I made an offer on March 4, 2014 on a Bank Of America short sale and the seller accepted. Needless to mention, there has been no real movement on my offer until about a week ago. On 11/26/14, BOA requested that the listing agent upload a current contract since the original one had expired. So, we revised the contract and it was uploaded the same day. On 12/3/14, we received a counter offer from the negotiator detailing what things were not going to be paid (I.e. Closing costs, warranty, etc.), extending our closing date from 30 to now 45 days and setting their net total proceeds required. So we repackaged and submitted our offer on 12/4/14. Where am I in this tumultuous ordeal?!?! How close am I to closing on this home that I really, really love?

Views: 604

Reply to This

Replies to This Discussion

Sounds like you are at the counter offer stage which would be one of the later legs in the short sale process. Once you pass the counter phase if all fee's and the purchase price are within guidelines, they will audit the file for completeness prior to submitting the file to upper management/investor for final review (short sale approval decision).

You are almost there!

[email protected]

310-564-6389

www.ishortsalenow.com

Thanks Brett!! This process has been an emotional roller coaster and I'm ready to get off this "ride" very, very soon!!

Tammie - Something was amiss in the delay of your initial offer and a response from Bank of America.  Who knows what happened, but someone dropped the ball. Thankfully, you are back on track and you should have a response in a reasonable time period.

Wendy Rulnick

850-650-7883

www.shortsales-emeraldcoast.com

We just received notification today that a variance is being requested from FHA. What does this means??

In simple terms a variance is a request to allow something that differs from HUD's guidelines. A variance can be used for extending the ATP, extending a value, requesting a lower NET to be approved, among other things. They had to request HUD to approve something on your transaction. If you find out what the variance was placed for, you will have more information about what truly is transpiring.

[email protected]

310-564-6389

www.ishortsalenow.com

How long does a variance approval take???

can take a week or two if you just let it take its course. Typically I can have variances approved within 48 hours when I reach directly out to a HUD contact.

[email protected] 

310-564-6389

www.ishortsalenow.com

I think I figured out the variance approval needed. HUD guidelines require that the property must be owner-occupied during the short sale. This is not the case. The property is vacant and the couple is divorced.

Yes, a variance can be placed for that. How long has the property been vacant for?

Since the property was first listed on 10/31/13
Just received word that they are now waiting for an ATP from HUD.... What does this mean? Am I still in a "wait & see" phase???

Sounds like the variance was approved for the non-occupancy which is a good sign. When a property going through a FHA short sale is vacant over a year it is a red flag. The ATP is issued once an appraisal is completed and the homeowner is granted permission to move forward with a short sale. The ATP will state what the appraisal came in at and the proceeds needed to make the transaction work. That document needs to be executed by the homeowner and will determine whether your current offer is in line with their value to be approved. If in line with their value and all fees are inline with HUD guidelines, the negotiator will ensure all documents are in and completed properly prior to submitting the file for final audit prior to approval.

RSS

Members

© 2024   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

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