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Short Sale Approval pending......

vintagespeed

By vintagespeed
in Mortgages

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The last post in this topic was posted 5992 days ago. 

 

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vintagespeed

vintagespeed

Posted
Posted

so we've been in "escrow" on our SS purchase now since July 14th. still waiting on final approval. i heard from our realtor today that the paperwork is waiting for approval from Fannie Mae and then from the PMI company before the bank can agree to our sale. our realtor said that it's up in the air as to what this means as the seller may or may not be in trouble on the PMI. and we're at least another 2 to 3 weeks out for approval, which means holidays and that's not good for us at all.

 

how often is this PMI thing a deal breaker? :cry2:

 

i'm over being stressed about this house deal, if it doesn't happen so be it. we will definitely NOT be looking at any short sales in the future.


bostonte

bostonte

Posted
Posted

Not to add to your stress -- but if you've been in escrow since July is your offer still in your best interest? I know the market around here has dropped quite a bit more since July... I imagine it's similar many places.

 

Good luck.

vintagespeed

vintagespeed

Posted
  • Author
Posted
Not to add to your stress -- but if you've been in escrow since July is your offer still in your best interest? I know the market around here has dropped quite a bit more since July... I imagine it's similar many places.

 

Good luck.

 

once we have approval from the seller's lenders we will do our own appraisal and see how that compares to the bank's appraisal. i'm hoping we close @ about 20k under our offer. but we'll see...

vintagespeed

vintagespeed

Posted
  • Author
Posted
So now you have scared me on the "short sale" thing. I have seen several interesting ones but I am not even gonna try it. Good luck!!!!

 

yeah, dont do it. i have a buddy that bought one last year, 6mos to close.... :lol:

undecided

undecided

Posted
Posted
Not to add to your stress -- but if you've been in escrow since July is your offer still in your best interest? I know the market around here has dropped quite a bit more since July... I imagine it's similar many places.

 

Good luck.

 

When is a contract not a contract? If they've made an offer which the seller has accepted and it's "merely" waiting confirmation/ acceptance by the banks ... can they now back out because the market has dropped? (or for any other reason, or none at all?

vintagespeed

vintagespeed

Posted
  • Author
Posted
When is a contract not a contract? If they've made an offer which the seller has accepted and it's "merely" waiting confirmation/ acceptance by the banks ... can they now back out because the market has dropped? (or for any other reason, or none at all?

 

we're in it to win it, no backing out now.

 

as for the whole offer/appraisal thing, it's confused me to no end. :good: but apparently, once we have approval from the bank (yes still waiting :huh: ) we will then do our own appraisal of the property, if the appraisal is less than our offer, the bank can either accept it or tell us to lemonade off. at which point we'll have to decide whether to lemonade off or not.

 

so, i can not pay MORE than my offer but we COULD pay less. which is what i'm hoping for. in this market, less is more. :)

  • 3 weeks later...
Lynn37

Lynn37

Posted
Posted
still waiting.......

 

 

 

 

 

have i mentioned that you should NOT buy a short-sale if you want to close within 6mos? ugh... ^_^

 

I just knew you were telling me everything was done

Lynn37

Lynn37

Posted
Posted
I just knew you were telling me everything was done

 

dont i wish. :cry2: you'll be able to hear the sigh of relief across the interwebs when that happens. :lol:

 

LOL! I will hold a party for you in some message room.

Lynn37

Lynn37

Posted
Posted
LOL! I will hold a party for you in some message room.

 

* ding * i'm there!

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

wait, maybe i misread that....did you say massage room? :D:P

 

Yea we go in a Yahoo message rm, turn on our web cams and mikes, and toast to your closing!

clambert1273

clambert1273

Posted
Posted
LOL! I will hold a party for you in some message room.

 

* ding * i'm there!

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

wait, maybe i misread that....did you say massage room? :wave::wave:

 

Yea we go in a Yahoo message rm, turn on our web cams and mikes, and toast to your closing!

 

:lol: don't leave me out :blink:

Lynn37

Lynn37

Posted
Posted
LOL! I will hold a party for you in some message room.

 

* ding * i'm there!

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

wait, maybe i misread that....did you say massage room? :rofl::rofl:

 

Yea we go in a Yahoo message rm, turn on our web cams and mikes, and toast to your closing!

 

:dntknw: don't leave me out ;)

 

You know you got an invite! Even got some bud light for ya!

  • 3 weeks later...
vintagespeed

vintagespeed

Posted
  • Author
Posted

so i think we're effed on this. here's what i got from our realtor today. any interpretation is welcome. <_<

 

Bad news first, just to review. This account has been in General review status NOT SHORT SALE STATUS.. ) : It has now been escalated to upper management and is in Short Sale status. Please do not ask me how this was missed you have been on phone when they say its in final phase with the MI company.

 

It will be Mid Jan before we get an answer: BUT it is on track it is moving forward they have all they need and we are just swimming up stream. I hope this update helps.

 

i just want to be done.

  • 3 weeks later...
vintagespeed

vintagespeed

Posted
  • Author
Posted

well, just to close out this thread...

 

i heard today that the seller filed BK. :rofl: after 7mos of short-sale bullsh!t, he filed BK which of course halts all pending escrow/possible sale, whatever.

 

so, to those of you considering buying a short sale, dont. unless you do not NEED or WANT to buy a house, investment property maybe, home no.

 

pretty much everything i have to say right now violates the vulgar language clause of CB, so i'll just STFU now.

 

:D:rofl::rofl:

outofthewoods

outofthewoods

Posted
Posted
well, just to close out this thread...

 

i heard today that the seller filed BK. :angry: after 7mos of short-sale bullsh!t, he filed BK which of course halts all pending escrow/possible sale, whatever.

 

so, to those of you considering buying a short sale, dont. unless you do not NEED or WANT to buy a house, investment property maybe, home no.

 

pretty much everything i have to say right now violates the vulgar language clause of CB, so i'll just STFU now.

 

:blush::angry::mellow:

 

oh man..that really suc*ks..sorry to hear that vs.

Tommy The Cat

Tommy The Cat

Posted
Posted
well, just to close out this thread...

 

i heard today that the seller filed BK. :rofl: after 7mos of short-sale bullsh!t, he filed BK which of course halts all pending escrow/possible sale, whatever.

 

so, to those of you considering buying a short sale, dont. unless you do not NEED or WANT to buy a house, investment property maybe, home no.

 

pretty much everything i have to say right now violates the vulgar language clause of CB, so i'll just STFU now.

 

:P:rofl::P

Sorry to hear about your traumatic experience. :P

 

To others, take heed on short sales. Make sure you have a short sale expert on your side (attorney preferably who does these for a living).

The last post in this topic was posted 5992 days ago. 

 

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