What is your professional opinion on this?
OK, here's the deal:
My wife and I decided it was time to buy our first home. Unfortunately, the only house we could both agree on is a SS. But since we're not in a huge hurry, we figured we might as well make an offer. Here are the details on the property:
Advertised at about $445k
Average value based on online appraisal tools: $450
Amount owed on 1st: about 370K (Wells Fargo)
Amount owned on 2nd: about 70k (HSBC)
We offered 400k and the seller accepted.
A few days after the offer went to the bank, Wells asked us to sign a 60 day closing addendum. That's about it so far. The seller is using a loss mitigator who seems to be very competent.
So, what do you guys think the odds are of us getting this house? I know you don't have any crystal balls, but I'd like to hear some professional guesses.
Replies to This Discussion
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Permalink Reply by Jackalope on
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Little more info...
OK, so this is all according to the LM guy: The seller is current, and my offer will likely cover the entire WF lien. However, it is very close. He said that there would just be a few k leftover, and if any fees pop up in the interim, we will be in short sale territory. So they're proceeding with this as a short sale under that assumption. Now I'm not sure how common this is, but I'm willing to trust the negotiator's experience and instincts. After all, he doesn't get a dime if we don't close.
Is there anything else I should be asking?
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UPDATE:
The LM guy says that we should get an answer from WF (1st position) sometime next week. HSBC (2nd) ordered a BPO and is waiting for the appraisal to come in. He expects that they will have that early next week. So it appears that things are moving along nicely. It's been just shy of one month so far.
QUESTION:
Is it common for the second lien holder to order a BPO?
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