Short sale declined due to Seller not being behind, our agent recommending we stick with contract because seller just missed their May 1st mortgage payment.
I am very upset right now, here is the scenario:
I am the buyer we got an accepted contract from the seller on April 9, 2010
Today May 6 I get a call from my realtor advising that the bank did not accept the offer because the seller was not behind on their mortgage (they were borrowing money to pay for mortgage) But she said that the seller just missed their May 1st mortgage payment and that the sellers agent who is supposed to be a CSSN suggested that we continue with them and our agent is also saying that it is a good idea, according to them the only reason why it didnt go thru is that there was no missed payments but now with this first missed payment it would go thru. I am very confused and am wondering if it is a good idea that we just continue to stick it out maybe for another 30 days to "hopefully" get a YES answer! What should I do?????
Replies to This Discussion
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Permalink Reply by Bryant Tutas on
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Anabel. I wish there was a definitive answer to your question but there isn't. It does however sound like you are getting good advice from your agent. Short Sales take time and to have any kind of a response in less than 30 days is very good. So it seems that BofA is working it. The fact that the seller has just missed a payment should help. If it's a house you really want then another 30 days is probably worth it. I truly hope you end up with this home.
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Permalink Reply by Anabel Hdz on
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Hi Bryant:
Thank you for your response. Yes the seller has the loan thru BofA. And it appears that the seller is going thru a hardship, Seller travels over 100 miles to get to work and mom is a stay at home mom of four children and one of them is suffering from kidney failure. So we have decided to stay and wait and see if maybe this time around the short sale gets accepted. -
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Permalink Reply by Terry L. Osburn on
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Hi, interestingly enough I have had two denials with BofA, one as a listing agent and one as a buyers agent and in both cases we resubmitted the offers and they were accepted 2nd time around..
Yes, it did drag things out a while......As Bryant stated there is no definitive answer but if your buyer really likes this particular home and is not hurry may be worth the 2nd try. -
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Thank you Terry, this brings my hopes up that we will be able to close. Listing agent is going to resubmit paperwork next week hoping that they will review this after the payment shows 30 days late on June 1st.
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Permalink Reply by Richard Zaretsky on
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it may be a Fannie Mae loan - which requires short sellers to be late on the mortgage. If you hold on, they should resubmit and this time get it approved.
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Permalink Reply by Juan Reyes on
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Hang in there,
I had the same thing happen to my listing at the end of March. We had to wait until May 1st for the seller to be late. I reinitated the SS last week and received an approval yesterday. -
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More than once I've had to read through an entire post to make sure I wasn't responding to a question from the buyer of our home because it all sounds so familiar! This is what we've been through. In our case, we were told to resubmit after we were past the 30 days delinquent date.
So, if the short sale is resubmitted before June 1 or May 31 or whatever 30 days works out to be, you could potentially get another rejection if it actually moves through too fast - which may be the case since the point where it would get rejected is probably after the BPO is done, and the second time through it might move faster with an existing BPO already done.
In our case, we've resubmitted and they did the BPO again anyway apparently, although they did it the day after we (homeowner) enterred our documentation, so apparently they must have ordered it ahead of the point where tasks get assigned to the negotiator in equator. -
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We were just declined a short sale as the seller. We have been making the payments for a year now and since we are now both out of work we just cannot do it. B of A said it was declined due to all payments were current. Now, today, 3 weeks later B of A offers another choice; deed in lieu of forelclosure. Now reading your note I wonder if we should resubmitt? Any comments would be really appreciated.
Terry L. Osburn said:Hi, interestingly enough I have had two denials with BofA, one as a listing agent and one as a buyers agent and in both cases we resubmitted the offers and they were accepted 2nd time around..
Yes, it did drag things out a while......As Bryant stated there is no definitive answer but if your buyer really likes this particular home and is not hurry may be worth the 2nd try. -
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Permalink Reply by Bob Davies on
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I submitted a short sale package and approval was denied because the seller was not 31 days past due. I waited 4 days which put them 31 DPD & resubmitted on 5/4 & by 5/14 I had an approval. They do not all happen this fast but there may be hope for gain. As you know there are no guarantees with short sales but like Bryant said if you really like the home then the wait is worth it.
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