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My appraisal came back $26,000 more than the sales price and no repairs are needed to close.
Now Im just waiting on the ss approval letter from the first lien holder..then I can close. Im still a bit stressed because im not sure whats taking the first lien holder so long. They verbally approved the short sale on Nov 12 before the file was sent to the 2nd lien holder for review. I thought once the 2nd lien holder issued their approval letter the first would follow right behind it. Boy was I wrong. Its been 2 weeks and still no word. Im going to hang in there though. Good luck everyone.
That's terrific about the appraisal! Hopefully your approval from the first lien holder comes asap now. I am surprised (as you are), that you do not have it yet. Gotta love banks. It's like they know they are messing with us as far as timing.
We got the numbers on the HOA fees, back due amount is only 500 bucks, which is more than manageable (we were prepared for 800+). So now everything is complete we are just waiting on the bank to review the file. Spoke to our mortgage broker and updated all our info for the credit file, she is waiting on an acceptance from the selling bank to run the credit again, and give us our second pre-approval. Hoping no hiccups change any of these circumstances. Praying it all comes together quick.
That is great news! I hope your deal sails smoothly! From what I understand, once the contract/offer is submitted the lender has 5 days to review it. So your right, any day now!!! Good luck to you! I'm not sure when our offer will be officially submitted to BofA, any day now if has not already been submitted. Fingers crossed!!
1/4/14-Viewed house
1/7/14-Tendered offer. Offering $265, asking price was $270k. I have a bit of cash back in there to put towards closing costs. First and second mortgages total $340k and are both held by the same bank
1/10/14-Seller accepted offer.
1/24 received an 'opening package' from the title insurance company, which I returned a couple of days later
2/18 I received word that the bank had ordered the BPO and we are waiting for them to work on it.
2/25. The bank fired my negotiator and has assigned a new one, who hasn't gotten to my file yet.
2/27 Looks like things are moving again. We had to sign a document promising not to commit fraud on our mortgage application.
Thanks for the support guys. I'm hoping "any day now" isn't just a mantra we've been repeating over and over again. Still waiting, still praying. we won't give up on this house.
Everything will work out Hoose. I know exactly what you're going through! There is not one comparable house on the market for the price we're getting on this one. We have to get this house! We don't have much of a budget and this place is perfect for our family. No others even come close! It will all be worth the wait once we get the keys
I got 2nd trust approval just now. Here is my detailed timeline.
Jan 4 Initial listing.
Jan 16 afternoon, We saw the house with our agent.
Jan 17 morning, we decided to not proceed.
Jan 17 evening, listing saw price drop of 3%. We don't know about this as of then.
Jan 18 evening, we discussed and decide to pursue the listing and call our agent. He told us the price is bank approved (after 3% drop) and 45 days to approval is likely given the listing agent is short sale specialist.
Jan 19 afternoon, we tour the house again and write up offer and submit with EMD check 5,000$.
Jan 23, EMD Check is deposited into Escrow. MLS listing changes to Pending status.
Feb 7, we get first trust approval. Lender is Bank of America. Closing deadline is given as 03/24.
Feb 28, Today we receive 2nd trust approval. Lender is Suntrust Mortgage. Closing deadline is given as 05/26.
We are shooting for a closing date of 03/14 and a move date of 03/28. Bank Appraisal has been ordered and inspection is set for tomorrow morning.
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