PNC in Jr. Questions - And Guidence For A Done In Buyer

Hello from a would be buyer.

Our short sale....

Our offer was accepted on a short on Jan 13th. We've been thru every possible BAD scenario since! Our SS is now the one local realtors use as a "worst case scenario". It's a great house and we LOVE it so we've stayed until the bitter end. We're 140 days into it with no end in sight. That's not true because I think we're about to be done, and just when it seemed we were getting somewhere.
 
We have M&T for first and PNC in second.  The seller has an agent and a lawyer and we've been following along (via CC emails) some of the stuff going on. M&T has fought us tooth and nail the whole process, but we finally started getting somewhere in the last 2 months.  Things we're looking like they were moving forward, so the lawyer open a file with PNC about 6 or so weeks ago. At that time, PNC indicated was on board to sign and all was looking good except they questioned the BPO M&T did. It came in high because the agents who did them were from out of county. They don't know the area and they didn't consider CHEAPER new construction in the area.  But they indicated that if M&T approved they would be ok with it. They said they couldn't start any paperwork until we had an approval letter from M&T and they could only leave the file open for 30 days. That was April 11 and we expected to hear something from M&T shortly so that was fine. Not sure what date, but the file closed with no action. I don't know when a new file was been opened. We did not receive anything about that, but the lawyer has been wonderful about doing everything in her power to keep things moving, so I'm sure a new file is opened and PNC would have everything they need to continue.

We got approval from M&T on May 16 and they gave us a close of June 29. (YAY!)  In order for us to be able to apply for  and get processed our mortgage by the 29th, our bank needed  ALL the papers in by last Friday, May 25. They have our file open and ready, but they can not continue processing without approval letters from both M&T and PNC.

Needless to say, PNC has NOT approved and I have no idea what's going on. We're out of the loop right now and blundering around in the dark. All we know is if PNC had approved, we could have made the deadline with our bank, but as of now, we can't go to closing. We're heartbroken, but this isn't the first time we've had bad news during this sale. We spend the holiday weekend thinking if PNC gets off of it and will act in the next day or two, we can still get this thru. Maybe we can push our bank to move faster and and maybe M&T will extend the close by a couple days.

We sent a message (via our realtor) to the seller team stating that our hands are tied and we won't be able to make closing.  I know this is going to make the lawyer act, so we could hear something in a day or two, or PNC could just shut the whole thing down by not responding.

 
So here are my questions,
 
Do any of you think PNC will ever accept? Or have they just been giving us the run around?

Do you think M&T will give us an extension since this isn't our fault?

Or should we just get ready for the heartache of wasting all these months dreaming of pie in the sky. You have no idea how much this whole thing has taken out of us. It's been like a horrible roller coaster ride...blindfolded. We've never once known what our position was. We've had ever possible bad thing happen and we're still not done. We love the house, but I have to say, I am so ready for the whole thing to be over! Either way, it just needs to be done. If the sale is done, they just need to tell us and not draw this out any further.

Any insight would really be appreciated, and I thank you in advance.

Shar

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Permalink Reply by Jim Schneider on May 29, 2012 at 4:16am

140 days in isn't too bad when a short sale has two loans, and usually seconds approve more quickly than first mortgages, especially when (as in your case) the process is started before the first accepts. Most first mortgages will extend a little bit to allow for a second mortgage to be approved.

 

Sounds like you have all of your documents in to your bank which is good. Just wait on the approval from PNC then have your lender order the appraisal asap. Looks like a bumpy transaction, but one that can work.

 

I don't have that much experience with M&T in particular, so I will leave that to agents that have worked with them. PNC was fairly reasonable and responsive on my last deal, they are in 2nd position a lot, so they're used to this kind of transaction.

Permalink Reply by Sharon Stine on May 29, 2012 at 8:19am

We haven't really had a long wait, not in the grand scheme I guess, but this has not been a nice short sale. M&T basically ignored the file for the first 2 months citing their first BPO as an excuse. The lawyer threatened the bank with calling the Treasury Dept. newspapers and 6 o'clock news before they finally started working it. So we pretty much lost two months right at the start. Of course then it was the old missing paper excuses, lost file, transfers, new negotiator...blah blah blah. And the last bit was the owner going into the house and removing the ceiling fans/over head light fixtures! And digging up shrubs and plants from outside. And so many other things- much much more- It's really been a process for sure. 

I guess that's why I'm rather expecting the worst out of this. It's been nothing but a pain since the very beginning. Every step has been an uphill climb with no clear end.

And I wanted to add, if the Seller Agents wanted to help improve things, they should try to keep the buyer updated on what's happening, and NOT just when the buyer agent demands an update. I know the agent can't really CC every bit of information, but I don't see why they can't send along what they can. I don't want anyone to hold my hand, but I would love to know what's happening when it happens and not have to read about it in an email 3 weeks later.

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