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:
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!
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Congrat! thanks for sharing your transaction. Merry X-Mas!
Did the negotiator ask you to reduce your commission?
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.
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