[yellowsnow]

Originally Posted by 007 license to sell

Click on the link below to learn more about problems that can arise when purchasing a foreclosure or a short sale in Las Vegas.
Home reseller rails against county code rule

This article scares the heck out of me!

[calgalt]

Originally Posted by calgalt

OK here is our timeline. We are moving from CA to LV. My husband starts work July 19th and we had hoped to be in our place by then but......

4/17 We put offer in ($270K and no closing costs needed)
accepted by sellers Apr 20 and uploaded to Equator (I know BOA - didn't know at the time we put offer in though)
5/6 Appraisal ordered
5/18 Negotiatior assigned
6/2 offer accepted by BOA Yippee!!!
But wait----- there were sellers costs that they cannot pay = Addendum#1
Their realtor (mother of seller) put charges of past due bills before the home went on sale and past due HOA fees, etc...
Their closing costs anticipated approx $4200
Seller has cancer, etc.....
we offer to contribute $2000 because we don't feel we should have to pay for the mother paying past due bills for seller but we do like the house...
Back to BOA
6/12 Home inspection done by Bill (highly recommend him) in the meantime. House very good condition <$500 repairs needed and move in ready.
6/14 our lender has appraisal done $262K so we put in Addendum #2 lowering our price to $262K
6/22 $262 rejected by BOA. Our lender WF won't do second appraisal so we can come up with extra cash to make up difference or (and only time will tell if this was the right thing to do) we decide to use BOA for our lender. After all, how can they deny us a loan for $270 if they say the house is worth $270? And because it is company relo they move a little quicker.
6/24 submitted addendum 3 stating our price of $270K, no closing costs and $2000 toward seller closing costs, seller BOA to pick up rest of costs.
6/30 Appraisal done. Our seller didn't order it so must have been seller BOA?
7/2 BOA accepted offer in Equator provided we close by 7/30. Which is fine by us because we want to close ASAP.
7/7 received the appraisal done 6/30 shows house appraises for $270K -so should be no problem with loan
7/8 still waiting for approval letter from BOA. We can't move forward with loan/process until we get official letter.

All in all pretty painless for BOA short sale from what I have been reading on the internet. But then again it isn't over yet........
keep your fingers crossed.

just to update
we did receive the official letter from BOA for approval of the short sale home on 7/13/10 so all in all I think it moved pretty good for BOA.
We are just pending approval on our mortgage loan and we should be closing by end of this month!

[calgalt]

we closed officially on 7/22/10
overall for BOA short sale not too shabby

[007 license to sell]

Originally Posted by calgalt

we closed officially on 7/22/10
overall for BOA short sale not too shabby

Congrats enjoy your new home