HAFA approved, good offer in from buyer, now what????

I a recieved word that my short sale was approved for the HAFA program. Told by Bank of america in a letter to list my house at $169,000. I then had a buyer submitt an offer for $180,000. It hase been almost 2 months since the offer was submitted. My attorurny says to just be patient? Should I be worried?

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Permalink Reply by chris on October 1, 2012 at 8:19am

I have an attournry hired to do the negotiation. There is a 2nd mortgage on the house, but they have apparanlty accepted the $6,000 offer from the first loan. Both loans are from BoA. Found out today that there is MI on the 2nd. I had not idea. So they are waiting for the MI to accept the offer. Not sure what that means.   

Permalink Reply by chris on October 1, 2012 at 9:25am

Im in RI. Any Idea whay $$ that my be looking for or % of loss?

Permalink Reply by Kristy Hamilton on October 1, 2012 at 3:43pm

I'm with Brian.  MI company adds some time - and could ask for a contribution/promissory note.  Is MI on the 1st or 2nd mortgage? 

You stated that the 2nd has agreed to $6K but you don't have approval from the 1st.  In order to have approval from the 2nd with MI, you would have approval from the MI company, too.

It is possible that the 1st isn't allowing the 2nd to receive the full $6K?  If that is the case, then the negotiator will have to go back to the 2nd to attempt to get an updated approval letter for the amount that the 1st will allow.

Permalink Reply by chris on October 2, 2012 at 1:49am

According to my attourny, the 1st mortgage has laready been approved. The second apparantely agreed to accept the $6k payout. But only the second has MI on it(which I had no idea it did). My attourny said the only thing we are waiting on is approval from the MI company, but it has been almost 2 month waiting for their responce. Could the MI insurance company kill the whole deal even if it is only on the second? Sorry for the confusion but it seems like the approval precess changes from week to week. Thank you both for the help 

Permalink Reply by Kimberley Kelly on October 2, 2012 at 2:09am

MI is critical for short sales.  You need to know at Listing if it's there so you can submit offer to them as well as the 1st and 2nd to get releases from all.  They can screw up the entire deal.  California is non-recourse so I can usually get them to release it which is better than foreclosure.  Don't know about RI?

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