage app credit approved waiting on short sale approval from both banks to proceed with appraisal 11/25/2013
B of A Negotiatior assigned 12/5/2013 listing agent advised we should hear something in 10 days
B of A asked for my ss#, dob, and address 12/5/2013
B of A requested updated Hud 1 with both seller and buyer address 12/10/2013
Waiting on B of A to make decision. I assume once negotiatior is done all docs will be sent to investor for approval which will take another 2 weeks.
Update Signed B of A Buyer acknowledgment form 12/16/2013
Congrats JoJo81!! Right in time for Christmas & New Years!
Thanks! We're pretty excited!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
My timeline
