topic Re: Bank just approved price for short sale buy, now what? in Mortgage Loans

Bank just approved price for short sale buy, now what?

Anonymous — Thu, 19 Apr 2012 06:27:14 GMT

anyone familiar with short sales? BPO was completed, seller packet in, bank approved selling price, just signed and faxed over the bank's addendum tonight. Where am I in this process? The bank is BofA and as of last week, they have made their short sale process more stream lined for faster approvals and closing, but I'm not sure if it includes me because we have been under contract since the beginning of March. Ugh!! I'm so stressed! I don't know when to give my complex notice that I'm moving!

Re: Bank just approved price for short sale buy, now what?

Anonymous — Thu, 19 Apr 2012 12:18:41 GMT

I don't know the answer but Whoo hoo!!!

Re: Bank just approved price for short sale buy, now what?

pizzadude — Thu, 19 Apr 2012 13:31:12 GMT

I think you're just going to have to wait it out. Short sales are notorious for dragging out for months, or longer.... Maybe BofA has their act together now, but who knows..

Banks have their own agenda and timeline when it comes to losing money.

Re: Bank just approved price for short sale buy, now what?

How2increase — Thu, 19 Apr 2012 13:31:23 GMT

Yayyy!! I haven't been so lucky! I'm still waiting 😏 but I prepared myself for this. I've been under contract since march so I'm not expecting anything back anytime soon. Hope your closing is easy breezy! Keep me updated 😃

Re: Bank just approved price for short sale buy, now what?

Anonymous — Thu, 19 Apr 2012 16:30:08 GMT

I am aware of how long they can take, that was not my question. That is why I'm struggling with when to give notice. These idiots here want a 60 day notice that I'm leaving and with 3 kids, I don't really feel like screwing myself since it isn't like I can just go crash at someone else's place with the kids until whenever. My other question was the effect of the BofA streamlining. They claim it will speed up the process greatly. I read online that after the bank approves the sale, addendum is signed by all parties, then appraisal an inspection, then closing. Anything I'm missing?

Re: Bank just approved price for short sale buy, now what?

Anonymous — Thu, 19 Apr 2012 16:44:55 GMT

What does your agent say about this? They should have a better idea on a timeline.

I think the fact that BofA already approved the price is a good sign. See if maybe your agent can get the seller to communicate with the bank on the status of this and what's next.

Re: Bank just approved price for short sale buy, now what?

How2increase — Thu, 19 Apr 2012 17:54:20 GMT

I completely understand, I have 3 little ones too. I put in a 60 day notice before and changed our mind and told them we'll be renewing. I wasn't really screwed, I just couldn't get the special they were offering to renew early. I would check with the agent and see what's going on. They should be able to give you a more definitive answer. good luck

Re: Bank just approved price for short sale buy, now what?

Booner72 — Fri, 20 Apr 2012 00:53:17 GMT

Do you legally have to give 60 days notice? If not, screw them.

Once you have a Signed Purchase Agreement (Which I think you are close to having) - then everything heads to title company - you have to clear, the title has to clear.

An appraisal should be ordered as soon as you have the purchase agreement. Inspection if you so choose.

All of this gets combined with your final loan documentation and heads off to the underwriter for underwriting approval. The UW has to approve both YOU and the House (aka appraisal/title, etc.)

I think you are close.

I didn't put in my notice until the appraisal came back and title was clear. We ended up owing rent but worked w/ our landlord to get out earlier than 30 days. I wasn't going to be homeless, either.

Good Luck!!

Re: Bank just approved price for short sale buy, now what?

Booner72 — Fri, 20 Apr 2012 00:59:24 GMT

No, that's not right. We didn't give notice until my LO said the UW came back with only a few conditions. I waited to the very very end.

Re: Bank just approved price for short sale buy, now what?

Anonymous — Fri, 20 Apr 2012 01:15:28 GMT

These fools want $1500 to break my lease, on top of the 60 day notice. I am on my 5th year here and spent this past winter without heat (live in Nevada, so it wasn't that bad, but I did put in work orders for it to be fixed a few times and nothing was done). My home has been robbed 4 times and have had several issues with this complex. I am debating if I'm going to pay the money or just take the hit on my credit or flip it around and take them to court for failing to provide contracted amenities necessary for basic living... I've considered writing a check for one month of rent and offering it after a long letter explaining why I don't believe I owe them for breaking my lease being that they didn't respect the contract while I was a tenant and that they can take the check and cash it as compensation and by cashing the check it removes me of any liability or that we can let a judge decide.

Let me add that this complex has a huge history of issues with the court system and that it is only at approximately 50% capacity. I also work for the security company that is contracted for my complex. The current manager and my boss were good friends growing up, my boss has tried to get me some slack, but this manager said $1500 up front when I turn in my keys or they're charging me per month/evicting me. If I'm "evicted" for non-payment, am I still responsible for paying the remainder of the lease? I've never been evicted before, so I don't know how that works. I even offered to do payments as $1500 is a nice chunk to dish out when you're moving and want to paint and do floors and buy extra stuff for the new place.. and painful to pay when it isn't going to anything. He refused, even though I've always paid my rent on time and never once bounced a single check. I'm half tempted to just move in the middle of the night.

