(Closed) OMG! We just put down and offer on a home!

posted 6 years ago in Home
Post # 4
Member
2871 posts
Sugar bee
  • Wedding: March 2011

Wishing you tons of luck!

Darling Husband and I were in a short sale process that lasted 3 months.  we eventually walked away.

Here is to hoping you have MUCH better luck than we did.

Post # 5
Member
7606 posts
Bumble Beekeeper

That is really exciting news – good luck!!  I don’t even know what a short sale is (I think things are different up here) but the wait sounds killer!

Post # 6
Member
5496 posts
Bee Keeper
  • Wedding: April 2010

@Mrs Hedgehog:  How exciting!! I hope you get the house! But short sales usually take months to hear back. Where did you hear 1-2 weeks? The average is about 3 months to hear an answer.

Post # 7
Member
13096 posts
Honey Beekeeper
  • Wedding: July 2010

Good luck!  I hope your short sale only takes a couple weeks to reply because the ones I’ve known of (including my parents) took months!

Do you have any pictures?

Post # 8
Member
7311 posts
Busy Beekeeper
  • Wedding: October 2011 - Bed & Breakfast

You really should not have to wait that long for a response from the seller, unless there are extenuating circumstances (e.g. the seller is on vacation for 2 weeks). Dealing with the seller is the easier part. Do you know how many mortgages are on the house? Any other leins? That will affect the length of the process. The longest part is waiting for the lender(s) to approve the sale.

When we put in our offer on our current short sale, the seller accepted it within a matter of hours. We did some extra paperwork related to arms length transactions and had to send our most recent bank statement to the seller’s lender in order to prove that we had all of the money available to seal the deal (in addition to the approval letter from our lender). 2 weeks later the bank ordered the BPO, which is their first step in reviewing the shortsale file. Now we are waiting for the results of the BPO. Fortunately there is only 1 mortgage on the house, and the lender is a small local operation that was smart with its lending and doesn’t have a large backlog of shortsales and foreclosures to process.

If you haven’t already, I would have your REA do some digging to find out which lender(s) needs to approve the deal, get any information available on that lender’s process for reviewing shortsales, find out how much the mortgage is for, and research comparable sales in the area to see what current market value is for the house. Our REA got us tons of info before we went into the deal, and is working closely with the seller’s REA to assure that everything flows as smoothly and quickly as possible. On our end, we notified both lenders that we are working with that we are under contract. They’ve seen the contract and worked up preliminary numbers for us. Once we get bank approval on the deal, we’ll have the lenders give us their best and final offer, and decide at that point which one we want to use. We also already got the main home inspection done to assure that the house is in good shape, but we are holding off on the well and septic inspections untilm after bank approval so that we have a way out of the deal if we need it.

Post # 9
Member
679 posts
Busy bee
  • Wedding: August 2012

 Best of luck @Mrs Hedgehog: !!  I know this process is quite stressful.  Please keep us posted.

Post # 10
Member
10366 posts
Sugar Beekeeper
  • Wedding: September 2010

Wow, two weeks to hear back from a short sale is REALLY fast – you’re lucky! Most times, it can take 1-3 months. Keeping my fingers crossed for you!! So exciting!

 

edit – oops, just realized you meant response from the seller, not the bank. So, that’s normal. Good luck!

Post # 14
Member
5496 posts
Bee Keeper
  • Wedding: April 2010

@Mrs Hedgehog: Oh OK. I get it now. I’ve always just heard from people that it took months to hear back so that’s why I was confused. Well, I hope you hear back very, very soon and the sellers accept!!! 

Post # 15
Hostess
16213 posts
Honey Beekeeper

Wow, congratulations! I am sure the waiting will be difficult, but it works out, it will be so worth it!

Post # 16
Member
7311 posts
Busy Beekeeper
  • Wedding: October 2011 - Bed & Breakfast

@Mrs Hedgehog:  That’s very interesting. Maybe things work a lot faster in Texas. On the East Coast, there is no way in hades that a bank would order, obtain, and analyze 3 different BPOs in two weeks and get back to the buyer within that time frame.  That’s pretty awesome. I mean, once the bank approves the deal, it should be a regular closing. So you could really be done in 6 weeks!

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