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what should I expect next? (SS related)
Hello everyone...
As I have previously mentioned, DH and I put an offer in on a short sale in mid-July. The owner accepted within a day, and then we played the "waiting game" with the bank, as we all know these things normally go. 
Well, we were informed on Monday that the bank had "approved" of the sale. We signed the "we are not related to the seller and won't give it back to her" document and are starting inspections on Friday (eek, these things really go from zero to 60 quickly, don't they?). The bank set a closing date of October 14.
We have a home inspection and pest inspection scheduled...we are bringing a check for escrow on Friday...
I know each house/sale goes differently, but can anyone give me a heads up of what I should/can expect the upcoming month?
TIA!
Re: what should I expect next? (SS related)
Well, once the inspections come back, if it's not so bad you decide to back out, you send the sellers your list of repairs. Then they can counter or accept that. They'll provide receipts for any work they hired professionals to do. You can then either have a second inspection to make sure they did the work they said they did... or if it was nothing big/you have receipts to prove the work was done, you can just save the money and look yourself during the final walkthrough.
The bank needs to order an appraisal. Cross your fingers that the house appraises for your offer. If not, you'll need to get some negotiating done, and it will be with the bank, not the sellers. Our house under appraised, but it wasn't a short sale. It was still not a fun process ordering a second appraisal and trying to get the sellers to compromise with us on the selling price.
Once you get through all of those steps, you're ready for settlement!
Life and Love at #16 | our married life blog
thank you for the input!
Do you think the bank would actually make the repairs? Or are SS usually a "take it as it is" kind of deal?
Thank you again!
Life and Love at #16 | our married life blog
We have a SS but it is a little different in terms of the order we did stuff.
Once our seller accepted we had 10 days to do the home inspection, which was 100% great.
Then we waited for the bank, counteroffer, (see siggy), accepted, etc. We were supposed to close today. Our appraisal was ordered on the 15th, completed on the 24th, then the water was delayed, then the water failed, and had to be retested, so it took 2+ to get water back. We had to get the septic pumped as well.
We have a USDA loan so it was sent to underwriting on the 2nd, even though VA is taking 14-30 BUSINESS days, and the LO knew this, he just kept saying all would be OK.
If we didn't have a USDA loan, we probably would have closed today.
But in retrospect, 30 days is quick to get all of that stuff done, where are you at in your loan process? Hopefully you've already gone to underwriting once?