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Answers (24)
- Dan, "the_country_hick"
- Contributions:4697
portugese, you would do better to ask this question on a new thread. If you see on the top rioght a box with "Have a question? Ask it here." You can ask this there and maybe will find an answer.
- portuguese
- Contributions:2
How long does it take for Wells Fargo to respond on a short sale once they've gone in and down the appraisal?
- carmen25
- Contributions:128
Congratulations!!! I am currently going through the "trying to buy a bank owned home" process. STRESSFUL!!
- MRDCJ
- Contributions:10
We closed on 11/19 and we're living happy ever after in our new beautiful home. Good luck to everybody else going through the Short Sale process. I hope you get the same results as me.
- NeedinFHA
- Contributions:122
Ya never know, there may be a midline crack running right through the center of the house that you may not see...Get an inspection!
- MRDCJ
- Contributions:10
I'm getting our stuff together for the loan along with the down payment and closing costs. My agent asked if we want to pay for an inspection and I don't know if we should. Anybody know if we should? The house is practically new, but everybody is telling us that we will be responsible for the repairs anyways. They are telling us the appraisal is where that will take place and that if anything is found there FHA will not approve it.
I don't really expect anything, but wonder if this is true?
I don't really expect anything, but wonder if this is true?
- NeedinFHA
- Contributions:122
Zillow had my home like 60k higher then it was worth when I first logged on, now zillow is 3k off :). So the bank accepted the short sale, now what do they have you doing?
- MRDCJ
- Contributions:10
There was pretty much no negotiation as we jumped on the house the first day it hit the market. The house is literally two blocks away from the house we're currently renting. Our agent suggested a price and that's what we offered and they accepted it since it was the first, I guess.
Not sure how much is left on the mortgage, but from what I've heard from the current owner and learned from research we may be getting it for nearly half the price he paid brand new just three years ago.
I'm guessing our offer was pretty good as most of the houses around here with the same plan are going for about the same price or actually a little higher. Zillow has it worth about 30K higher then what we offered.
Not sure how much is left on the mortgage, but from what I've heard from the current owner and learned from research we may be getting it for nearly half the price he paid brand new just three years ago.
I'm guessing our offer was pretty good as most of the houses around here with the same plan are going for about the same price or actually a little higher. Zillow has it worth about 30K higher then what we offered.
- NeedinFHA
- Contributions:122
My house was NOT a short sale, and it still took 2 months after offere was accepted 1.5 months prior. Short Sales can take 4 months with a Cash Down Offer higher then asking price. I hope yours gets done here shortly before the Nov 31st closing date. Has your LO fine combed your Credit Report and have everything ready to go for the underwriter, because even if it all gets approved you still have to be signed off as a buyer :)
- asugradinwa
- Contributions:37
Great to hear! As I'm in the short sale process myself, do you mind if I ask how much negotiation took place? Did the bank come back asking more money or accept your offer on the spot? Also, do you know how far away your offer was from what was left on the mortage?
- MRDCJ
- Contributions:10
Update: Short Sale has been approved!!!! We are now beginning a 60 day escrow and will be trying to complete it a little before the end of November to qualify for that tax credit.
Anybody have any tips about the closing process? Should we lock in a rate now or wait? Any help as always is greatly appreciated.
Anybody have any tips about the closing process? Should we lock in a rate now or wait? Any help as always is greatly appreciated.
- MRDCJ
- Contributions:10
Thanks a lot asugradinwa. That's pretty much the information I've been told as well. I guess I'll continue to wait it out. We really like the house but are going to continue to see others just in case. Good luck with yours and hope you get it.
- asugradinwa
- Contributions:37
MRDCJ- It sounds like you are about the same place in the process that I'm in on a short sale.
Here is the way my agent put it to me: The bank who owns the morgage is calling all the shots. The Seller has very little say after they accept your offer, all you care about is the bank.
The bank cares nothing about how much more or less your offer is compared to what the advertised sales price is, what it cares about is how far away your bid is from the amount still owed on the mortgage.
From everything I've heard Wells Fargo is getting through Short Sales quickly. This means that the bank will review the property, review you as a buyer, and then review how much money it will lose.
From what you said it sounds like the bank is trying to figure out how much the property is worth. If the bank thinks it can make more money by forclosing you might never hear from them. However, if they think your bid is good they will either give you a go ahead or submit a counter offer.
My agent said that I would be lucky to hear anything back from the bank within 45 days of them recieving the offer and to plan for at least 3 months before closing, if at all. However, I can walk away if the bank doesn't get back to me within 60 days, but I love the place, so I'll be waiting it out until something better comes along.
Here is the way my agent put it to me: The bank who owns the morgage is calling all the shots. The Seller has very little say after they accept your offer, all you care about is the bank.
The bank cares nothing about how much more or less your offer is compared to what the advertised sales price is, what it cares about is how far away your bid is from the amount still owed on the mortgage.
From everything I've heard Wells Fargo is getting through Short Sales quickly. This means that the bank will review the property, review you as a buyer, and then review how much money it will lose.
From what you said it sounds like the bank is trying to figure out how much the property is worth. If the bank thinks it can make more money by forclosing you might never hear from them. However, if they think your bid is good they will either give you a go ahead or submit a counter offer.
