Needless to say, PNC has NOT approved and I have no idea what's going on. We're out of the loop right now and blundering around in the dark. All we know is if PNC had approved, we could have made the deadline with our bank, but as of now, we can't go to closing. We're heartbroken, but this isn't the first time we've had bad news during this sale. We spend the holiday weekend thinking if PNC gets off of it and will act in the next day or two, we can still get this thru. Maybe we can push our bank to move faster and and maybe M&T will extend the close by a couple days.
We sent a message (via our realtor) to the seller team stating that our hands are tied and we won't be able to make closing. I know this is going to make the lawyer act, so we could hear something in a day or two, or PNC could just shut the whole thing down by not responding.
Tags:
140 days in isn't too bad when a short sale has two loans, and usually seconds approve more quickly than first mortgages, especially when (as in your case) the process is started before the first accepts. Most first mortgages will extend a little bit to allow for a second mortgage to be approved.
Sounds like you have all of your documents in to your bank which is good. Just wait on the approval from PNC then have your lender order the appraisal asap. Looks like a bumpy transaction, but one that can work.
I don't have that much experience with M&T in particular, so I will leave that to agents that have worked with them. PNC was fairly reasonable and responsive on my last deal, they are in 2nd position a lot, so they're used to this kind of transaction.
We haven't really had a long wait, not in the grand scheme I guess, but this has not been a nice short sale. M&T basically ignored the file for the first 2 months citing their first BPO as an excuse. The lawyer threatened the bank with calling the Treasury Dept. newspapers and 6 o'clock news before they finally started working it. So we pretty much lost two months right at the start. Of course then it was the old missing paper excuses, lost file, transfers, new negotiator...blah blah blah. And the last bit was the owner going into the house and removing the ceiling fans/over head light fixtures! And digging up shrubs and plants from outside. And so many other things- much much more- It's really been a process for sure.
I guess that's why I'm rather expecting the worst out of this. It's been nothing but a pain since the very beginning. Every step has been an uphill climb with no clear end.
And I wanted to add, if the Seller Agents wanted to help improve things, they should try to keep the buyer updated on what's happening, and NOT just when the buyer agent demands an update. I know the agent can't really CC every bit of information, but I don't see why they can't send along what they can. I don't want anyone to hold my hand, but I would love to know what's happening when it happens and not have to read about it in an email 3 weeks later.
© 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.