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My fiancee and I saw a short-sale duplex that we really liked in a really desirable neighborhood. The seller seemed to have her ducks in a row and had already been in contact with the bank, including getting them to order the BPO, which she used as her list price. We put in an offer at that BPO list price about 3 weeks ago. Initially the seller's attorney advised the seller to submit all 4 offers to the bank without signing those offers and basically let the bank decide, she apparently did. Last week our attorney talked to her attorney and got her to sign our offer as the primary offer and keep the others as backups because ours was the highest.
So now, two weeks later, we have a signed contract, and we've also signed a contract addendum from the servicing company.
We've been told that 60-90 days is pretty standard for a short sale, but it seems that the bank is already working on this one since we've signed the addendum and the BPO is already done. Should we be optimistic about this deal getting done and possibly even sooner than the average 60-90 timeframe?
They could come back and counter it and see how much you want to go higher and how badly you want it....don't gt emotional involved otherwise you overpay!
When an offer(s) is subject to lender approval, the seller should be signing the contract...all of them. I'm working with banks that won't even look at a contract if the seller hasn't signed it.
Last edited by TampaKaren; 04-14-2009 at 05:12 PM..
When an offer(s) is subject to lender approval, the seller should be signing the contract...all of them. I'm working with banks that won't even look at a contract if the seller hasn't signed it.
I was going to say that it sounded a little fishy as we are processing hundreds of short sales and normally the lender will not review a purchase agreement unless it has been signed by all the parties. How does the lender know that this is a real offer or that the homeowner is really contemplating accepting this offer?
By saying that the lender requested that you sign an addendum it sounds like you are working with America's Servicing Company who is part of the Wells Fargo Family of companies and if my deduction is correct I can tell you until they have a signed offer they are not even moving forward on their review. At least with a signed offer they are hopefully moving forward now.
Best of luck. If you have any questions please feel free to PM me.
I was going to say that it sounded a little fishy as we are processing hundreds of short sales and normally the lender will not review a purchase agreement unless it has been signed by all the parties. How does the lender know that this is a real offer or that the homeowner is really contemplating accepting this offer?
By saying that the lender requested that you sign an addendum it sounds like you are working with America's Servicing Company who is part of the Wells Fargo Family of companies and if my deduction is correct I can tell you until they have a signed offer they are not even moving forward on their review. At least with a signed offer they are hopefully moving forward now.
Best of luck. If you have any questions please feel free to PM me.
The addendum is definitely from America's Servicing Company. I think our lawyer called the seller's lawyer and basically told him exactly what you said... that they weren't going to move forward and process all 4 offers.
But now we have a signed offer and addendum. I've heard that getting the BPO done is one of the longer steps in this process. Does the fact that the bank had the BPO done about a month ago mean that we get to skip that step and move forward a little faster than expected... or will they likely order another BPO?
I went to contract in December 08 on a short sale by America's Servicing Co and Saxon Mortgage (2 mortgages) and all materials were faxed in January 09. America's Servicing Co had it appraised in early March and the short sale was approved at the end of March. From appraisal to approval, the wait time was approx. 3 weeks.
I also had to sign the addendum. Good luck on your short sale.
Thanks for the well-wishes. Just an update on our situation: the seller finalized their contract with us. We were a bit worried that they would balk at the inspection date being after the approval, we've heard banks like to know that the buyers are going to buy the house no matter what, but we got what we wanted. There are definitely issues with the house that need to be examined, but we're pretty sure that we'll have the budget to handle it, and we'll still consider the house a good deal even with that budget stretched.
Our lawyer is working on the second lien right now (hopefully it won't go to litigation) and supposedly the negotiator from the bank has just gotten into contact with the seller. The second lien and the inspection are probably our biggest concerns right now, but at least things are moving along.
It's definitely good to hear that others are having success and hopefully we'll be able to join those ranks soon enough.
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