This is my timeline:
04/03/2010 – Looked at home like it but decided to keep looking at other homes
04/09/2010 – Signed Contract, submitted to sellers agent
04/10/2010 – Sellers accepted & signed contract
04/12/2010 – Sellers agent submitted contract to Bank of America
04/16/2010 – Bank of America acknowledged they received packet & BPO ordered
04/22/2010 – Notice that BPO has been completed and lender has it under review
05/06/2010 – Notice Short Sale Declined due to seller not being behind on payments will re-transmit packet the week of May 10th. : (
05/26/2010 – Notice seller’s w/draw for May went thru and now seller will not show past due until after July 1st.
06/14/2010 – Notice contract was submitted again to B of A and assigned to the REDC Default Solutions department
06/24/2010 – Short Sale Approved/Counter Offer Received/Counter Offer Submitted/Waiting on Approval Letter
So my final question is the bank countered offered that we MUST close by 08/15/2010, when will we get the written contract so my Lender can start working on the loan and we can get inspections done?
Wow you are in the exact same position I am in. I sent them an email with the same question and they answered yesterday "It depends on the file, if there is MI, if the file has to go to the investor for approval. It could take anywhere around two weeks or so." MI I think stands for mortgage insurance. Thank God the House of Rep approved the extension of the tax credit yesterday for those who got in before April 30th, but we're still waiting for Senate approval.
Well thank you for your responses. We are still waiting. I know the sellers had a conventional loan and I am hoping we can get this soon. I am tired of waiting. April, May, June and now July and the counter wants us to close by 08/15/2010. Can it be possible to close by then if Bank of America is taking so long to give us a written approval?
We are also in the same situation. The seller accepted our offer in January and we got a counter offer from BofA May 4th. We are STILL waiting for anything in writing. Our realtor is constantly emailing the listing agent who is constantly email the negotiator and ending up with no answers. We are starting to look at other houses even though we really want this one. It would be great to hear if you end up getting your written approval, give the rest of us some hope!!!
When BofA accepts a counter offer in equator it does not mean the sale has been approved. All it means is that it meets BofA guidelines so they can now present the full package to the investor. If the investor is Fannie or Freddie it could take a week or several months to get a written approval. Don't make the mistake of thinking an acceptance through equator is an approval. It's not.
I received this email from Equator that explains the counter offer process
Important Information Regarding Acceptance of Counter Offer Terms
To: Agents initiating a Bank of America Short Sale
From: Bank of America Short Sale Communications
Realtors have told us the better they understand the counter offer process, the more successful they are in closing short sales.
The following facts related to the counter offer process are critical to closing short sales in Equator.
Fact #1: Your acceptance of the counter offer terms does not mean the transaction is approved
Acceptance of the counter offer means that Bank of America will take the next step of presenting the transaction for approval to the investor. In some short sales, multiple approvals may be necessary from others including the second lien holder, mortgage insurer and Bank of America senior management.
Fact #2: The terms of the accepted counter offer may be approved, declined or changed
Any of the parties reviewing the transaction can change the terms of the transaction, approve or decline it.
Fact #3: The counter offer may have an expiration date
Please reply to the counter offer before the expiration date. If you don't reply by the expiration date the transaction will be rejected and you must restart the process by initiating the short sale and resubmitting documents.
Fact #4: The counter offer must be accepted via the offers management tool in Equator
To accept the counter offer, go to the "Workflow" section of Equator and select the "Offers Needs Response" link. Select "Counter Offer" and press the "Accept" button in the Counter Offer screen. You cannot accept a counter offer via an Equator email to your negotiator.
By understanding these key facts, you will be in a position to better help the homeowner complete a successful short sale transaction. For other questions you have about the short sale process and Equator, refer to our informational guide at the following link: http://bankofamerica.reo.com/shortsaletraining
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