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Short Sale Approved!

Posted by Nikki on July 30, 2010 at 8:03am
Hi,We are buyers and would like share our story and thank short sale superstars for all the great information! Without this website, we would not be close to sealing this deal with the banks!We started our short-sale process on January 29, 2010 and finally closed escrow yesterday. Here is our timeline.2/5- Sellers signed contract3/6- BPO ordered4/21-BOA approves- gave us til 6/1 to close5/6- CitiMortgage approves-gave us til 6/7 to close5/21- Appraisal ordered and came in lower than our purchase price (50K lower)5/22- Request for an extensions with both lenders and submitted a revised new amount on contract/resumitted again in equator6/11- BOA ordered another apprasial and the amount was the same6/25- BOA accepts new revised price, goes into investor review ( this takes about 3 weeks)7/14- Short sale approved!7/29- Escrow closes!We went through high and low with this short sale. With shortsale superstar, I was able to find information that helped me channel through the office of the president, ways to deal with the negotiators and the escalation process, and even taking my questions on BOA twitter. In the end, we end up saving $50k on the purchase price.For all the buyers out there, it can happen!
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