1/29/14 Made offer $99,900 and no closing assistance (seller accepted)
We had our inspection and found mold in attic, broken sump pump, and leaking pipes
Below are the updates we've been given:
3/17/14 Docs are in final review
Beginning of April we were told BoA ordered a few BPOs
Beginning of may we were told we were waiting on Mortgage Insurance Company to answer
5/14/14 BofA countered at $115,000 we also received our appraisal report from our Mortgage company saying the house was appraised at $112,000
5/15/14 We countered back at $110,000 because the appraisal came in lower and the plumbing and mold issues
We were told the bank typically responds to a counter within 3 business days.. That obviously didn't happen. Today we got this text from our agent,
"Got another update. The lawyer says they are still looking at your counter. Apparently they ordered another valuation on the home to help them with the process. This has never happened before with my experience so I asked him to clarify why they needed an additional valuation. I'll let you know what he says when/if I get an answer"
we asked if that meant another bpo and if she knew how long all of that would take. she replied,
"I am not sure to be honest with you. I asked the lawyer to give me clarification. He says they have all they need now. I have no idea how long it will take."
Can anyone please help me understand what's going on and how long this could possibly take? are there any steps i can take to help move this along? I have found twitter to be very helpful in getting updates but what does all of that mean?
Tags:
Thank you so much for your response! I have done so much research on short sales but have never heard of a bank ordering another bpo after they have countered and the buyer had countered back unless it had expired. I didn't even think about them going back to look at the damage. Hopefully we hear back soon! is there a way to help speed up this process? i know we are in a pretty typical short sale, as it has "only" been 4, going on 5 months but any tips would be greatly appreciated!
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.