Re: Bank just approved price for short sale buy, now what?

Anonymous — Fri, 20 Apr 2012 14:00:09 GMT

I got angry reading that last post!!!! NO HEAT!!!!!

I would immediately look up the agency that is responsible for ensuring tenant rights and put them through the ringer... Let them know you have the upper hand and that you are willing to walk away with no further legal action, but there will be no more money changing hands unless it is them giving you money!!! I hate jerks!

Re: Bank just approved price for short sale buy, now what?

webhopper — Fri, 20 Apr 2012 15:01:51 GMT

@Anonymous wrote:
anyone familiar with short sales? BPO was completed, seller packet in, bank approved selling price, just signed and faxed over the bank's addendum tonight. Where am I in this process? The bank is BofA and as of last week, they have made their short sale process more stream lined for faster approvals and closing, but I'm not sure if it includes me because we have been under contract since the beginning of March. Ugh!! I'm so stressed! I don't know when to give my complex notice that I'm moving!

Congrats on getting your short sale approved. I would not give notice now, I would wait until later on... if your lease is almost up, talk to your complex about going to a month to month rate until you know a better timeline. This may drag out for a while.

Re: Bank just approved price for short sale buy, now what?

Anonymous — Sat, 21 Apr 2012 00:54:42 GMT

my problem is that my realtor thinks we may be closing by the end of May or by mid June. I have to give notice to these leaches or my plans of a new car next year will be tanked because of a $3000 hit on my credit. These people are the type that keep deposits stating they needed to put new carpet in but the carpet was used and old to begin with and don't really change it, they just "clean" it. The property is income restricted so most tenants either don't know what they do is illegal, can't afford to fight them in court, or both. I hate this complex, but the rent being so cheap has helped me out more than anyone could imagine. When I ended up on unemployment, I was still able to afford rent and bills and paid it all on time. It just kills me to think about giving these jerks a penny more.

in other news, the bank called today for me to pick up the copies of cleared rental payments. I was stressed out because there were 2 months I paid with money orders because I misplaced my checkbook....come to find out, that happened in 2010!!! Oops! Silly me! To think I had put it off because I didn't want to bug the broker until I was mentally prepared for more hoops! So, the bank gave me copies from 4-2011 to 4-2012 but missed December because it was a different amount (I had a credit somehow), but I caught it while I was there and it will be ready for me on Monday. I called the broker to let him know I will be faxing what I have tonight to him plus a signed LOE for my period of unemployment another December's rent copy will be on its way when I get it. He said that was great and all is good and to BEHAVE! I qualify and will be fine!!! Still scared as heck though!! Lol btw my lease is up in November...

Re: Bank just approved price for short sale buy, now what?

webhopper — Sat, 21 Apr 2012 01:04:25 GMT

@Anonymous wrote:
my problem is that my realtor thinks we may be closing by the end of May or by mid June. I have to give notice to these leaches or my plans of a new car next year will be tanked because of a $3000 hit on my credit. These people are the type that keep deposits stating they needed to put new carpet in but the carpet was used and old to begin with and don't really change it, they just "clean" it. The property is income restricted so most tenants either don't know what they do is illegal, can't afford to fight them in court, or both. I hate this complex, but the rent being so cheap has helped me out more than anyone could imagine. When I ended up on unemployment, I was still able to afford rent and bills and paid it all on time. It just kills me to think about giving these jerks a penny more.

in other news, the bank called today for me to pick up the copies of cleared rental payments. I was stressed out because there were 2 months I paid with money orders because I misplaced my checkbook....come to find out, that happened in 2010!!! Oops! Silly me! To think I had put it off because I didn't want to bug the broker until I was mentally prepared for more hoops! So, the bank gave me copies from 4-2011 to 4-2012 but missed December because it was a different amount (I had a credit somehow), but I caught it while I was there and it will be ready for me on Monday. I called the broker to let him know I will be faxing what I have tonight to him plus a signed LOE for my period of unemployment another December's rent copy will be on its way when I get it. He said that was great and all is good and to BEHAVE! I qualify and will be fine!!! Still scared as heck though!! Lol btw my lease is up in November...

OMG sounds like you have made a lot of sacrifices and have worked really hard to get to where you are financially... Good luck on this house deal, and may the force be with you!

If you need some help dealing with the landlord, PM me, I"m a landlord myself and am well versed on how the laws work, both for the tenant and for the landlord. Certified Mail Return Reciept requested is your friend!! I successfully ended my lease six months early with the timely help of my attorney friend. My attorney sent the initial notice, and I sent the other letters, there were 6 total... Lets just say that in Oklahoma, you don't want to piss me off. My landlord actually threatened me over the phone, said he may want to get horsey with the lease in court. I called my personal liability insurance and my lawyer right away, and got them both on board to fight any frivolous charges. Ha, by the time I was done with him, he had returned my ENTIRE deposit, ended up fixing the sewage problem the RIGHT WAY after I was out, He reimbused me for a $500 water bill that was HIS fault, his water line leading up to the house broke, and I never heard another word from him.