I hope all goes well for your short sale MLwhaley. I hope soon you will have your keys in your hands.
P.S. when we still had the offer on the table with the short sale. The owners moved out. we asked our agent to take us in to look at it empty. The left the house dirty and took all the ceiling fans. Since all their stuff was out we really saw the dirt.
She wanted proof that I could buy the house, so I talked to my lender who wrote a letter guaranteeing that I was qualified for the amount I offered (which as I mentioned above, was nearly the full asking price) and if they give me the house, he will finance the purchase assuming the inspection is satisfactory. The Negotiator had the house appraised a second time last week since it's been over 6 months since the last appraisal. All went well. Today, she requested the HUD statement from the listing agent. It's my understanding that the HUD is a pretty good sign that we're almost there. I think even she was surprised, and in an email today she said "this is the first encouraging news that there is actually an end in sight". We're all pretty shocked that more progress has been made in 5 business days than was made during 6 and a half months prior.
Granted, I still don't have my closing date, but I'm confident the end is near. But I'm sad to say that I think I would still be hanging out at Phase 2 if I didn't go directly to the CEO of Bank of America. That's not a joke. It's pretty unbelievable that The Man has to step in and put his foot down just to get a little house sold. I guess it's clear now why the poor guy is retiring!
My realtor has been out of town for the last week, and just sent me the back and forth emails between one of her partners and the listing agent. Apparently, the listing agent has been calling and emailing the negotiator daily for the past 2 weeks, leaving messages desperately begging them to just return a call. But they are completely ignoring her and haven't even acknowledged her inquiries. So she is going to take a little walk down the street to Bank of America this week and close this dealâ€” she's a spitfire! So I'll be sure to update everyone who is still following this question. Maybe going straight to the source, they can get on the phone with someone who has more authority to make something happen.
My family has had a short sale bid in on a property for over 6 months now. Reading your initial question/post made me laugh b/c it was almost an exact mirror into what we have been going through -- our agent is very good at keeping the lines of communication with the lawyers handling the process open (or so it appears), but every time we "hear something" its always something along the lines of "almost... just a few more days... you should hear something by the end of the week... this is the final stage, etc" -- you name it. Like I said, its now over 6 months and I have no idea when/if it will come to pass (although I hope and pray it does, b/c its a dream property). The main difference between our bid and yours is that ours definitely wasn't 97% of the asking price; our bid was definitely a lowball offer. But this is in a market where there is a surplus of shortsales and no offers are coming in on many properties, so who knows. I could tell you all the steps we have gone through in the process (and the subsequent ups and downs), but I'm sure you've experienced most of them yourself. The last thing we heard was that the "servicer" had changed, so a new servicer had to evaluate the offer/shortsale. I have absolutely no idea who or what a servicer is, but somehow we are always being told this is the "final stages" (6+ months in... we have been told that many, many times... I stopped believing that, lol). There's always some additional stage or party to the transaction... I really don't know what goes on behind the scenes -- its frustrating. I wish we could just bid on some standard traditional sale and be accepted or rejected within a day or two, but unfortunately properties this nice and with this low of a price just don't exist in this market unless its a firesale, and our pockets are not deep, lol.
All I can tell you is that a real estate gem I heard once said that the real estate triangle of a sales transaction consists of (1) Price, (2) Quality, and (3) Time -- and that you can only ever have 2 of the 3 (ie if you want something cheap and fast you are going to sacrifice quality, if you want something with great quality and want it really quickly you are going to pay for it... or our situation, where if you want something of good quality at a good price -- you are going to need to be patient and wait) .
I'm sorry that I really don't have any advice or encouragement/discouragement for you, other than the fact that I can relate to exactly what you are going through. Really -- your posts have been like reading entries out of my own diary or something, lol. This process is crazy and I have no idea where we'll end up, but I sure can relate. Best of luck, and I truly hope you get the good news you have been waiting to hear for so long -- sometime very soon!! :)
That's the process is the worst on the planet.
I answered you regarding a short sale a while ago. well, we backed out. We found another home and it was a standard sale. We also found out with the short sale that they originally told us our file was at the end of stage 2. Later about 25 days later we were told we were just starting stage 2. Very frustrating. Countrywide has no ideas what they are doing. CW even told the sellers agent to tell us to hold tight because we were nearing the end. But when it changed to the beginning of stage and the sellers agent asked them about us being at the end. They said they never said that! Crazy. Well I know you are in rush so good luck. Keep us updated.
i also put in an offer for a short sale back in May, the sellers agent even opened escrow, and they cashed my ernest money deposit! after almost 3 months, we have no lender approval, and are frankly quite disgusted. so, last week we withdrew our offer.
i have found that during the last three months since we made that offer on short sale, there have been many REOs and standard sales. true competition is rediculous, but at least with REOs and standard sales you get a yes or no within a week of making your offer. we now have an accepted offer on a REO and are hoping to move into a house soon.
good luck to you. if you love your short sale home, i guess keep waiting, otherwise i say move on...i am glad i did
Countrywide, now Bank of America, has three (3) phases--not two (2)-- in their short sale process. Each of the three phases takes between 30-45 days to complete. At present, Bank of America has over 500,000 short sales to process and each coordinator is assigned about 400 files each. Here are the three stages, as it was explained to me by a short sale representative:
Phase 1 - Requires scanning the file contents, determining if the file is complete
Phase 2 - Review price of home (BPO), preliminary review of file contents to determine if a short sale is warranted
Phase 3 - Final Review and Negotiations. This is where the lender appproves the Short Sale or provides a Counter Offer to Buyer. This is also when the Lender determines what conditions will apply to the sale.
Again, in the "best possible case", a short sale takes 90 days from offer to acceptance by the lender, which means 120 days from offer to close of escrow. However, in areas where there are proliferation of short sales, the time between Phases can be closer to 45 days just to get the file to the Phase 1 Negotiator and then 45 days at each phase--meaning that the process from offer to approval can be 180 days or about 6 months. That's extreme, of course, but it can happen.
Unfortunately, with the influx of Countrywide short sales into the B of A system, all representatives are understandably overwhelmed with jobs, and there is nothing that we as buyers, sellers or Realtors can do to speed up this process.
I hope this helps put the process into perspective for you. Good luck and hang in there!!
Grace Morioka, SRES, e-Pro
Area Pro Realty
San Jose, CA
That's the process at Countrywide; sometimes it is slow, and other times it is slower.
We heard today that CW/BofA called the sellers agent to ask for two updated forms, one was our purchase agreement. My agent stated at least we know someone is looking at the file. So hopefully tomorrow we will have a better update :-) We also found another home yesterday, a REO, but we ended up backing out of the offer because the taxes were way too high. Good luck to you too!