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After about 3 months since our full priced offer, the bank responded with counter offer that was 30k higher than my offer. We countered with what they wanted + 5K for good measure (we really want this house). (January)
Month later they (seller party's lawyer) requested us (buyers) to send in latest bank statements that we would use for the down payment and another mortgage pre-approval letter (as it's been 4 months at this point). (Early February)
From what we were told, there are 2 lien holders. Fannie Mae is the investor on the first loan. Cenlar is another (if I understood correctly).
Can someone please help to answer the following:
- am I correct in thinking that lender #1 and #2 have agreed on the price at this point (since they've asked for the other documents a month later?, can this final price change?)
- how much longer will this process take at this point? This is an update I received from the lawyer today:
Waiting on Fannie to complete their review. Hope to have 1st lien approval by end next week’ish. 2nd is slowly making its way thru the system. Cenlar is slow, but we are making progress.
You are within the normal timeframe for a short sale. I usually tell people 4-5 months total. Little longer with extra liens. Sounds like the first is good, but the second is dragging. No, the 1st and 2nd do not come to an agreement together. They each get their own short sale to process however they like, on their own timeline. However, with a Fannie first, the proceeds to the junior are set and there is never deviation. So Cenlar will take the $6k from Fannie or not, and they may or may not still try to squeeze you and/or the seller for more. 80% of the time though they will ultimately just take the money and go.
As they say... "there's nothing short about a short sale"...
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