Wow, just received my first approval through the automated system and it only took 75 days...yippee! Can't believe I'm so excited about such a ridiculous thing as waiting 75 days for an approval, but hey it sure beats waiting a year, right?!

This is encouraging for all of us~! Happy 2010!!!

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Replies to This Discussion

Who was the investor on this sale and did they try to cut the commission?
Hi Lori,
Not sure who the investor is because they never tell me that. However, my experience with BofA short sales is that they cut the commission to 5% every time. Do you have that too?

Is that what you did. Just upload and wait? I've been calling them and you say calling them won't do any good.

Also, did they just call you out of the blue? or was it email? or both?

Shelly Long said:
Calling won't do any good. You just need to wait and concentrate on getting more short sale business! Sorry, had to throw that in. :) Remember, they're doing the same thing as any other negotiator (i.e., ordering BPO, compiling offer, sending to investor for review/approval, etc.) and in the BofA world that takes 60-90 days. Mine are currently running steadily at 75 days, but the caveat is that you (and your Seller) MUST have a complete file in the system or they won't do anything with it. Make sense?
Hi Makato,
Yes, I uploaded 6 and then waited. However, I also mark my calendar so that I know exactly when it's been 60 days...then I start calling, and requesting an 'escalation' on the file.
As for their reply, they countered my offer via the Equator system, and this automatically emails me. So, I don't have to check constantly.
congrats ! we just heard from BOA and they sent the sellers realtor a counter offer from equator. we have accepted that. now they say this needs to go to 'Senior Management' for approval. my question - did you go through this also and if so is this just another step and a formality or is this more serious.

thanks in advance.



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