Opinion, Two lien shortsale (accepted, prices, offers, state)
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Wife and I currently own a town home so patience was not a problem when searching fora home. Not to mention the inventory was so incredibly low and full of cash offers that it seemed to be worth a shot. The first loan must have been reduced to approximately 190k from its original purchase price of 290 12 years ago. The second is a home equity line of credit, although I am thinking there should be plenty to spare for that second loan making it a no brainier for them.
March 27 - Listed at 275k
March 30 - Offer accepted at 300k, beat out several cash offers due partly to meeting the home owners.
April ? - Equator Negotiator Assigned
April ? - BPO ordered by first bank
April ? - Offer of 300k accepted and sent off to second lien holder
May ? - Second lien holder received package
May? - Second lien holder orders interior BPO
May ? - Second spends a couple weeks what seems like gathering more documents from sellers
June 12 - Verbal approval from second lien holder, requesting updated bank statement from buyers.
I am mainly concerned that the first will conduct another valuation even though its only been a couple months, the market has been really crazy here. The house originally was comping right in the middle of FMV, now its towards the lower end but certainly still in the zone. Nearby similar homes are now listed at outrageous prices but none sold yet, I dont believe these would affect the comps too much correct?
Also, wondering from everyone's experience how much longer the process may take from the approval of the second lien holder.
More often than not, the second lien holder doesnt cooperate and the deal falls through.
Update: Just got the approval letter from the second bank, Chase. Took two weeks exactly.
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