Buying a short sale...My story so far.

[wally101]

So after getting my credit cards payed off... after two years of extreme budgeting... I got pre approved back in Feb of this year. Continued to save and finally started looking in March and found what I wanted that was in my budget.

I understand short sales can take a long time. So I though I would share with you all my experience and what has happened or mostly not happened...

So on March 12th I made an offer. On March 13th they countered for more and I stayed with my final and best offer. March 14th my offer was accepted by the owner. So on the 14th I Docusigned the offer and counter offer on the Purchase Agreement. On March 15th I provided more info and the short sale paperwork was off the bank. Didn't hear anyting until April 5th when my realtor called and said I needed to come down and "wet sign" the purchase agreement and short sale addendum. Which was good I thought, it meant the bank was looking at it. Then on April 10th I got an email and a call from my realtor that the bank appaisal was scheduled for the 13th. On April 19th I received an email saying the short sale is in "evauluation" with BofA and is focused on the junier lien with Green Tree Servicing. And today the 27th "All moving ahead. Seller having to submit updated documents/bank accts/pay stubs etc."

That's it... I am worried a little after finding out the second lien he had is with Green Tree, Ive heard they are very difficult to deal with. Anyone else in the same boat?

[sewmuchdebt]

i had a mobile home financed through green tree. 15yr loan paid off in 8yrs. never had any problems with them.

[wally101]

Here's my timeline:

Feb 2nd: Got Pre-Approved (WF)

March 12: Made an offer on Short Sale. From what I was told, someone made an offer for $189k and the bank wanted $199K, so I offered $199. I was the first in line to offer.

March 12: Late in the afternoon they countered for $210K... I stuck with my final and best offer of $199K

March 13: Offer accepted and Purchase Agreement signed (Via "Docusign" on the computer)

March 15: Got an email from sellers agent needed some info from me so she could send off the short sale to the bank for approval.

April 5: My agent called and said I needed to "wet sign" the pruchase agreement. Good, it meant the bank was looking at it.

April 13: Bank appaisal was done.

April 19: Got an email from my agent and the sellers agent saying "short sale is in (evaulation) with BofA and focusing on junier lien with Green Tree. The seller owes $250K with BofA and 58K with Green Tree.

April 27th "All moving ahead. Seller having to submit updated documents/bank accts/pay stubs etc."

April 28: Got an email on Sat saying they needed me to sign a short sale addendum and a BofA buyers acknowledement and disclosure.

May 1: Still waiting..... hopefully I hear something soon.