Hi All,
I am buying a house for 350K that is a short sale.
Two mortgages, Both with Chase.
We were told this is a "Fast Track" short sale which means the lender has "pre-approved" this and given listing guidance. Based on this we gave the seller listing cost.
Within 10 days of contract, Chase had performed their first BPO. It came in at $350K
our appraisal came in at $350K
The Seller agent is trained and certified to actually managed this short sale in Equator. The short sale application package was approved by the bank and they gave the seller Agent the green light to input everything into equator last Tuesday. We had a negotiator assigned by the bank by last Friday ( May 17th).
The 2nd BPO for the 2nd Chase mortgage was done on Tuesday.
The seller agent seems to be very experience in short sales and has actually communicated directly to me which I appreciated. Also, the fact that she can work this through equator seems like a good thing. She has a real $$$ incentive to get this deal done.
my question is one that I am sure there is not sure answer on but where are we realistically in the process and how much longer if everything goes well is this going to take?
We sold our house about a month ago and the house we were buying didn't appraise. The best inventory left is all short sales so we are living with my in laws. Although our situation is flexible, we are looking forward to getting into our new home. We do have a drop dead target of end of July as the big driver for this move was better schools and we need to be able to register the kids.
any advice is appreciated and what I am really looking for here is opinion since I know NO ONE can really control the banks. this site has been a fantastic resource and I appreciate any advice anyone has.
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Closing tomorrow. WOOT!
Hi all,
we got good news yesterday. We were told we have short sale approval from the negotiator. However, we do not have written approval yet. This means we cannot lock our loan rate. They did tell us we are good to schedule our home inspection and we need to close before July 12th. We are through underwriting so everything seems pretty well lined up.
My question is
Is a verbal approval reasonably solid?
Should we wait for the written approval letter before doing the inspection?
What other hurdles are left?
It's not to the investor's advantage to try and drag it out, hoping for a better price. I'm assuming this isn't FNMA owned, since that would be easy to determine, so the price will probably be resonable.
How do I determine if this is FNMA owned? There are two investors. I don't know who either of them are. I asked the selling realtor and of course she doesn't have to tell me.
Let me know and I may pull the PIN and see if I can check on the Fannie site.
Quick question .. My #1 worry is the investors on this deal, seeing homes prices rise, will drag this out to see if they can get a better price for this property. I feel like we are paying market price (gave their asking price) but is anyone seeing investors speculating based on the heated real estate market and slowing down the process? Is this a valid fear?
hi All, Just got an update. ALL BPOs are done and the file is now at the investors for review. I asked who the investor was but they couldn't or wouldn't say. I did ask what she thought turn around would be and she said, 5 to 7 days once the investors have it.
A similar house popped up on the market on the same street. Nice but not as nice on the inside, bank owned. I am sort of cringing as I could get the house and neighborhood I want but would have to do more work on this property and honestly, it's not as nice.
I feel like hanging in there on this house and that we are getting close. Any advice is appreciated.
Thanks Brian! Is this moving like this because of the "fast track" status? What does that really mean? I get allot of doom and gloom depending on who I talk about but this one has seemed to move.
I just don't want to get my hopes up too much.