| Posted By |
Message |
CoutureMaMa
nicholas is one!!
Member since 9/07 6081 total posts
Name:
Michelle
|
Short Sale/Closing question
so we put an offer in last week (Monday) to the bank for a short sale offer. We are waiting to hear, but are going to Florida on the 9th for 5 days and now Im afraid when they get back to us we will be away. Do we need to do things extrremely fast when they get back to us that we would need to be home? TIA ladies! They told us to have an engineer ready just in case,
|
Posted 4/30/09 11:07 AM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Nik211
my little monkey<3
Member since 5/08 3303 total posts
Name:
Nik
|
Re: Short Sale/Closing question
well, you could be waiting a lot longer than that  for your sake i hope not though so i am sending you   house dust
we put an offer on a short sale on 1/20.....tomorrow will be MAY 1 and we are STILL WAITING!!! 
the home owner had 2 mortgages so we have to get approval from both banks. the 1st is wells and the 2nd is suntrust (the home is in florida)...
on friday we found out that wells approved our offer and now we are waiting to see if the 2nd is onboard....the waiting is TORTURE, especially this week b/c i feel like we are finally getting close...
once we get approval from both mortgages we'll get an acceptance letter. from the date of that acceptance we have 10 days to do inspection and i think 3 days to get in contact with someone to get a mortgage - we also have to put down money, i think 1K for good faith or something or other and that goes into escrow and will come out of downpayment - that also has to be done in a certain amount of time....anyways, all that info should be on your offer contract i think - i know its on ours....
you could wait a few days, a week or months....thats the way short sales are....
what did your REA tell you? i HOPE you hear back soon but i have a feeling it wont be for awhile, ive done a lot of research and from what ive read its pretty rare to hear anything back that quickly
|
| Posted 4/30/09 11:25 AM |
| |
|
CoutureMaMa
nicholas is one!!
Member since 9/07 6081 total posts
Name:
Michelle
|
Re: Short Sale/Closing question
Posted by Nik211
well, you could be waiting a lot longer than that for your sake i hope not though so i am sending you house dust
we put an offer on a short sale on 1/20.....tomorrow will be MAY 1 and we are STILL WAITING!!!
the home owner had 2 mortgages so we have to get approval from both banks. the 1st is wells and the 2nd is suntrust (the home is in florida)...
on friday we found out that wells approved our offer and now we are waiting to see if the 2nd is onboard....the waiting is TORTURE, especially this week b/c i feel like we are finally getting close...
once we get approval from both mortgages we'll get an acceptance letter. from the date of that acceptance we have 10 days to do inspection and i think 3 days to get in contact with someone to get a mortgage - we also have to put down money, i think 1K for good faith or something or other and that goes into escrow and will come out of downpayment - that also has to be done in a certain amount of time....anyways, all that info should be on your offer contract i think - i know its on ours....
you could wait a few days, a week or months....thats the way short sales are....
what did your REA tell you? i HOPE you hear back soon but i have a feeling it wont be for awhile, ive done a lot of research and from what ive read its pretty rare to hear anything back that quickly
well we wrote out the good faith check when putting in the offer. this house is owned by one bank, and supposedly they really want to get rid of the house, so they thought it would be a fast acceptance for whoeever (there were 3 offers supposedly). But anyways, we had to also get pre approved for a mortgage before we put the offer in so thats all done already also and working on getting a "mortgage committment" in the meantime, but we are offering over asking and putting 40% down so hopefully all of that plus our outstanding credit scores of high 7 and 8+ will put us above all others that offered.  So, I guess all we can do is wait and hope that we are good.
|
| Posted 4/30/09 11:59 AM |
| |
|
RM23
LIF Adult
Member since 5/06 997 total posts
Name:
Rachel
|
Re: Short Sale/Closing question
Posted by CoutureMaMa
Posted by Nik211
well, you could be waiting a lot longer than that for your sake i hope not though so i am sending you house dust
we put an offer on a short sale on 1/20.....tomorrow will be MAY 1 and we are STILL WAITING!!!
