And it has begun......

[chan85]

Soooo yesterday thought this whole thing was DONE. Got an email from the sellers agent saying please sign this form for the 2nd mortgage and send back. I open it and its a disclosure from BofA saying that I am not an employee of BofA...... Problem is I AM an employee of BofA!!! I fired an email to my agent and then text her in a panic and she said she had emailed the other agent and left a voicemail. In the next 30 minutes, I did  some research on Google and found out that employees of banks cannot buy shortsale or forclosed homes that are owned by their employers! I started looking at other houses to consider because I just knew the deal was dead, and then after not finding any that matched the one I was under contract on, decided I was going to finish a biiiiig bottle of vodka when I got off work :-)

My agent asked me how much I paid for the inspection and I told her $475. She said she was getting the brokers involved because the agent never disclosed this information and all we knew was we were waiting for approval from Chase and had we known that my employer was involved we never would have moved forward with the inspection. She was preparing to get my EM back + my inspection costs, and terminate contract .The agent said ok hold on let me see what I can find out.

After 30 minutes of this, my agent calls me but I wasn't able to answer. She sends me a text that said call her back to tell her how much I love her, so I knew it was good news. She said that the other agent called the negotiator for BofA and they checked with their manager and said that as long as the loan was not the primary loan on the property, we are good to go! She said for me to cross out all the parts on this form that says I "am not" and initial and send it back. So I did that last night.

What I don't like is that the other agent isn't really being upfront about stuff. When we went to look at the house it said "potential short sale". After making my offer it was a full blown short sale.. I might have not considered the house at all because I am short on time, but I overlooked it and kept moving. Now, the house has a 2nd mortgage, meaning another ring of fire to jump through with approval for my offer. What else is going to happen!? It's been a friggin week since I went under contract.... how can I make it months!?

[chan85]

Heard from the bank!!!! ::happy dance::

But they only wanted to counter at $99,900 with $3k towards closing (current offer was $92,500 with $2000 at closing).

I countered back at $95,000 with $2500 towards closing. The agent asked if we would come up another $1k or so and my agent said that right now that the best she is willing to do pending an appraisal. The houses that have recently sold in that neighborhood have sold for around my orginal offer and they had fully updated homes, 2.5 baths (mine only has 2 baths and has not been updated at all).

I am hoping that they respond quickly to my counter offer since they got to the first one relatively quickly. It's been about 2 weeks so that's pretty good!

edited for clairification/spelling error

[chan85]

So LO now has an assistant working on my file, faxed over updated bank statements and pay stubs. Got a credit alert that they hard pulled me again! I emailed her and was basically like what the heck since I was told by the LO would only be soft pulls going forward. She said my report had expired basically, original pull was from early April. I understand that... but since we are waiting on the bank approval for a short sale, wouldn't it have made sense to just wait until we heard back to pull all my stuff again? If she pulls every 60 days and this approval takes forever, thats going to kill my scores!

Still waiting to hear back about my last counter offer. I tried to convience myself that since it wasn't an immediate no, it was good... but this is a short sale so that basically means nothing...... I hate waiting....

edited for missing words...

[JusdoNit]

the waiting is............

[chan85]

The wait may be coming to an end! My agent called and said that the sellers agent talked to the negotiator who said the numbers are looking good and that we should have an answer by next Friday at the latest, but possibly earlier!! ::happy dance::

That would put us right on time for my mental schedule of closing sometime in August!!

I'm ready to get my conditions and get this ball rolling! The only thing I am concerned about is that damn AMEX, I paid it to zero for one cycle. She had my updated credit pull for that. Now they pulled it again, and I have a balance reporting again! So I will have to see what they want me to do! If they need to reporting zero at closing I am screwed, I have a trip to San Francisco that will be put on that at the end of July and paid off by the end of August.....

[mrordinary]

Good for you!!

[chan85]

CHASE ACCEPTED THE OFFER!!!!

My agent got the green light from the sellers agent yesterday afternoon! They moved closing up to by July 30th, but accepted my price and the increased closing costs!! So hopefully in less than a month I will be in my home!

I called my LO and told her the news, she said we would just need to get the appraisal done, which is $475. She said I would need to pay back down my AMEX Zync, but that since I had to do that, she would hold my check for the appraisal until after closing if needed! That was good news since I need new rear brakes.

I will feel a little more comfortable when the appraisals done and we at least don't have to worry about going back and forth with the price anymore. After the appraisal, I can just stress about being able to close on time, my LO said to close by July 30th was pushing it....

[chan85]

So no changes really happening. Stressing myself out basically. I get an email everyday with some new form to sign and send back and luckily figured out how to do the e-sign for most of them so less printing, scanning, and faxing. But I make sure to send everything I get back within a few minutes for the most part. Had to rush out on lunch to get something notarized today so wasn't able to fax it back yet.

My LO said that GA Department of Community Affairs (DCA) is running very slow and that they usally need 45 days to close so not sure if we can make it to closing by the 30th. But she said my file looks good, we have everything together, and they are ordering the appraisal early next week....she will keep me posted. I told her my lease is up the 31st so I need to know ASAP so I need to make arrangements so I'm not homeless.....

[Booner72]

Good luck - just read your entire story. You are being very patient! That was a close call with the BoA employee thing.

Stop using that cc!

[chan85]

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@Booner72 wrote:
Good luck - just read your entire story. You are being very patient! That was a close call with the BoA employee thing.

Stop using that cc!

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Thanks Booner! I am trying to be patient, but inside I am raging that this is taking as long as it has lol I hate waiting for anything, and I knew this house buying process would be a test of my will! We have come over all the mini speed bumps, so I am hoping we will ride right through underwriting with minimal conditions and appraisal with minimum repairs needed.