My agent said that I would be lucky to hear anything back from the bank within 45 days of them recieving the offer and to plan for at least 3 months before closing, if at all. However, I can walk away if the bank doesn't get back to me within 60 days, but I love the place, so I'll be waiting it out until something better comes along.
- Be Ga, "bagnn"
- Contributions:526
Signed ASAP. Is moving. Another 25 - 35 days.
- MRDCJ
- Contributions:10
Update: My agent e-mailed me 3 forms to sign from the selling bank. She said a negotiator is now handling the file and we are moving forward with the Short Sale
The forms were one that says Contract Addendum and I guess gets added to the Purchase Agreement we already signed. The second is an Affidavit of "Arms Length Transaction" and the last one is a Closing Date Extension form.
This is a good thing right? We are at least a little bit closer to closing this thing? How much longer do you guys think?
Our agent told us that the seller has to be approved for the Short Sale hardship and that his agent reassured her that wouldn't be a problem as he qualifies.
Thanks in advance for you help.
The forms were one that says Contract Addendum and I guess gets added to the Purchase Agreement we already signed. The second is an Affidavit of "Arms Length Transaction" and the last one is a Closing Date Extension form.
This is a good thing right? We are at least a little bit closer to closing this thing? How much longer do you guys think?
Our agent told us that the seller has to be approved for the Short Sale hardship and that his agent reassured her that wouldn't be a problem as he qualifies.
Thanks in advance for you help.
- Andrew Adams, "203K Specialist"
- Contributions:9349
The bank is going to get an appraisal if they are foreclosing as well. Until the lender has approved the shortsale you have nothing.
- NTETS, "Mr Caveat"
- Contributions:6436
another thing to watch is that sometimes people due to miscommunications or exuberance(and i have seen this done) list the house as a short sale, snag a buyer for full asking price, and then have the bank flat out bounce the agreement, pissing off the seller, the agent and the buyer all of whom considered it a done deal... its not over till the ink is dry.
- MRDCJ
- Contributions:10
Thanks a lot. We actually submitted the offer 7/27. We offered three thousand more than the sale price listed. Then on 8/21 we received the update from the sellers agent through our agent that the bank had ordered the appraisal. Our agent says the bank is probably doing comps and things like that. She actually gave us a time frame of about another 2 months or so. I was just wondering if all this information seemed correct to everybody here. You guys seem to know your stuff so I thought I'd pick your brains to see where I'm at in the process, any tips, etc.
Thanks a lot for all your help thus far everybody!
Thanks a lot for all your help thus far everybody!
- NTETS, "Mr Caveat"
- Contributions:6436
short sales take 3-6 months when everything goes smoothly, and it doesnt sound like you are very far in...i kind of doubt the bank has even signed off on the purchase price, by the way you described the conversation... you do realize that its really not the seller's decision either way, right?
i have never seen a SS offer go from offer to close in 30 days, ever... thats actually fast for a normal sale... well actually its not, we'll call 2 weeks fast and 4 weeks about average.
good luck.
i have never seen a SS offer go from offer to close in 30 days, ever... thats actually fast for a normal sale... well actually its not, we'll call 2 weeks fast and 4 weeks about average.
good luck.
- MRDCJ
- Contributions:10
When we entered into this agreement it was advertised as a Short Sale. We have talked to the owner of the house and he's stated he's willing to let it go and he seems really cooperative so I don't foresee that being a problem. The contract we signed also included a short sale addendum in it. We were told we are the only offer by the seller's agent.
The sellers agent is the one providing the information to my agent. He is the one who told my agent that they (WFB) have ordered an appraisal and that it is moving forward. He also gave my agent the time estimate of 30-45 days as I stated in my original question.
Just trying to be patient even though I'm the least patient person. :)
The sellers agent is the one providing the information to my agent. He is the one who told my agent that they (WFB) have ordered an appraisal and that it is moving forward. He also gave my agent the time estimate of 30-45 days as I stated in my original question.
Just trying to be patient even though I'm the least patient person. :)
- Andrew Adams, "203K Specialist"
- Contributions:9349
What you need to know is has the lender approved the short sale?
The appraisal can be done at anytime and has nothing to do with the shortsale being approved.
The appraisal can be done at anytime and has nothing to do with the shortsale being approved.
- MRDCJ
- Contributions:10
We've signed a California Residential Purchase Agreement and Joint Escrow Instructions packet. That is a contract right? My agent says we can back out of this though until the deposit has been cashed. I guess we'll continue the waiting game.
- Frank Sandoval, "Mortgage Finance Pro"
- Contributions:86
You should speak to your real estate agent and find out exactly where you are at in the process from a contractual point of view.
Are you in contract? Under what conditions, if any, can the seller back out? Under what conditions can you back out, if any? These are the questions th at you should be clear on.
Are you in contract? Under what conditions, if any, can the seller back out? Under what conditions can you back out, if any? These are the questions th at you should be clear on.
- Be Ga, "bagnn"
- Contributions:526
It means is the procees is moving. It could need Mortgage Insurance approval and / or Investor approval.
Once the Short Sale approval is "approved" then you start with your Mortgage. So 60 days more or less.
Once the Short Sale approval is "approved" then you start with your Mortgage. So 60 days more or less.
How long until I move in after appraisal has been ordered on a Short Sale?
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