Going Insane

Foreclosures, Short Sales, Tax Foreclosures
1

Hi. I’ve only posted a few times, but I thought I would vent here if that’s ok.

I started the short sale process on my home what seems like an eternity ago (about 2 1/2 months), and the investor submitted his final offer of $165K about 2 or 3 weeks ago. (BPO was $195K) The offer was forwarded to the decision-makers, and the investor and I took it as a good sign that the SS would be approved. He’s called the LM officer several times, mostly just ending up with her voicemail, and the times that he did get to speak to her, she kept asking when we can close. It’s driving me a little nuts waiting on their decision, almost to the point where it feels like they’re enjoying tormenting me!

I have no idea on how long it takes or what procedures they follow to determine if the SS would be in their best interests, and I think this what’s making me so crazy. Can anyone shed any light on what they need to do and how long it took to get a decision on your own short sales, one way or another, from the time they took your offer for review? Thanks for any input.

Moo.

2

They typically base it on the BPO price or a % of the BPO price. Judging by what you are saying I believe there is a good chance the SS will not be accepted. That is quite a steep difference between offer and BPO amt. What bank is this with?

Chase

3

Homecomings Financial. I was under the impression that most banks will accept 82% of the BPO, and our offer is 85%.

4

Homecomings, that is a good bank to work with typically. You may have a chance then. 82% would be more of a bank requirement, and is a lot of times 92%, but that is after commissions, sellers fees, etc. Countrywide for example usually won’t deviate more than a percent or two from the BPO amount. So if the BPO came in at $195k for them, then you probably wouldn’t be able to purchase for under $190k.

You can call Homecomings, too, to get the answer. Try and get the contact for the LM from the investor and call yourself as well

Chase