SS advice in NJ 1st TDB, 2nd Citizens

[dellov]

My wife and I put in an offer for SS in NJ which was approved by the seller around the first week in April. We submitted our signed contract to the sellers agent on April 10th. The primary loan is with TDB and the second is with Citizens bank. Has anyone has any experience with either lender?

On May 19th we were updated that the seller had to submit updated documentation and that their attorney would have a contact person that week. We have not gotten any further updates as of yet but wonder if this process is going in the right direction? I have searched online to get a feel on how TDB and Citizens deal with Short Sales but came up empty. If anyone has dealt with either bank and could post how long their SS took that would be great.

We close on our current home mid June and will be renting untill we can move to our new home hopefully sooner rather then later.

Any advice is appreciated.

[Cat Damiano]

Hi dellov,



Welcome to the forum and thank you for joining......

As a buyer of a short sale, unfortunately you are at the mercy of the seller's lender and how quick or slow they operate in regards to a short sale. You can try doing a search at the top of the forum to see if anyone on the forum is dealing with TDB or Citizens or google it along with LoanSafe and you should be able to see if any members are dealing with them that way as well.


Good Luck with the short sale, I do hope it works out soon!

[dellov]

My wife and I put in an offer for SS in NJ which was approved by the seller around the first week in April. We submitted our signed contract to the sellers agent on April 10th. The primary loan is with TDB and the second is with Citizens bank. Has anyone has any experience with either lender?

On May 19th we were updated that the seller had to submit updated documentation and that their attorney would have a contact person that week. We have not gotten any further updates as of yet but wonder if this process is going in the right direction? I have searched online to get a feel on how TDB and Citizens deal with Short Sales but came up empty. If anyone has dealt with either bank and could post how long their SS took that would be great.

We close on our current home mid June and will be renting untill we can move to our new home hopefully sooner rather then later.

Any advice is appreciated.

UPDATE:
We received an update stating that a negotiator was assigned but then they had to reasign another negotiator last week. Not sure if this is a good thing or bad. I was also told that the BPO should be request this week.

[Cat Damiano]

The reps come and go quite frequently, but the BPO request is a good step in moving the process along.

[dellov]

Update: Interior BPO was completed on 7/6 and still no update as of today 7/20 of next step. Our 90 day out on contract has expired and a new home listing has been made available and its priced right for area and home type. I am interested to pursue but not sure how much longer is left on this Short Sale. Does it make sense to walk away now or extend our current contract another 30days?

[Cat Damiano]

dellov,



This is a decision that only you can make based on your personal situation and threshold of tolerance to a process that can take quite a while as you are becoming aware of unfortunately. A short sale is not an easy process for either side.

[dellov]

Update: Interior BPO was completed on 7/6 and still no update as of today 7/20 of next step. Our 90 day out on contract has expired and a new home listing has been made available and its priced right for area and home type. I am interested to pursue but not sure how much longer is left on this Short Sale. Does it make sense to walk away now or extend our current contract another 30days?

Update - So we received an update from the sellers agent that the Primary wants $20K more from the seller. The seller does not have this so they are passing this to us if we want to raise our current bit. We decided to meet them half way and go up 10K. Waiting to hear if this will be accepted by the primary. Still no update from the second but we are now at our banks apraised amount. I dont think we can go any higher or we may not be able to get the loan from the bank.

Listed Price: $310K
Offered: $310K
My bank apraised house at: $320K
Sellers 1ST bank wants: $330K (most likely based on their BPO)
My counter offer: $320K

On a good note we looked at the other house and we like it enough to make an offer if this one falls thru. Just hope its not too late.

[Cat Damiano]

You are so close, they may just accept. Good Luck!

[dellov]

Update - We were just notified that another negotiator at the sellers bank has been assigned. The seller has also hired a negotiator 3rd party to move this file along. We were also told that the process for the second lien has not even been started. At this point (File is 120 days in) we have no idea how much longer this will take.

[Cat Damiano]

Update - We were just notified that another negotiator at the sellers bank has been assigned. The seller has also hired a negotiator 3rd party to move this file along. We were also told that the process for the second lien has not even been started. At this point (File is 120 days in) we have no idea how much longer this will take.

Brace yourself for a continued long journey if you determined to buy this house. The second lien may hold the process up even longer. I do hope that it all works out for you.

[dellov]

I finally got both approval in writing last week. My Agent drafted an addendum to close next friday. Who should agree to this closing date? Do i still need paperwork from the bank in order to close next Friday? I cant wait untill this is all over.