Home Buying in 06042>Question Details

Shortsalesho…, Home Buyer in 06042

Short Sale...

Asked by Shortsaleshort, 06042 Sun Aug 28, 2011

I placed an offer on a short sale property in June. I finally heard back from the bank the end of July. They countered 12k higher than appraised value of the house. They ordered a 2nd, more thorough BPO and now, 2 weeks later, my realtor received an e-mail from the bank asking for my lawyers contact information and fax number. Does this indicate that the end is near or am I being over-analytical? Thanks for the feedback.

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Ok, so I think I have some good news. The sellers lawyer contacted my lawyer and asked her to order the title search last Monday. It was completed by Wed and forwarded to sellers lawyer. Now, they e-mailed my realtor Friday and said that "the offer was good, but there is a mortgage insurance". I'm a little confused. Why is this mortgage insurance holding up the finalization of the approval?
0 votes Thank Flag Link Tue Sep 6, 2011
Thanks Mikel. Is a CMA more thorough than an appraisal? I was under the impression it was the other way around.
0 votes Thank Flag Link Sun Aug 28, 2011
A CMA is a Comparable Market Analysis. Your agent can help you to determine the fair price of the home. Of course.... that being said the bank doesn't care about what you think. Keep your fingers crossed that the agents/appraisers the bank hires to do the BPO are competent.
0 votes Thank Flag Link Sun Aug 28, 2011
Thank you for all the feedback. I will definitely be contacting my realtor and lawyers office on Monday, but the weird part is that the woman from the bank e-mailed this inquiry yesterday morning (Saturday). This seems bazaar to me that they would be working on this over the weekend, hence the reason why I took this as a sign that the end is near. Possible wishful thinking on my behalf, but it certainly has been quite a grueling process. I also was thinking that if they were planning on disagreeing with my appraised value altogether, why would they ask for my lawyer's information?

Ron, what exactly is a CMA?

Thanks again!!
0 votes Thank Flag Link Sun Aug 28, 2011
I agree that you should ask the other side for an update and see what is going on. It sounds like the end might be near, but it's really hard to tell with a short sale. I would talk to your lawyer and agent and see what additional information they can get for you.
0 votes Thank Flag Link Sun Aug 28, 2011
have you had your agent do a good CMA so that you have some perspective on the Appraisal?

0 votes Thank Flag Link Sun Aug 28, 2011
Your agent and or attorney can better advise, with short sales one never knows...
0 votes Thank Flag Link Sun Aug 28, 2011
It could indicate the end is near, but in a short sale, one needs a lot of patience. Your Realtor can ask the listing agent for an update. That would probably be the best course of action at this point.
0 votes Thank Flag Link Sun Aug 28, 2011
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