BoA Approval; waiting for Investor Approval

we got an offer sheet from BoA and they approved the sale price.(30jul2012)

they said that the deal will go to Investor for final approval (or rejection)

does anyone have any idea about

 1. what is the probability of investors approving the short sale once the bank has approved?

2. what is the time frame for the investor to get back on the approval (or rejection)?

any insight will be appreciated

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Permalink Reply by Bryant Tutas on July 31, 2012 at 12:50am

All counters form the lender are subject to investor and/or MI approval. BofA is normally countering based on their recent BPO/appraisal and the investor guidelines that they have. So usually the offer will be accepted. 1 to 2 weeks

Permalink Reply by Neo on July 31, 2012 at 3:08am

hi Bryant,

just got an email from my realtor (who got it from the sellers attorney dealing with the bank)

"The offer has been accepted. The file is being prep to send over to my underwriting review team to ensure that all docs are accurate before the final approval can be given. Thank you, XXXXXX"

 

can you help me understand this?

Permalink Reply by Bryant Tutas on July 31, 2012 at 4:13am

That's perfect. It basically just means it's to QC (quality control) to make sure all of the Ts are crossed and the Is are dotted. This process only takes a few days. You may see an approval early next week. You are almost there!!!

Permalink Reply by Neo on July 31, 2012 at 4:19am
Thanks . With so many ups an downs in this process , have kind of lost any excitement till there is a final letter . Btw I read at other places that after underwriting the file goes to investor for a final approval/ disapproval. If that is the case, is it still a 50-50 chance??
Permalink Reply by Neo on August 13, 2012 at 4:46am

no approval as of today. 2 weeks and counting.....

Permalink Reply by Neo on August 13, 2012 at 8:41am

Update 8/13/2012

Got an email from the seller's attorney

"seller just supplied complete copies of his 2010 and 2011 tax returns to Equator who is handling this file for the “Investor”. "

my question: does the investor ask for tax documents too? aren't those already submitted to the bank early on?

Permalink Reply by Karen Booker on December 18, 2012 at 7:06am

Neo, I was just wondering if you ever settled and when?  I'm a buyer at this stage.  Just wondering how much longer I need to wait.

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