My husband and I are in the process of purchasing a short sale being serviced by BOA. This has been a long…..process. When my husband and I found this home on Georgia MLS site for $209,900.00 it stated it was an Short Sale verbal approval, and we aren’t that familar with the total process of what a short sale included. WOW! what a quick awakening. We decided to proceed with the offer anyway (we LOVE) this house. We put a offer in on Sept. 19, 2009 for $200,000.00 the owner accepted and signed it back to us on Sept 20, 2009, the owner has already moved to another state.

The selling agent sent the completed package to BOA on/around Sept 23, 2009. All the communication regarding the status of the loan from BOA to the seller seller’s agent, is being forwarded to my agent(buyer) who happens to be my 1st cousin. On or about the first week of October BOA says the offer was strong….We are the ONLY offer for this property. And that we shouldn’t have any problems with this being approved. BOA informed the sellers agent that we should be getting a called on/around October 26, 2009. Thank God, I was bugging my agent/cousin everyday and on October 16 my agent contacted the sellers agent for an update. The Sellers agent spoke with another BOA representative/ Another Negotiator regarding our contract. We found out that our case was CLOSED on October 5th, 2009. The new Negotiator says apparently he had closed the file almost 2 weeks earlier on October 5, 2009 and had been straight out Lying to us this entire time. Even the new Negotiator was surprise! No calls just LIES. BOA’s manager did contact the sellers agent and the seller, and said apparently some document was left out and the Negotiator just closed the file no call, no letter, NO anything! The owner was FURIOUS!

The manager did indeed expedite the case. On November 4, 2009 We recieved a call from our agent with both Good and bad new. The good news was that BOA approved the deal. Now the bad News was that the loan was going to be sent to the MIP area, actually they said that they had already sent the file over to the MIP area. And it will take another 20 to 30 days to complete. From ALL the blogs/reading that I have been doing where exactly do we stand. What do the MIP area do, and how close are we. Do we ACTUALLY HAVE THE HOUSE. Or, are we waiting on another entity to give their blessing too! And what’s next. All that I am getting is WORDS. After that last lie from BOA, how am I to trust them. I am hoping to be in our new home by Christmas, do you think that this is possible. Our lender says, they are just waiting on BOA to get them the package and we could close by Christmas. I’m tired….But, I am NOT ready to give up!

Thank you for listening, I needed to vent.
Regenia

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Regenia, It sounds like the package has been submitted to the Mortgage Insurance company for review and and approval. There may actually be 3 entities that have to approve the short sale. BOA, MI and the Investor.

If you really want the house then hang in there. It sounds like it will be approved. Unfortunately it will happen on their time line not yours.

I wish I had a better answer for you but without being privy to the file this is the best I can do.

Thank you for visiting our site.
Thanks Bryant, I never knew that I had it in me to endure this much....patience is definitely not one of my strong qualities. However, I was under the impression that FHA(MIP/MI) Investors were one in the same. Why so many different entities. And how do I go about finding out which one(s) Are we having to deal with.

Again Bryant thank you so much for all your advice and encouragement.

Regenia
Bryant Tutas said:
Regenia, It sounds like the package has been submitted to the Mortgage Insurance company for review and and approval. There may actually be 3 entities that have to approve the short sale. BOA, MI and the Investor.

If you really want the house then hang in there. It sounds like it will be approved. Unfortunately it will happen on their time line not yours.

I wish I had a better answer for you but without being privy to the file this is the best I can do.

Thank you for visiting our site.
Bryant is right, hang in there. All of the BofA short sales that I have done have been approved, they just take longer than some banks. The larger the lender, the more files they have. Alot of red-tape but it sounds like you are on track for a new home!!!!!! Be patient, be patient, be patient, and be patient :)
Regenia, Jeff is right. Patience is required. More than most of us have. But we are learning!! If it helps I have noticed that BOA seems to be really anxious to get deals approved and closed before the end of the year.

Be sure to have your agent come join our site. We are here to help.
I hear you Jeff. And after all this time, Patience is the key word. Thanks everyone for all your help, advise and guidance. You all have been great. Keep up the good work. You word are invaluable.

The Harris

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