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Year 2011
Bank- Bof A
# of Lenders :1
PMI: Not sure yet
Oct 7th -Made offer
Oct 24th -Seller accepted/ Offer sent to the Bank
I hate to tell you this. But most of the posters on City Data are clueless when it comes to short sales. They just go on and on about why is their short sale taking so long.
There are so many complicated factors (one of which may involved mortgage insurance, home equities, other liens on the homes etc).
If you have an uncomplicated short sale (1 lender and nothing else), that short sale (at least in Florida) can be completed in under 90 days from contract.
But the potential buyers who complain on this board either don't bother doing any research into the property they are buying. The best properties unfortunately may have a complicated financial story behind it. And that will delay the short sale process.
I hate to tell you this. But most of the posters on City Data are clueless when it comes to short sales. They just go on and on about why is their short sale taking so long.
There are so many complicated factors (one of which may involved mortgage insurance, home equities, other liens on the homes etc).
If you have an uncomplicated short sale (1 lender and nothing else), that short sale (at least in Florida) can be completed in under 90 days from contract.
But the potential buyers who complain on this board either don't bother doing any research into the property they are buying. The best properties unfortunately may have a complicated financial story behind it. And that will delay the short sale process.
I don't agree that "most posters" are clueless about it. I know I came here to complain about it but I know why and it was more to share my experience with others who were also doing a short sale. There are some pretty knowledgable realtors on here that post and I've appreciated there advice. Then there's one or two realtors who I would never even think about using based on their advice and what I know now.
I also don't agree about uncomplicated short sales...they're 1% of all short sales out there...and if you think its uncomplicated, the bank or seller will find some way to complicate it.
I offered right at the asking price and mine took 9 months to complete from initial signing of the contract to closing. We had everything up and done whenever we were asked for it and it didn't help speed things up a bit. BofA took their sweet time.
I hate to tell you this. But most of the posters on City Data are clueless when it comes to short sales. They just go on and on about why is their short sale taking so long.
There are so many complicated factors (one of which may involved mortgage insurance, home equities, other liens on the homes etc).
If you have an uncomplicated short sale (1 lender and nothing else), that short sale (at least in Florida) can be completed in under 90 days from contract.
But the potential buyers who complain on this board either don't bother doing any research into the property they are buying. The best properties unfortunately may have a complicated financial story behind it. And that will delay the short sale process.
I absolutely agree with your post. Most don't realize how long it really takes to go through a SS process.If you're in a hurry to buy a house a SS is not for you.The one I'm in the process of buying has been 6 months so far but I knew that it could be a long dragged out process.It's frustrating at times but I Don't Need This House,it's a second home and possible future retirement home.My realtor was honest and up front with me telling me plan on a minimum of 90 days and some have taken as long as 1 year still with no guarantee of them falling apart in the end.Here's my process so far:
May 6 - Full price cash offer made
May 9 - Seller accepted offer
May 18 - Earnest money deposited and under contract
June 2 - Bank requested sellers pay stubs and more financial info.
July 8 - BPO done
Aug 7 - Bank requests that seller miss at least 2 more payments before they'll continue on.
Submited ofer July 28th 2011, accepted by seller and sent to bank August 5th. Accepted by 2nd lein holder September 10th, accepted by first lein holder Sept.21st and sent to PMI on Sept. 23rd. We got Vebal approval on Oct. 27th! Just waiting for written approval and then it is the inspection and off to closing! Considering we were told that this short sale would be complicated because of all of the parties involved it has been relatively smooth sailing , plus we are getting the house for $35,000 under the list price and the bank is taking a heavy hit.
I don't agree that people come on here to complain. They come to share experiences and get insight into other peoples situations.
I agree! I don't know one single person where I live that is going through a short sale or has ever gone through one. This forum helps to share our experiences without getting the confused look of non-short sale buyers.
Here's my timeline, eventhough it's still pretty soon, but we are in no hurry! We sold our house a few weeks ago, and are living with relatives in the meantime.
# of Lenders: 1- BOA
# of deeds/loans: 2
PMI: Don't know
Oct 8 - Signed contract and submitted offer to the sellers
Oct 18 - Sellers accepted our offer
Oct 19 - Submitted offer to BOA
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I don't agree.
Most don't realize how long it really takes to go through a SS process.If you're in a hurry to buy a house a SS is not for you.The one I'm in the process of buying has been 6 months so far but I knew that it could be a long dragged out process.It's frustrating at times but I Don't Need This House,it's a second home and possible future retirement home.My realtor was honest and up front with me telling me plan on a minimum of 90 days and some have taken as long as 1 year still with no guarantee of them falling apart in the end.Here's my process so far:
