I decided to keep extensive notes on dates when things transpired during the process in hopes that it would help me to better explain the process to someone else one day. That being said, this is my experience and may not be everyone's but if you are in or have been a Short Sale situation I would love to hear your story in the comments.
Now that you know the situation that began our story, let's dive into the timeline:
7/24-25: PreApproval - We are preapproved by the bank to start shopping for our first home! Yay!
7/30: See the House/Make an Offer - We saw the Short Sale house and make our official offer.
7/31: We will hear something in 3-6 business days about the Short Sale from the bank.
8/4: We are told that we are the only offer so far and we will be assigned a negotiator
8/6: We are Notified that our file has been sent to the SS department at the bank we will hear something in 24-48 hours.
8/8: Today we are told by sellers realtor that we still haven't been assigned a negotiator.
We also found out who the seller's bank is.
(I will not disclose this information here for privacy reasons.)
8/12: Realtor promised a Negotiator to be assigned
8/14: We are told that more documents from seller requested & preliminary HUD ordered. (As far as we know, a negotiator is still not assigned at this point.)
8/15: Our realtor called to ask our preference of attorney.
8/25: Appraisal ordered by the bank.
8/26: Realtor said the appraisal is done. We should hear something in 5 business days.
9/12: We find out Appraisal hasn't actually been done. Promised the appraiser will be going to the house on .
9/16: Appraiser goes to the house to do the appraisal.
9/19: We are told the appraisal should get to the bank (9/22).
10/2: We still don't know if an appraisal has been received by the bank or not. Seller and Seller's Realtor have both tried to contact and get information.
10/3: We are now waiting on a quit claim deed, Seller giving ownership rights to the bank, that should be in the mail today. That's supposedly the last thing they need.
10/13: Seller's realtor says Chase has all they need and asked her to resend offer. So. she is resending right now. As soon as they receive the offer again they will start negotiating . So, since today is almost over. I would imagine starts at . Also, the appraisal the bank did was 146k so that is good considering you offered 150k. Hopefully, they will just take that. I imagine the appraisal that our loan handler does will be higher than that. Tentatively, at the end of the day , we will have some sort of answer.
10/20: Seller's realtor tells us, "I just emailed my seller the last form that the is requiring. I should have that shortly. As soon as I get it I will need your buyers' signatures ASAP." After this, we received, signed, and returned a "Short Sale Addendum" for the bank.
10/23: Seller's realtor talked to the bank today and spoke with a supervisor who assured her that she would work hard to get this negotiated and expedited ASAP!
Seller's realtor told us that the bank is now asking for a lot of paperwork that she already sent them, and She has been confirming a couple of times a week that they have everything they need. Now they are wanting financial info from the ex wife. She is working on getting it all straightened out but She is freaking out because We can't wait forever.
decided to move on a pull our offer from the Short Sale. We have been going through the process for 3 months.
10/30 - We make an offer on a house we had looked at that has just reduced the price today. If it's possible, we love this house even more than any of the homes we have looked at or offered on so far.
10/31 Our offer is accepted!
11/4 We have our final meeting with our mortgage company to finalize our paperwork.
11/26 Closing Day! - We go to the lawyers' office to sign all of our paperwork and pick up the keys to our new home!
11/29 Move in Day! - Moving trucks arrive and we are officially living in our 4 months after we initially started the whole process.
I hope that this story will help clarify and educate people on the process of Short Sales and help you make an educated decision should you be put into the same situation.
Thank you so much for reading and I will Post more soon! BYE!