LumberJocks

Don't count your chickens before the eggs hatch...

  • Advertise with us

« back to Focus on the Workspace forum

Forum topic by harvey4804 posted 1304 days ago 1468 views 0 times favorited 19 replies Add to Favorites Watch
View harvey4804's profile

harvey4804

112 posts in 1318 days


1304 days ago

Topic tags/keywords: 1023 house garage shop short sale foreclosure real estate bank bank of america

On November 19th my wife and I submitted an offer on a short-sale. Up until yesterday everything was moving very smoothly and looked very promising. Long story short, earlier today (12 weeks after we submitted an offer) our agent informed us that the bank (B of A) did not approve the short-sale. Now, how does this relate to woodworking you might ask… Well on Monday I received my G1023RLW along with a mobile base and other accessories and I was planning on setting up shop in my new garage within the next week or two. And now I have no place for it to call home. My saw is currently being stored at work which is no big deal since I work for my father-in-law. I really wanted to get everything set up and start some projects that my wife and I have wanted to do. Now its back to square one…. yea.

-- Ryan, FRMR HMM165 - HMX1 01-10


19 replies so far

View Mark Shymanski's profile

Mark Shymanski

5102 posts in 2348 days


#1 posted 1304 days ago

Very frustrating! I hope you get a place soon.

-- "Checking for square? What madness is this! The cabinet is square because I will it to be so!" Jeremy Greiner LJ Topic#20953 2011 Feb 2

View SCOTSMAN's profile

SCOTSMAN

5352 posts in 2221 days


#2 posted 1304 days ago

My son Alistair is set to buy two properties for renting and one for himself for living this is a nervous time hoping you pick the right property.sorry to hear of your dissapointmentAlistair

-- excuse my typing as I have a form of parkinsons disease

View GaryK's profile

GaryK

10262 posts in 2624 days


#3 posted 1304 days ago

Bummer!

-- Gary - Never pass up the opportunity to make a mistake look like you planned it that way - Tyler, TX

View ChrisForthofer's profile

ChrisForthofer

150 posts in 1703 days


#4 posted 1304 days ago

Short sales can be frustrating, I attempted one when buying my first home and mine met the same fate yours did. Hang in there and good luck with your search.

Chris.

-- -Director of slipshod craftsmanship and attention deficit woodworking

View D1st's profile

D1st

289 posts in 1676 days


#5 posted 1304 days ago

Keep your head up and stay focused on the task and you will achieve.

-- http://www.furstwoodworks.com/

View Jonathan's profile

Jonathan

2605 posts in 1686 days


#6 posted 1304 days ago

Short sales are certainly trying on the patience since you typically have to wait so long to find out if you will get it or not. Sorry to hear this one didn’t work out for you. Hopefully you’re not in a hurry, other than to set up shop. The wait can be worth it in equity, but you pay for it with the waiting. Unfortunately, it seems that everything in life has a price.

Hang in there. This one wasn’t meant to be, for some reason. You’ll find the right one. Keep us posted.

-- Jonathan, Denver, CO "Constructive criticism is welcome and valued as it gives me new perspectives and helps me to advance as a woodworker."

View Pop's profile

Pop

419 posts in 2582 days


#7 posted 1304 days ago

I’m NOT a fan of B of A and I live at their home base.

Pop

-- One who works with his hands is a laborer, his hands & head A craftsman, his hands, head & heart a artist

View childress's profile

childress

841 posts in 2177 days


#8 posted 1304 days ago

Been there, done that. We were actually in escrow on a house through BofA. Supposedly everything was moving along fine. Weeks and weeks went by, we kept providing needed documents, 2 sometimes 3 times. I went out and bought granite slabs for the kitchen and then….”sorry, you no longer qualify”.

B of A SUCKS! Stay away from them at all costs!

-- Childress Woodworks

View redryder's profile

redryder

2147 posts in 1737 days


#9 posted 1302 days ago

Ditto, I am sure this could get out of hand with regards to how Bank of America treats people. My wife and I could not get our money out fast enough a few years ago. We went to a credit union and our financial worries have dropped off immensely.

-- mike...............

View Vrtigo1's profile

Vrtigo1

430 posts in 1627 days


#10 posted 1302 days ago

Bummer. I think all lenders are brain dead, though. When I bought my house, I went through the same thing with a conventional mortgage as far as sending things to them 2 and 3 times. They expect you to drop everything and get stuff to them yesterday, then take a week or two to do anything with it. I get the feeling that the “experts” they have working your loan are just people that have gone through a week or two of training before being turned loose upon customers.

But, yeah, my sister just bought a house that was a short sale and I think start to finish the process took about 8 months. You can get good deals, but from what I gather it’s not the best choice if you’re in a hurry.

View TopamaxSurvivor's profile

TopamaxSurvivor

14727 posts in 2312 days


#11 posted 1301 days ago

How do you “short sale” a house? You’re not selling it, then buying one to cover the short are you?

-- "some old things are lovely, warm still with life ... of the forgotten men who made them." - D.H. Lawrence

View Jonathan's profile

Jonathan

2605 posts in 1686 days


#12 posted 1301 days ago

You buy the house at a discounted price that the bank agrees to take. It is a step that can happen instead of foreclosure, which theoretically, is saving the bank the hassle and expense of going through the foreclosure, not to mention, holding the house on their books.

It’s not like shorting a stock.

-- Jonathan, Denver, CO "Constructive criticism is welcome and valued as it gives me new perspectives and helps me to advance as a woodworker."

View harvey4804's profile

harvey4804

112 posts in 1318 days


#13 posted 1300 days ago

Another note: On 2/3/11 the bank informed us that they would accept our offer but they wanted to close on 2/9/11 (yes- 4 working days later) since I’m going for a VA loan theres NO way that would ever be possible! We countered back just to change the closing date to March. After they got that counter they informed us that they would not approve the home as a short sale due to the homeowners had no loss of income. How do they counter our offer then deny the short sale?!? So now they are pushing the foreclosure to March, which is when we wanted to close to begin with. B of A BLOWS my mind!!!!

Anyway, On a good note I finally got a chance to open up my G1023RLW and check for any missing parts/damage/etc. The boxes that it was shipped in was banded to a pallet and the box had no reportable damage and everything looked like it was in excellent condition! However, the box that the Shop Fox fence came in was damaged (probably from the factory considering the packaging tape that was used to patch a hole/dent in the box. Thankfully nothing inside the box was damaged/scratched or even scuffed. All in all, Im happy nothing was injured or harmed during delivery! All I need now is a house to set up shop!!!!

-- Ryan, FRMR HMM165 - HMX1 01-10

View jterry's profile

jterry

17 posts in 1463 days


#14 posted 1300 days ago

Don’t give up on the short sale. My understanding is they often go just as you are saying. If you can take the frustrations, you will end up the the house and a deal you can live with. Hang in there.

View rivergirl's profile

rivergirl

3198 posts in 1474 days


#15 posted 1300 days ago

If this one doesn’t work out then it wasn’t meant to. :) Get a better bank and keep looking. You will find a place for your stuff. :)

-- Homer : "Oh, and how is education supposed to make me feel smarter? Besides, every time I learn something new, it pushes some old stuff out of my brain."

showing 1 through 15 of 19 replies

Have your say...

You must be signed in to reply.

DISCLAIMER: Any posts on LJ are posted by individuals acting in their own right and do not necessarily reflect the views of LJ. LJ will not be held liable for the actions of any user.

Latest Projects | Latest Blog Entries | Latest Forum Topics

HomeRefurbers.com

Latest Projects | Latest Blog Entries | Latest Forum Topics

GardenTenders.com :: gardening showcase