Short Sale Advice?

cbonner21 · March 2012

Hi, So I realize all short sales are different but I was hoping I could maybe get some insight/thoughts on my situation. I am currently 20 weeks pregant and due Aug 6th so kind of hoping we will be into a new home by then. We had our short sale offer approved by seller on March 5th. The seller got all of there paperwork into the bank and the bank acknowledged last thursday the 15th. We were told that a negotiator would be assigned this following week. The sellers have two liens on the house, the first with GMAC and the second with Wells Fargo with a max payoff of $3,500.

I feel like things are moving along so I am happy about that although I know a lot of things can still fall through but I am just really excited about this house (we have looked at TONS and nothing compares). I am trying not to get my hopes up but has anyone had a similiar situation or any words of wisdom? Thanks so much!!

RevJen · March 2012

It could take 3-4 months for the bank to finally approve to be prepared to wait.

cbonner21 · March 2012

Thank you

I am praying for the best but trying not to get my hopes up!

BriGiboo · March 2012

Patience...Short sales are a different animal. Its like dealing with the IRS just its a bank or banks. Have low expectations and try hard not to let it all bother you. The worst part is the lack of communication and when they suddenly decided to change the terms. Its not like a normal seller where you can reason with them. Its just take it or leave it. Only real advice would be to make sure your agent has a history of closing shorts under her belt. An agent who has never done it before is not going to get you the best deal

RevJen · March 2012

BriGiboo:
Patience...Short sales are a different animal. Its like dealing with the IRS just its a bank or banks. Have low expectations and try hard not to let it all bother you. The worst part is the lack of communication and when they suddenly decided to change the terms. Its not like a normal seller where you can reason with them. Its just take it or leave it. Only real advice would be to make sure your agent has a history of closing shorts under her belt. An agent who has never done it before is not going to get you the best deal

I can't emphasize this enough. Ours said she specialized in short sales. She has since decided that she is not going to make enough money on us so she has given up on us. We're supposed to close in a couple of weeks. She's shoved everything off on us and is now on vacation.

MrsVMS · March 2012

We are currently in the same situation. We put our offer in January 12 and the sellers approved right away, then it was sent to the banks (2 liens). The only thing we've heard is that the banks are negotiating and in the process of approving our offer. Our agent as well as the listing agent said we should've heard back this week, but still nothing. So it really depends, even if an approval is right around the corner for us, we would still have had a shorter waiting time than most short sales. That's only hoping that we actually hear within the next week or so. The only thing you can do is stay positive and patient, but it's hard!

cg-pm52111 · March 2012

We are in the same boat. The seller accepted our offer within days, except that there is only one bank that needs to approve the offer. Our packet went to the bank on Wednesday and we were told to anticipate 4-6 weeks (it's with BofA) of waiting. I'm not going to get my hopes up that it will happen that fast. I would just take it as it comes - and I understand exactly how much that stinks.

And quite frankly, I'm more afraid the bank is going to reject our offer or tell us they want more $$$, which we simply cannot afford.

Time will tell for all of us! GL!

cbonner21 · March 2012

Just got an update from my realtor that the BPO has been ordered for this weekend! I am happy things seem to be moving along! Big Smile

Thank you everyone for your responses, if anyone has closed on a short sale, I was just curious what the longest step was (or what took the most time). Thank you so much!

gracie2762 · March 2012

That's a good sign if they've already ordered the BPO. Our longest waiting period was from submitting the package to the bank and waiting for the BPO to be ordered (like 4 months).

BriarRose84 · March 2012

We are in the same boat. We got under contract with the seller at the beginning of March. Now we are in the waiting process of hearing back from the bank. However, there is only one bank to deal with- BOA. What might slow up our process is that someone took an illegal lien out on the house. The title company attornies are in the process of getting it removed. They already went to court right before we went under contract so hopefully all that will be done soon. Our realtor said 60-90 days to hear back from the bank. My coworker just closed on his house and he said to expect the full 90 days. The banks take forever!!!!

CurlyGirlyGirl · March 2012

I waited six months and we think it was due to the massive drop in price... The sellers signed the paperwork right away but it took the banks forever. I don't know that I would do a ss again.

NYBride1 · March 2012

I am currently the seller in a short-sale. The buyer and myself have been dealing with my a..hole banks for 7 months already. We are both at our wits end with this. I hope your process goes much faster!

aokon · April 2012

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