First of all, I came across this site while looking at a short sale property in Tampa, FL and have found the information invaluable. It is a great group of people providing tons of information.
I am currently in a short sale on a BofA property as the buyer.
Just wanted to get any opinions or thoughts on a few things.
Only 1 loan with BofA but I believe the note is with Sunbelt Lending. There is no 2nd.
There is no lis pendens filed on the owner as of now. If there is no foreclosure filing, will this put the house on the bottom of the priority list of being handled?
The house was mid remodel when listed for short sale. The kitchen is completely gutted and needs to be rennovated from the ground up. We are looking into a FHA 203K for the rennovations. Have any of you had any problems with closing when the buyer is using a 203K loan? I know they can take 45 days to close with all the bids, consultant, setting up draws, etc.
Timeline:
12/15/10 Offer accepted by Seller
Seller has completed: 3rd Party Authorization, hardship letter and the short sale negotiatior has the file set up.
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One of my co-workers was trying to get a loan modification with B of A and was not behind in payments. The customer service rep. at B of A told her she had to be behind to get service. He gave her this analogy: " if you went to the emergency room, and you were not sick, who is the Dr. going to see, you or a sick person?" I would imagine that the same is true in the short sale dept. The short sale requests where the borrower is behind, gets the attention.
Wendy,
Thank you for the additional information. It was in line with what we were thinking. So far things are going along at a decent rate (luckily we are in no rush on the buying side). I am sure we will have some delays coming up. I believe the selling agent will be at the BPO once it is scheduled.
12/15/10 Offer accepted by Seller
Seller has completed: 3rd Party Authorization, hardship letter, etc.
1/10/11: BOA needed additional information for 3rd party authorization. The mother had passed away, and the daughter was on the deed.
1/18/11: BOA acknowledged all documentation was in.
"Message Inserted (01/18/2011 10:40 PM)
Thank you for completing the assigned agent tasks for the property. We are in the process of obtaining an updated valuation on this property. As the agent on this short sale, you will be the point of contact for the valuation so please be prepared to coordinate access to the property as needed. You will receive another status notification once the valuation has been completed and uploaded to our system."
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