Am I starting all over or on the fast track?

Seller qualified for hafa short sale. 1st under BoA, 2nd heloc bought by real time solution llc, 3rd judgement lien. House was listed at $279k with no offer for over 8 months. Last listed price was $209k in August 2011 My offer came in at $200k with $3000 credit toward closing cost. But buyer (me) was asking to pay $3500 for the negotiator fee. Offer accpent by seller in Oct-25-2011 Mid Nov-2011. BoA verbally approved. Early Dec-2011. BoA countered back with $216k with $2500 credit toward closing cost. I stand firmed with my offer price but accept the $2500 credit. Jan-2012. Boths lenders approved and set to close on Feb-15-2012 I ordered the appraisal and inspection. After inspection...found water in crawl space which estimated about $5000 repair. I submitted addendum ask lenders for repair cost...but got denied... 10 days before closing date. I got informed by escrow company that there were another 4th lien in the title. $45k from Labor & Industry (L&I) lien..what??? Is this suppose to show up in the preliminary title search before listing? Negotiator only able to get the 4th lien discounted to $30k at the last minute. So...the whole transaction collapsed and closed... To make the long story short...the L.A hired an Tax Attorney to work on the 4th lien. Early of April 2012. L.A informed that they got the L&I lien discounted to $7k. April 15 2012. We resigned another new P&S for $195k with $5000 credit toward closing cost..and I will pay for the 4th L&I lien from my pocket. Last week..BoA reordered another BPO since the old one already expired. So my question is...Am I starting the whole process again? Is this going to be faster for second times? Are they going to put my case under fast track? What is your experience for the timeline in this situation? The appraisal from my loan about to be expire in June...I don't want to spend another $500 for it if this is another long haul for approval. I am about to walk...any input? Sorry for the long story...thanks

Replies

Jeff Payne May 21, 2012 at 8:04am

It does not appear that you are starting over. Was the file closed out completely? BPOs are usually only good for 90 days so they order a new one.

If the file was closed out completely and you start over, you probably are in for the long haul, expect another 90 days or more to close.
- John > Jeff Payne May 22, 2012 at 4:07pm
  
  Hi Jeff,
  
  We closed our escrow account and got our E.M back. But I don't think the file is close from boa (equator) while the Tax Attorney was working on the file. We resubmitted the new P&S with a little lower asking price from the original approval (to cover the water damaged in crawl space). My previous appraisal on the property about to be expired..dont want to spend the money again and don't have the patience to wait for another 3-4 months.
  
  Thanks
Satar Naghshineh May 20, 2012 at 10:56am

you are starting all over. However, your time frame should be around 2 months start to finish.

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