Replies to This Discussion

Permalink Reply by David A. Roebuck on June 19, 2010 at 8:04am

Good News!! Check with your lender for details but they are extending the closing deadline of 6/30 to 9/30. As for the non-mortgage paying pests I think you may be stuck with the costs of their clean-up and repairs or ......... you may think about trying to back out of the contract--depending of course on how extensive the damage and repairs will be. You are probably getting a "good deal" on the house as a Short Sale so if the costs are not that great I would continue on with the deal, but I doubt BofA will be too generous coughing up repair costs.
Keep us informed of your progress, and Good Luck!!

Permalink Reply by Julie R. on June 19, 2010 at 4:02pm

Thanks David.

I have been one of the proponents of actively campaining to Congress for this extension, with many op-ed pieces, written letters, phone calls, even posts on this site, so all the effort is paying off. The senate passed the amendment, but it is now up to the House to approve before it can go any furtther. It is looking very possible, though. =)

I just paid for a home inspection today and walked through much of thsi 1935 home with the inspector. Yes, it is in need of TLC, but things are not as bad as they may appear. The 8K credit will certainly help rid the "room mates" and assist with other damage repairs. Bottom line: I am going to hang in there. Meanwhile, I have renegotiated use of a drop-down on my future mortgage, so all in all, everything is falling into place. Yesterday, I had insurance company try-outs to see what home owners insurance to buy and hope to make a decision by Monday morning. Any insurance company tips you can offer are also appreciated.

Thanks again!

David A. Roebuck said:

Good News!! Check with your lender for details but they are extending the closing deadline of 6/30 to 9/30. As for the non-mortgage paying pests I think you may be stuck with the costs of their clean-up and repairs or ......... you may think about trying to back out of the contract--depending of course on how extensive the damage and repairs will be. You are probably getting a "good deal" on the house as a Short Sale so if the costs are not that great I would continue on with the deal, but I doubt BofA will be too generous coughing up repair costs.
Keep us informed of your progress, and Good Luck!!

Permalink Reply by Wendy Rulnick on June 20, 2010 at 3:50am

I agree with David. Ask but don't count on it.

Permalink Reply by David A. Roebuck on June 20, 2010 at 11:21am

Julie,
Try Nationwide and Farm Bureau if they do business in your area - what state are you in? Farm Bureau is very good, I personally have Nationwide and have had no problems with them at all - even after lighting hit my house 2 years ago and knocked out ALL my electronics, including the surge protectors.
Keep us informed about your BofA Short Sale and if you run into any other problems.

Julie R. said:

Thanks David.

I have been one of the proponents of actively campaining to Congress for this extension, with many op-ed pieces, written letters, phone calls, even posts on this site, so all the effort is paying off. The senate passed the amendment, but it is now up to the House to approve before it can go any furtther. It is looking very possible, though. =)

I just paid for a home inspection today and walked through much of thsi 1935 home with the inspector. Yes, it is in need of TLC, but things are not as bad as they may appear. The 8K credit will certainly help rid the "room mates" and assist with other damage repairs. Bottom line: I am going to hang in there. Meanwhile, I have renegotiated use of a drop-down on my future mortgage, so all in all, everything is falling into place. Yesterday, I had insurance company try-outs to see what home owners insurance to buy and hope to make a decision by Monday morning. Any insurance company tips you can offer are also appreciated.

Thanks again!

David A. Roebuck said:

Good News!! Check with your lender for details but they are extending the closing deadline of 6/30 to 9/30. As for the non-mortgage paying pests I think you may be stuck with the costs of their clean-up and repairs or ......... you may think about trying to back out of the contract--depending of course on how extensive the damage and repairs will be. You are probably getting a "good deal" on the house as a Short Sale so if the costs are not that great I would continue on with the deal, but I doubt BofA will be too generous coughing up repair costs.
Keep us informed of your progress, and Good Luck!!

Permalink Reply by Cynthia Robbins on June 21, 2010 at 9:16am

Do not do the mortgage apprasial yet. that too has a time limit on it. Keep this in mind always. Everything must be in writing with the short sale transaction. NO verbals. There are to many transactions on the table for the negotiator to keep track of what she/he said about your file. AS IS is AS IS. There is no cash out with a short sale except when FHA is the new lender. Then the buyer receives an incentive credit and the seller receives an incentive payment. Glad you have not lost your sense of humor.

