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12/30/13: Viewed Property
1/9/14: Made Offer / under listed price
1/11/14: Sellers accepted offer. Goes to the bank
Meeting with our realitor later this week. Do we start our mortgage application at this point? Nice home in poor condition. Area has been hit with a lot of short sales in the past two years. Prices have been between 200k and 175k. We offered 175k plus 3 percent. House is in distress, but a nice home. Sellers agreed but not sure what will happen next. Any advice would be great, it looks like a wellsfargo short sale.
I would wait on the mortgage application. I will be posting my story soon which started in April and my offer is just now being approved. Short example of why to wait, I did a mortgage application in April because the seller didn't indicate it was a short sale. I had to cancel the application and eat the application fee (including appraisal costs) because the bank wanted to charge me $800 a month to keep the application open.
That's what we were thinking. We want this process to smoothly, but don't want to be on the hook for a ton of money if the bank is going to take their time approving the short sale. We didn't know if applying for the mortgage would make the sale go through quicker. We appreciate your advice and look forward to reading your posting.
The short sale paperwork for my property instructed me not to start the mortgage approval process until the bank approves the short sale. Then I have 30 days to get it done.
I started my mortgage application about two weeks after the seller accepted my offer. However I didnt have to pay any fees and my bank will not request a appraisal until they have written short sale approval in hand. As of right now my loan has been approved by underwriting but its pending short sale approval and appraisal. It was suggested by my realtor that I start the mortgage application because when short sale approval does come through you have to close within the amount of days in your ss approval letter and sometimes it is difficult to get an extension. The downside is I have to send my paycheck stubs to my bank every pay period to keep my file up to date and the bank has to pull my credit every 90 days. Also my bank advised I cant lock my rate until I get ss approval. Good side is thus far I havent spent one penny as it was suggested that I hold off on getting my inspection done until ss approval is issued. However according to my bank my loan process is 50% complete so they should have no problem closing in 30 days or less. Hope this helps and good luck!
I started my mortgage application about two weeks after the seller accepted my offer. However I didnt have to pay any fees and my bank will not request a appraisal until they have written short sale approval in hand. As of right now my loan has been approved by underwriting but its pending short sale approval and appraisal. It was suggested by my realtor that I start the mortgage application because when short sale approval does come through you have to close within the amount of days in your ss approval letter and sometimes it is difficult to get an extension. The downside is I have to send my paycheck stubs to my bank every pay period to keep my file up to date and the bank has to pull my credit every 90 days. Also my bank advised I cant lock my rate until I get ss approval. Good side is thus far I havent spent one penny as it was suggested that I hold off on getting my inspection done until ss approval is issued. However according to my bank my loan process is 50% complete so they should have no problem closing in 30 days or less. Hope this helps and good luck!
Depending on who the sellers mortgage lender is....we have conducted short sales with Chase within 6 weeks. Bank of America takes longer, Wells Fargo is overall Horrible but doable and Suntrust can be easy or bad. Ocwen however....take a deep breathe and make sure you have lots of time unless you don't have to deal with the phonies in the call center in India! Ocwen should not be allowed to handle any mortgage!
Offered on SS November 27th
1st mortgage citibank
2nd and 3rd Bremer
Seller agreed and signed mid December
Jan 3rd SS package sent to lender
Jan 10th BPO ordered
I haven't heard anything since the 10th but I'm hoping BPO will be close to offer. We used recent comps when offering so I feel the offer is fair. Our mortgage lender gathered all our information and we are in the underwriting stage. There is no charge and it will speed up the process if the banks accept our offer.
12/30/13: Viewed Property
1/9/14: Made Offer / under listed price
1/11/14: Sellers accepted offer. Goes to the bank
1/17/14: Had to send Signed Pre-approval and Bank Statement
At this point we are waiting to hear from the sellers agent to see if the BPO has been ordered. Hopefully things will move along, but this seems to be slow process. Myclosing LLC is a third party negotiating the deal. We have not heard from them at this point. Has anyone ever heard of Myclosing?
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