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Old 03-04-2022, 11:52 AM
 
2 posts, read 2,472 times
Reputation: 10

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Hi All,
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).


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).



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.

Thank you in advance.
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Old 03-04-2022, 02:27 PM
 
Location: Bloomington IN
8,590 posts, read 12,385,652 times
Reputation: 24251
I'd suggest you ask an admin to move this to the real estate forum. There is a specific sub-forum on foreclosures and short sales. You'll get more accurate input there.

I wouldn't assume that they've agreed to the price at this point. The request for bank docs and loan info is likely a requirement in their system before they can go to the next step and primarily because the price is different since your original offer.

I would guess it might be at least one more month before you can move towards closing and maybe up to 3 more. My guess is based on work I did years ago.
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Old 03-04-2022, 04:52 PM
 
7,736 posts, read 5,004,443 times
Reputation: 7965
I had a friend that bought a short sale condo in the Chicago suburbs about 5 or so years ago. I remember him waiting forever to close . It took well over a year for him to close . He was also having trouble finding a lender that would give him a loan for 70k…..
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