Hi,
We are buyers and would like share our story and thank short sale superstars for all the great information! Without this website, we would not be close to sealing this deal with the banks!
We started our short-sale process on January 29, 2010 and finally closed escrow yesterday. During the time we submitted our offer, the market was progressing so our offer was in line with the comparables. Here is our timeline.
2/5- Sellers signed contract
3/6- BPO ordered
4/21-BOA approves- gave us til 6/1 to close
5/6- CitiMortgage approves-gave us til 6/7 to close
5/21- BOA ordered appraisal came in lower than our purchase price (50K lower due to declining market)
5/22- Request for extensions with both lenders and submitted an addendum with the revised amount on contract- hoping BOA will grant us the revised price
5/22-6/11 - initial investors decline our revised offer ( I think they didn't like that it was on an addendum that showed 50K less but this is due to the declining market) We then had to deal with multiple negotiators/sr. negotiators to resubmit the file, escalate the process over and resubmit a new contract (not the addendum) to show the new purchase price
6/11- BOA ordered another apprasial and the amount was the same
6/25- BOA finally accepts new price, goes into investor review ( this takes about 3 weeks)
7/14- Short sale approved!
7/29- Escrow closes!
We went through high and low with this short sale. With shortsale superstar, I was able to find information that helped me channel through the office of the president, ways to deal with the negotiators and understand ing the escalation process, and even taking my questions on BOA twitter. In the end, we end up saving $50k on the purchase price.
For all the buyers out there, it can happen!
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