the home owner had 2 mortgages so we have to get approval from both banks. the 1st is wells and the 2nd is suntrust (the home is in florida)...
on friday we found out that wells approved our offer and now we are waiting to see if the 2nd is onboard....the waiting is TORTURE, especially this week b/c i feel like we are finally getting close...
once we get approval from both mortgages we'll get an acceptance letter. from the date of that acceptance we have 10 days to do inspection and i think 3 days to get in contact with someone to get a mortgage - we also have to put down money, i think 1K for good faith or something or other and that goes into escrow and will come out of downpayment - that also has to be done in a certain amount of time....anyways, all that info should be on your offer contract i think - i know its on ours....
you could wait a few days, a week or months....thats the way short sales are....
what did your REA tell you? i HOPE you hear back soon but i have a feeling it wont be for awhile, ive done a lot of research and from what ive read its pretty rare to hear anything back that quickly
well we wrote out the good faith check when putting in the offer. this house is owned by one bank, and supposedly they really want to get rid of the house, so they thought it would be a fast acceptance for whoeever (there were 3 offers supposedly). But anyways, we had to also get pre approved for a mortgage before we put the offer in so thats all done already also and working on getting a "mortgage committment" in the meantime, but we are offering over asking and putting 40% down so hopefully all of that plus our outstanding credit scores of high 7 and 8+ will put us above all others that offered. So, I guess all we can do is wait and hope that we are good.
I hope you are too!!
We put an offer on a short sale at the end of january as well..along with one other. They took a week to decide which offer to submit and it wasnt ours. A week later they came back and said it was ours if we still wanted it with no words about what happened with the other buyer. Our seller also has two mortgages so we are waiting to hear from both banks...Tomorrow being May 1st its been almost four months, and absolute torture. Good luck to you...and hopefully we can all share our stories to keep each other going.
|
| Posted 4/30/09 12:03 PM |
| |
|
Nik211
my little monkey<3
Member since 5/08 3303 total posts
Name:
Nik
|
Re: Short Sale/Closing question
good luck to you both i hope we all get our houses!!
|
| Posted 4/30/09 12:06 PM |
| |
|
CoutureMaMa
nicholas is one!!
Member since 9/07 6081 total posts
Name:
Michelle
|
Re: Short Sale/Closing question
Posted by Nik211
good luck to you both i hope we all get our houses!!
futuremulligan from lif! i just realized who you were! lol ... well ill keep u girls posted and u do the same. where you looking ; what areas?
|
| Posted 4/30/09 12:55 PM |
| |
|
Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
|
Re: Short Sale/Closing question
if the house is a REO (real estate owned- banked owned)
it's not a short sale- it's owned by the bank
it should take about 2 months once the offer is made
|
| Posted 4/30/09 4:53 PM |
| |
|
CoutureMaMa
nicholas is one!!
Member since 9/07 6081 total posts
Name:
Michelle
|
Re: Short Sale/Closing question
we heard back already. offer was submitted to bank on monday and we heard back thursday night. they accepted the all cash deal from another guy.  i cant believe we lost it. i really thought we were going to get it until he came along.
|
| Posted 5/2/09 10:14 AM |
| |
|
MrsUta
LIF Adolescent
Member since 2/08 771 total posts
Name:
|
Re: Short Sale/Closing question
 I'm sorry....
everything happens for a reason...
remember that!!!
|
| Posted 5/2/09 10:18 AM |
| |
|
CoutureMaMa
nicholas is one!!
Member since 9/07 6081 total posts
Name:
Michelle
|
Re: Short Sale/Closing question
Posted by MrsUta
I'm sorry....
everything happens for a reason...
remember that!!!
thanks li. i meant to txt u but have been so disappointed and working so much to keep myself busy. may be looking into the first house we saw on the same block. smaller but we'll see.
|
| Posted 5/2/09 10:31 AM |
| |
|
