Trying to be Patient!!!!!!!!!!!

This is so stressful and confusing. I just need to vent it out. DH and I put an offer on a Short Sale back in November. In January, the homeowners took our offer but we had to wait for the bank approval. We went back and forth a few times and there are 2 mortgages on the house but long story short.....the banks accepted our offer 3 weeks ago and set our closing for last week. It happened very fast.

When we went to closing last week, we found out that the seller's lawyer tried to fraudulently pass off the documents with inaccurate numbers so that the first bank wouldn't find out how much the second bank was getting. After all of the paperwork and checks being exchanged, it turned out we just couldn't close. Now we're waiting for everything to be worked out between the seller's attorney and the two banks but this all has to be done before Friday because that's when the short sale approval expires. I don't trust the Seller's attorney farther than I can throw him, he's messed up quite a few things in this transaction already and now he may have possibly cost us our house!!!!

UGHGHHGGHGH I'm so stressed out and just at the edge of my seat since last week hoping to hear positive news. If this all falls through because of this stupid attorney, he will have cost us all our time since November, interest on our down payment, appraisal fee, inspection fee, title fees....it's very upsetting.

I figured before I go batty, i'd just vent. Thanks for reading if you got this far. You're all wonderful.

Re: Trying to be Patient!!!!!!!!!!!

WOW that is all I can say. I hope things work out!!! These are some of the most stressful times!

Re: Trying to be Patient!!!!!!!!!!!

AMEN SISTA!!!!!!!!!!!!!!!!!!!!!!!!

Re: Trying to be Patient!!!!!!!!!!!

Vent away!!

Good Luck!

Re: Trying to be Patient!!!!!!!!!!!

Yea really, go on and vent. I would too! Not to mention, you might help someone else who is thinking about a short sale. Has ANYONE ever had a trouble-free short sale? I keep hearing about them from people I know and here, that they're such a PITA.

Re: Trying to be Patient!!!!!!!!!!!

well, you aren't alone - i am in a very similiar boat right now

i dont understand why these 2nd mortgages have to complicate things by asking for more money

for us, if the seller can't come up with the extra money the 2nd is requesting it looks like we have no deal....if we pay it and it doesn't go on the HUD it is mortgage fraud and nobody wants to touch that with a 10 foot pole we tried asking the 1st if it was ok to give the 2nd more money and they basically ignored us and said all they know is they are giving them 3K no more...so right now the only way we can get to closing is if the 2nd either takes what the 1st is giving them and drops their request for more money - or if the seller comes up with the funds himself and we can have it okay'd by the 1st....

i am trying not to have a nervous breakdown over this - i can't imagine how you feel after getting to closing and then finding out you have no deal...

you go into this knowing that things might not work out b/c its a short sale - but when you put so much time into waiting and its your dream house its really hard not to get emotional about it...we've been waiting since jan - and just the waiting alone was torture - this right now is even worse!!

hopefully everything works out for you guys i will keep my fingers crossed for you!!!!

Message edited 5/12/2009 9:11:34 AM.

Re: Trying to be Patient!!!!!!!!!!!

I'm so sorry you are going through this! We had lots of unforeseen snags in the process when we bought our house too, and it was all worth it in the end!! Hang in there!

Re: Trying to be Patient!!!!!!!!!!!

I am so sorry you are dealing with that mess!!!!!!

House buying and selling is the most stressful thing in the world! I can't believe you have waited that long. I hope it all works out for you!!

Re: Trying to be Patient!!!!!!!!!!!

My heart goes out to you. As a victim of a short sale before this house, i can totally sympathize with you.

all i can say is i'll keep my fingers crossed and hope it all works out for the best!!

Re: Trying to be Patient!!!!!!!!!!!

<--Knows whats its like to not have a sale go smoothly. Crossing fingers that this is over soon and you are homeowners VERY SOON !

Re: Trying to be Patient!!!!!!!!!!!

Posted by Nik211



i dont understand why these 2nd mortgages have to complicate things by asking for more money

QUOTE]

your asking a bank to take a loss....it's never going to be easy


you are better off buying a REO (Real estate owned by the bank already)

Re: Trying to be Patient!!!!!!!!!!!

Posted by Beth

Posted by Nik211



i dont understand why these 2nd mortgages have to complicate things by asking for more money

QUOTE]

your asking a bank to take a loss....it's never going to be easy


you are better off buying a REO (Real estate owned by the bank already)

well of course, i think we all understand that but in a lot of these situations 2nd mortgages are asking for more money than the guidelines are allowing them to receive and that makes the process almost impossible and very complicated to close - even if you are willing to come up with the money as the buyer....them asking for more money is basically pointless if the seller can't come up with it (which is the whole reason they are doing a short sale in the first place) and its fraud if the buyer pays it off the record - thats not even getting into the whole part where the 1st mortgage needs to approve all money changing hands - and most of the time they won't approve the 2nd getting more and again doing it behind their back is fraud.....so basically what these 2nd mortgages are asking you to do is shady and that is frustrating....

Message edited 5/12/2009 10:36:25 AM.

Re: Trying to be Patient!!!!!!!!!!!

hey ana

for our sale the 2nd mortgage got back to us this morning and said that they have been running into this problem a lot (with the 1st not approving more $$ being exchanged, and with us not being able to put it on the HUD and/or mortgage) and the only solution is to have the seller pay the difference himself before or at closing - since technically us, the buyers arent allowed to pay it directly...

im not sure if that info helps but for us it seems to be the only way...

so right now we are waiting to hear if the seller can pay the additional funds. if not, we dont get the house

hopefully we find out today if we will get to go to closing or if we have to start all over again

Message edited 5/12/2009 11:01:41 AM.

Re: Trying to be Patient!!!!!!!!!!!

I hope everything works out for you and you close soon and can enjoy your home and all the stress was worth it.
keeping my fingers crossed for you.

I hesitate everytime I see a short sale b/c I remember my own friends issues as well as yelley's but when they work out, they are great deals.

good luck.

Re: Trying to be Patient!!!!!!!!!!!

I'm sooo sorry to hear this. I know how excited you were to finally get a closing date and to have this happen just bites the big one.

I'm keeping my fingers crossed for you and I'm wishing you tons of house dust!