B of A Short Sale Approved

I've been a lurker for months, and ShortSaleSuperstars has been so helpful in understanding the entire Short Sale Process.  I am a buyer, and our short sale was just approved on Dec 10th.  I wanted to post the timeline and our experience so others have a reference. (exact dates uncertain b/c information from listing agent as when tasks done)

 

Sept 17th: house went on market.  List price: 849,000 We had been looking for months, and when I saw the email notification for this one, we jumped on it.  We went to see it that night at 5:15pm.  The house and yard was a mess, but in good condition.

Sept 19th: We offered list price with 100K down and approval for FHA loan.

Sept 23rd:  Out of 3 offers, our offer was accepted

Sept 24th: Offer entered into Equator

Sept 24-Oct 12: negotiator assigned, internal BPO completed, BPO/internal appraisal ordered

Oct 12th: BPO/internal appraisal completed

Nov 5th: auction postponed to December.  Counter from bank/seller recieved:

1) Purchase price to be $850,000
2) B of A wants an additional $2,000 specifically to go to the first loan
3) B of A will not cover the HOA and is making that a buyer item.  The cost for that may be less than the $1,200 noted.
Nov 7th: Counter signed, accepted terms. (tired of waiting)

Nov 11: Extension of Purchase contract signed

Nov 18th: Package sent to investor, hold up was sellers proof of current financial status.

Dec 1st: Extension of Purchase contract signed.

Dec 6th: Auction postponed to January

Dec 10th: Short Sale approved!  Approval letter states to close on Dec 22.  Impossible.  Awaiting changed letter to reflect 30 days from date of letter to close.

Dec 17th: Inspections completed.

 

We're to close Jan 7th.  Locked in FHA rate of 4.75% .  (too bad we couldn't lock in early Nov when it was 4.375%)

 

Good luck to everyone!  Merry Christmas!

 

 

Views: 52

Replies to This Discussion

Permalink Reply by Noel Hagen on December 20, 2010 at 1:02pm

Congrat!   thanks for sharing your transaction.  Merry X-Mas!

Permalink Reply by Susan Neal on December 20, 2010 at 5:10pm
Good for you! Many short sales take much longer, but clearly you were more interested in getting the home than in fighting over relatively small amounts.

I have tried to deal with buyers who got stubborn and refused to agree to a counter over $200 in costs, and in one case I simply put in $500 of my commission just to get the deal to close instead of wasting months of work.

I hope you will have a long and happy life in your new home.
Permalink Reply by Eileen M. Vecchio on December 21, 2010 at 11:14am

Did the negotiator ask you to reduce your commission?

Permalink Reply by Janice Liao on December 21, 2010 at 11:21am

I forgot to add that the original loan amount was $1,190,500.  BofA owned the loan, no involvement of outside investors.

 

Dec 20: Received letter from BofA changing latest close date to 1/12/11.

Permalink Reply by Kathleen Lordbock on December 22, 2010 at 2:03pm
Thank you for hanging in there- as a listing agent- that is what we need- determined buyers!!

RSS

Members

© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************