Progress on Short Sale??

[Booner72]

Yep, short sales can drive a person to do a lot of things.

We walked away after 2 1/2 -3 months because the initial offer the bank came with was 36 thousand dollars higher than our offer.  The realtor (who was a total slimeball) had the house advertised at 110!  We offered 105 at his advice. They bank refused to budge much lower than 141 and we walked away.  Turned around and found a great house ten million times better, and closed on that one within a month, more like three weeks.

It was BoA and they also went off the BPO.  We didn't get to the point of an appraisal.  Luckily we didn't invest any money into the place - only time.  Also got me off my pitooty to do something about my credit and get into a house. 

So looking back, I don't regret any of it.  And if you aren't in a rush and can handle serious mental health symptoms, go for it!  My husband lost over 30 pounds during our home buying experience.

[sheltymama]

Thanks Booner, Your experience help me alot, reading your post everyday. Unfortunately, we haven't been able to find another house in our area that we like better than the short sale house. And we have time to wait.  I'm hoping we are getting close to the end and close by the end of October. We know that the bank "supposedly" accepted our offer minus .5% of closing costs. They did accept to pay 3.0% of closing and we are happy with that. Now just waiting for the formal acceptance letter on the 1st mortgage, got the letter for the 2nd. Both are with BofA, so hope we can move forward to appraisal, inspections and underwriting in the next 10 days or so. 

[Booner72]

Sounds like your patience is paying off for you!    Do you think the appraisal will come in okay?  I guess that's an un-answerable question.

If you know that's your house, then wait it out for sure!

[sheltymama]

Yeah, we are pretty sure this is the house. I think the appraisal will be in line with our offer and the banked accept that amount. Most of the house in the area are going for our price. So we can only hope. I've learned from everyone's post that anything can happen.

[sheltymama]

Great News! We got approvals for both the 1st and 2nd on the short sale we've been waiting for!!!!!  So now on to inspections, appraisal and updating our file for our LO on Monday. Hope to close by the end of October.

[the_jan_b]

Congrats!!! 

[jnydc]

Congrats!  We appear to be on the same schedule sheltymama.  I did my inspection this week, we have some mold in the basement and some cosmetic damage but nothing too severe.  Looking to close on the 31st...fingers crossed!

[sheltymama]

Yeah, we do look to be on the same schedule. We'll see who finishes first.

We are going FHA with 3.5% down and the seller will pay 3% closing cost. Our scores looks very similar to yours also.

Me; EX 657, EXP 663, TUC 694 Lender pulled

DH: EX 661, EXP 681, TUC 703 Lender pulled

We have inspection scheduled for Thursday. Hope everything is ok. Looks good on the surface. House was built 2001, 1644 sq ft. Stucco outside, no basement, single story. Price, $150,000

Best wishes for all of us!

[Booner72]

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@sheltymama wrote:

Yeah, we do look to be on the same schedule. We'll see who finishes first.

We are going FHA with 3.5% down and the seller will pay 3% closing cost. Our scores looks very similar to yours also.

Me; EX 657, EXP 663, TUC 694 Lender pulled

DH: EX 661, EXP 681, TUC 703 Lender pulled

We have inspection scheduled for Thursday. Hope everything is ok. Looks good on the surface. House was built 2001, 1644 sq ft. Stucco outside, no basement, single story. Price, $150,000

Best wishes for all of us!

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We bought a stucco house, too - I didn't know a thing about stucco - there's "real" stucco and fako stucco (ha ha).  Do some googling and check it out.  Did you get any references from your inspector?  I watch too much HGTV and my fav show is "holmes on homes."  You should watch it == on tonight at 8 or 9.    Beins that it's bank owned, the bank isn't going to do diddly if anything is found.  We knew this and did our "own" inspection w/ a sheet we printed offline - DH pretty construction savvy, though.  We then used that 300 bucks to pay to have our furnace inspected by a furnace guy.  Also by watching too much HGTV ("my first place") - the inspector inevitably says "get that inspected" such as terminates, plumbing, electric etc.

I'm defintely not talking you out of an inspection, just make sure he's a good inspector is all I'm tryin to say I guess.    Good Luck!!!!!!!!!!

[sheltymama]

Thanks Booner for advice for inspection. We are doing them. Thankfully most of our friends and family are in the construction trades. A personal friend who is an inspector is doing the inspection.  We also have friends who are in HVAC so they can check out the heating and airconditioning.  The inspection is thrusday. I can't wait to go. It's been over 3 months since we first looked at the inside of the house and anxious to see it again.

Now the nerve wracking part for me.  The LO emailed me tonight. He pulled our credit again, it's been 3 months. Scores have inched up a bit, but our debt is very low, 13 year same job and 20+ years self employed business. Just paid off our last truck payment, so it still shows one more payment, it hasn't updated yet.  BUT, we HAD way too much credit debt in the years 05,06,07 and went to credit counseling to help pay them all off. They show paid off, but lots of lates to explain.

We passed thru automated underwriting again, but still worried about the manual one.  So we'll see what happens.

Thanks for all the posts, I read them everyday, looking for all the ones who have recently closed with scores and situations similar to ours.