Permalink Reply by Julie R. on June 21, 2010 at 3:20pm

David, are you sure about the extension? I had been following the Senate amendment and the house would have to agree to the amended bill. So far that is getting a lot of debate (no so much the home buyer extension), but the other stuff in the bill (ie, unemployment extension, etc.). Anyway, I am still full steam ahead. My lender just did an appraisal today, and I lined up termite tending for Friday, if I should need to have it done before end of month. I am doing all of this on a 'verba' acceptance with promises the written is 'coming', so it is a huge risk on my part, but so is missing the $8K deadline. We will just have to see which train gets to the station first. =)

David A. Roebuck said:

Good News!! Check with your lender for details but they are extending the closing deadline of 6/30 to 9/30. As for the non-mortgage paying pests I think you may be stuck with the costs of their clean-up and repairs or ......... you may think about trying to back out of the contract--depending of course on how extensive the damage and repairs will be. You are probably getting a "good deal" on the house as a Short Sale so if the costs are not that great I would continue on with the deal, but I doubt BofA will be too generous coughing up repair costs.
Keep us informed of your progress, and Good Luck!!

Permalink Reply by Cynthia Robbins on June 21, 2010 at 4:34pm

To the best of my knowledge BOA cannot make repairs on a short sale. Your contract is with the sellers, not BOA. BOA just has to agree to accept less money to satisify a lien (mortgage). I would not put any money into a property before I knew that it was mine. termite treatment does not take long and can be scheduled while you are signing the final docs.

Julie R. said:

David, are you sure about the extension? I had been following the Senate amendment and the house would have to agree to the amended bill. So far that is getting a lot of debate (no so much the home buyer extension), but the other stuff in the bill (ie, unemployment extension, etc.). Anyway, I am still full steam ahead. My lender just did an appraisal today, and I lined up termite tending for Friday, if I should need to have it done before end of month. I am doing all of this on a 'verba' acceptance with promises the written is 'coming', so it is a huge risk on my part, but so is missing the $8K deadline. We will just have to see which train gets to the station first. =)

David A. Roebuck said:

Good News!! Check with your lender for details but they are extending the closing deadline of 6/30 to 9/30. As for the non-mortgage paying pests I think you may be stuck with the costs of their clean-up and repairs or ......... you may think about trying to back out of the contract--depending of course on how extensive the damage and repairs will be. You are probably getting a "good deal" on the house as a Short Sale so if the costs are not that great I would continue on with the deal, but I doubt BofA will be too generous coughing up repair costs.
Keep us informed of your progress, and Good Luck!!

Permalink Reply by Julie R. on June 23, 2010 at 7:43pm

Thanks Cynthia,

I read your reply AFTER I paid for the mortgage appraisal (no, still have not lost the sense of humor). Anyway, the good news is the appraisal came in favorably for my loan. I also did a new termite inspection and a home inspection. All in all I keep finding NEW surprises and considering the selling agent has still not received a written approval, I am ready to walks and cut my $1K losses, especially since I am 5 days away from losing the $8K credit.

The latest news it that the selling agent is not worried about the approval letter because she believes that the September 30th extension has been passed (it has not). So no escalation effort is being put into getting the acceptance letter any sooner than whenever it arrives.

Cynthia Robbins said:

Do not do the mortgage apprasial yet. that too has a time limit on it. Keep this in mind always. Everything must be in writing with the short sale transaction. NO verbals. There are to many transactions on the table for the negotiator to keep track of what she/he said about your file. AS IS is AS IS. There is no cash out with a short sale except when FHA is the new lender. Then the buyer receives an incentive credit and the seller receives an incentive payment. Glad you have not lost your sense of humor.

Permalink Reply by Bryant Tutas on June 24, 2010 at 12:11am

Julie. You can certainly ask BofA to allow a credit at closing to pay for termite treat and repairs. I've done it and they have agreed. But the very first thing you need to do is get an estimate. Sometimes these types of repairs are not as expensive as we imagine. In my area you can treat and bond a house for termites for $875.