Progress on Short Sale??

[jnydc]

I won't count my chickens, but I got to the Equator counter offer for my short sale after 32 days of waiting for Bank of America.  Now there is just the waiting game from the bank on my new "approved" offer - to see if management or the investor will counter too.  

Does that happen often, is their counter ever drastically different? I am looking for someone with experience in this to assuage my fears.

Also what kind of wait am I looking at here.  The counter had a closing date of Oct 31, is that just a place holder and this could still be months in the waiting?

[MEE2Too]

Well you have to wait up to 30 days for any kind of respones from the bank.. I knew someone that was going through a short sale they were suppose to close in May but the bank wasn't ready and they finally are closing at the end of September, I was told by Realtor that a short sale can take up to 6 months and 2 months if the price had already been approved.

[sheltymama]

Hi, I'm in the same process with a short sale. We put in a offer to the seller on June 27 and seller accept the next day. We've been waiting to hear from the bank. On August 20, the bank countered at our price minus .5% of the asking closing. So we accepted the counter. The counter worksheet said closing October 31. We are still waiting for the formal acceptance letter to move forward with inspections, appraisals, etc. Last week on 9/13 we heard that the seller's realtor submitted that last form required from the seller to the bank, and we should have our formal acceptance letter in a couple of days. We are going on a just over a week for that letter still.

I know I have to  have patience, next week on 27th we are only at the 3 month mark. But I'm getting anxious and want to close before Octo 31.  So far, there has not been a house in our area and price that I would be willing to drop the short sale for. So I know I just have to wait. We don't have any pressure to move out of our rental and our landlord knows where we are at with short sale. I just need patience, but it's getting hard to not want to move forward.

[mocha82]

Hats off to you both for going after short sales.  I knew when I started shopping for a home that I don't have the patience.  I was biting my fingernails just waiting 2 days to hear back from the seller on a house that I put a offer in on.  You are awesome!  There are some really sweet deals out there for those are you who do have the courage to go head-to-head with the banks. 

[sheltymama]

Jnydc, did you hear anything on your short sale? I'm in the waiting boat with you. Just curious.

[Anonymous]

I closed on a short sale about 2 weeks ago. Front start to finish was 3 months. The first month went by we did not hear anything, in the second month we were told the bank did the BP on the property and in the 3rd month the bank approved the sale.

I believe what really helped was there was only one mortgage on the property and the difference between the short sale price and the original sale price was not much of a difference.

Form my experience you need to have an experience and aggressive listing agent and realtor when working a short sale.

Also I recommend have you loan office send you information to underwriting, so once you get an approval from the bank you are ready to go, granted you will have to submit updated paystub and bank statement because it might months since you got your conditional approval from the bank.

What my LO did was send everything thought underwriting and got a conditional approval. So once I got the approval all was left to do was lock my interest rate, inspection and order the appraisal.

[jnydc]

FYI it can happen! Just got word that my approval letter for the BoA short sale came through... 44 days since offer was in!

[sheltymama]

Wow, I'm so excited for you!

I hope our Formal approval from BoA comes soon too.  Keep us posted to your progress. You give me hope ours will come soon.

[sheltymama]

Just got an email with the approval for the short sale for the 2nd on the property we are trying to buy. The 1st and 2nd are with BofA. So the seller realtor thinks we should have the 1st approval letter soon. The letter for the second states it's approved and must be finalized by Nov 3rd. So that means we have to close by then, right?

[gagum129]

Short Sales are tough. I finally backed out of my offer after 7 months. Alot depends on the bank that hold the seller's mortgage. I got my acceptance letter somewhere around the 3-4 month mark. That is when we hd the appraisal done and it came in a little low. The seller's bank would not budge. They stood firm on their price. They thought the BPO that was done was more accurate than the appraisal. I do not undersatnd what they were thinking. We had about a $10,000 difference. Now I walked and the house is going to sit there longer. If I hear right anyone coming in behind me trying to by has to go off my appraisal for the next 3-6 months. Oh well, I am under contract on a normal sale and have a closing date of 10/28. Good luck to all of those pursuing short sales. They can drive a person to drink!!