Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
First bank accepted our offer!!!!!
Just got the call. Now we are just waiting for the second bank (the guy took out another loan, a small loan). Tentative close date is March 30th. I sure hope the second bank accepts!!
Anyone who has dealt with short sales before - generally after the first bank (much larger loan) accepts the offer, is it a long wait for the second bank? I feel like we're kind of lost here, haha.
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Re: First bank accepted our offer!!!!!
Good luck. I don't have personal experience, but we looked at one house that was a ss that had fallen through 5 times...apparently the second lender would not sign off on it. Obviously, when we found that out, we kept on looking at other homes. Our friends also had a ss that fell through because the second lender would not approve. Our realtor said it is pretty common for the second lender to hold up the process because they often get "left out" of the money in the end.
Hopefully you will be more successful than they were.
My Valentine Bookends (2~13~13, 2~15~09)
I've heard that before, too. I think the loan amount he had was $40k on the second loan. He decided to convert the garage into a studio and paid for it with the loan.
It's weird that the loan with the smallest amount would be the one holding things up. I really hope that doesn't happen
When we put in an offer on a short sale last week, our realtor explained the way it would work for our deal. Basically, the short sale purchase would totally pay off the first mortgage, and it's the second mortgage that is the one forced to take the loss. That's why the second mortgage approval is most likely to be the holdup. On the flip side, if the first mortgage forcloses on the home, it gets everything and the second mortgage gets nothing. Thus, the second mortgage does have motivation to negotiate and settle on an amount, even if it means a loss.