Nationstar Short Sale
Hello, I am the buyer of a Nationstar short sale (one loan). We are on day 94 and have been very patient. We offered full list price, with no sellers concessions. About a month ago, we requested to receive updates on a bi-weekly notice. 4 1/2 weeks ago BPO was complete. All of the sellers paperwork has been uploaded on Equator. The listing agent was requested to complete another BPO 2 weeks ago and was submitted. The listing and buyer agent both think we are in the "ball park" as far as price goes, with 2 recent closings in the past 30 days closing 10K lower than our current offer. I have read so much valuable information on this site and have read about all of the problems and delays with Nationstar. My question is, "are we looking at another 94 days before we hear and approval or denial"? I understand it is a personal decision to "wait it out" but should we be hearing anything soon? Any advice or thoughts would be greatly appreciated.
Replies to This Discussion
-
Permalink Reply by Short Sale Superstars LLC on
-
Rikki,
From experience I'd think another 3 months would be on the long side. The next step would be the counter stage. After that if your value is in line they will ensure they have all needed items to submit for audit prior to investor review for approval. You're nearing the latter stages of the short sale process.
Warm regards,
310-564-6389
-
Permalink Reply by Rikki on
-
Brett, thank you for the reply. So we are close as far as "timing" goes to getting an approval/denial/counter offer?
-
-
If nothing unforeseen pops up, I would say yes. It seems you are near the "countering stage" where they may counter the purchase price or remove fee's that show on the HUD.
-
-
Hey Brett, another quick question....the listing agent finally heard from NS and they requested and AS IS addendum. We got that signed and I am sure the listing agent got that back to them. Would this mean it is a possibility they are going to approve or is this just something that NS requests, for all of their SS files? I hope we are close, day 117 and counting :) I know the agent has not escalated the file yet. Thanks again!
-
-
Rikki,
All short sales are sold " AS IS ". This has nothing to do with your chances of getting an approval. The value returned to the lender quite some time ago. Did the lender counter the offer or was the offer in line? If you are past the countering stage, it is possible that they are just requesting any last needed items such as the addendum in order to have a complete package to submit for approval review.
-
-
Thanks Brett. We have not received a counter or an approval yet. Sounds like this AS IS addendum is something we should have sent in with the contract. I guess we will continue to just sit back and wait.....The listing agent calls every couple of days, but no response yet. I would think we are getting close to requesting an escalation? Who knows....
-
-
Thanks Patricia. I am hoping we hear something soon! The listing agent has not escalated, she is going to wait to see if we hear anything this week....
-
Permalink Reply by Jessica Griffith on
-
My short sale with Nationstar was submitted in July when Aurora transferred all their loan servicing rights to Nationstar.
The short sale was finally approved in October with a close date in December. Because the buyer used Nationstar's financing as they offered 3% in seller credits, this delayed our short sale an additional 4 months. 3 months during the short sale approval phase and 1 month extra to close because the loan officer/processor never ordered the appraisal until a week before our original scheduled close date of 12/3/12. We finally closed yesterday. Meantime, the buyer and seller nearly lost their sanity. The only good thing about the transaction is that I worked with the most professional agent ever who helped hold the transaction together.
My advice to you - CALL DAILY to push the file forward. CALL INCESSANTLY!!
-
-
Thank you Jessica for the information. We already have our lending in place and ready to go. Since we are not asking for any contributions we plan to stick with our lender.
As for the advice to call daily, I asked for an update on Tuesday and was told "there are many buyers wanting to make back up offers and really want this house, so if your buyers want to walk, they can". The listing agent was nice about it and not threatening, but I am not sure if me asking for anymore than they are already doing will cause any problems. I just don't think it's out of line to just get an update weekly, even if it is...nothing new in equator. I did ask my agent yesterday if we don't have any new updates this week, can we request an escalation? Response...Nationstar is really busy right now and listing agent is on top of the file.
Fingers crossed....
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons