Flagstar Short Sale – The wait is over

Nov 29th > from my Realtor

“Just got a call back from the agent for xxxx.  Still no news.  She and the seller have both been calling Flagstar and are not getting calls or emails returned.  She emailed last week to point out to them the 11/30 deadline and reiterated to Flagstar that it is your intent to pull out after that date as soon as you find the property of your choice.  I reminded her that this was ratified back on 9/2 and that Flagstar has had almost 90 days to get this approved.  I also let her know that you’ve identified 7 properties that you would like to view this weekend.

She said that early part of last week that xxxx at Flagstar said he had all the info he needed and that the value was in line, so she was hopeful for approval.

My guess is that it met their guidelines and has been referred to the investor who has bought the pool of mortgages that this one is in for their approval.

I’ve asked xxxx to update me as soon as she hears something.”


Nov 30th > from my Realtor YES!

“Actually was just drafting email.  xxxx and I have talked & emailed this afternoon trying to get this tied down.

Seller has agreed.  Looks like we are moving forward!  She will let me know as soon as they receive the approval letter from Flagstar.  I am assuming we will receive this afternoon.

I will be going over there this afternoon to verify breakers.  Will txt you when done.  Please call VA Power after that for hookup.

Please also call City of Chesapeake Public Utilities for Water/sewer at 382-6368.  Please let me know when they will go.  Make sure you let them know it is a vacant property and that someone will need to meet there so if they can tighten up an appointment window to an hour instead of 4 hrs it would be greatly appreciated!

Finally, please call Virginia Natural gas at 877-572-3342 to set up.  Please explain vacant property as above.

Once all utilities are on, we can do the inspection.  Have you decided who you will be using?
I want to be there for all inspections.  My calendar can be switched around except for Noon to 3 on Saturday when I will be at another inspection on one of my listings.  Just let me know….”

Dec 1 – We received the Flagstar Approval Letter

Flagstar Approval Letter


Dec 5th – We paid for an inspection

From this point on we worked with our Mortgage Company and turned on all the utilities. The va appraisal came in at 310,000 even though the house has a zestimate of 330,000. and the property assessment is 345k. It has been a happy month. (needs new carpet, touchup paint and a few doors and overall cleanup)

Dec 12/29 – email from realtor


Below is our final approval from Flagstar.(HUD settlement letter, I did not include it here) We are good for closing tomorrow.  See you at 3:00
We get the keys tomorrow!!!!!!!!  Thank goodness.
1/4/11 - Our house was sold again! Flagstar Foreclosure