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Bank of America - no approval yet they expect buyer to close in 10 days or less

Posted by Vicki Pedersen on April 5, 2011 at 4:49am in Short Sale Discussions

Need advice - I'm representing a buyer in a BofA short sale with an all cash offer at the price that was previously approved by BofA before that buyer walked.  We have been waiting for approval for over 12 weeks.  BofA has sent three separate but identical counter offers to the listing agent stating no new terms but that the buyer agrees to close on or before April 15.  (After April 15, the BPO in the system expires.)  The listing agent has accepted the counter all three times and assured BofA that the buyer can close by April 15.  I'm getting concerned because we are 10 days out and still have no approval.  In order for the buyer to be able to close by April 15, we have to move forward with the escrow.  But I'm concerned about the buyer putting out money for this transaction without approval.  Do any of you have any advice?  Do we just go for it and hope that the approval comes in? 

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Replies

  • Trina Gonzales April 5, 2011 at 11:57pm
    When you get your approval letter it more than likely will have a new date to close on it.  Tell the listing agent to email the Closing officer in Equator.  They have a task that the agent needs to answer called "It's close of escrow on time"  listing agent selects "no" and it allows them to input another date.  Plus, she can email the closing officer, not the negotiator and have them push the date out.  This has been easy with BofA in most cases.  Especially if there isn't a foreclosure date assigned.  Good luck!
  • Wendy Rulnick April 5, 2011 at 8:00am
    If a new valuation has to be ordered, so be it.  Unless there is some other issue, that would only delay another couple of weeks.  I would ask the listing agent to pick up the phone and call the negotiator to find out what is going on directly, instead of just using the Equator counter system.
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