Investor approval process - Short Sale Superstars2024-03-28T14:04:39Zhttp://shortsalesuperstars.com/forum/topics/investor-approval-process?groupUrl=reotrans&commentId=3468065%3AComment%3A24224&groupId=3468065%3AGroup%3A8889&feed=yes&xn_auth=noI was accepted by BOA and the…tag:shortsalesuperstars.com,2010-09-09:3468065:Comment:477182010-09-09T18:10:32.542ZJohnny Fluddhttp://shortsalesuperstars.com/profile/JohnnyFludd
I was accepted by BOA and the file was sent to MI on 08/13/10. Each time my Realtor calls she gets a different agent and<br />
is told it is in the final approval state with the investor. If it has been approved by the bank then what role does the investor play? Do they have the authority to counter the offer that has been approved by the bank? I have been waiting for approval for over 10 months.<br />
<br />
<cite>Emily S. Knell said:…</cite>
I was accepted by BOA and the file was sent to MI on 08/13/10. Each time my Realtor calls she gets a different agent and<br />
is told it is in the final approval state with the investor. If it has been approved by the bank then what role does the investor play? Do they have the authority to counter the offer that has been approved by the bank? I have been waiting for approval for over 10 months.<br />
<br />
<cite>Emily S. Knell said:</cite><blockquote cite="http://shortsalesuperstars.com/forum/topics/investor-approval-process?groupUrl=reotrans&#3468065Comment24124"><div>If you're past the "accept their counter phase" and it's been sent on to the investor, it's passed the appraisal stage and soft credit pull and is on for approval by investor, manager, team leader etc. This process could still take 2- 4wks.<br/><br/>If you're the buyer, you may not have needed to be apprised of the counter, they may have just been countering smaller fees. If they didn't counter at all, WTG! It's only approved when you get the approval letter, although it has been passed up the chain of command it sounds.</div>
</blockquote> Thanks for your prompt respon…tag:shortsalesuperstars.com,2010-08-23:3468065:Comment:445282010-08-23T14:15:32.330Zhhttp://shortsalesuperstars.com/profile/h
Thanks for your prompt response Andrea..<br />
<br />
we have accepted bank's counter offer and provided all necessary documents ( both us and seller)..on 12th of August and it has been more than a week.. i hope we get approval soon.. as there is a 2nd bank involved ( they already approved us and did couple of extension) but accordingto them they will keep our file open until end of august and then god knows.. i am in this short sale form more than 9 months...
Thanks for your prompt response Andrea..<br />
<br />
we have accepted bank's counter offer and provided all necessary documents ( both us and seller)..on 12th of August and it has been more than a week.. i hope we get approval soon.. as there is a 2nd bank involved ( they already approved us and did couple of extension) but accordingto them they will keep our file open until end of august and then god knows.. i am in this short sale form more than 9 months... h,
We finally closed on this…tag:shortsalesuperstars.com,2010-08-23:3468065:Comment:444912010-08-23T01:43:50.677ZAndreahttp://shortsalesuperstars.com/profile/Andrea
h,<br />
<br />
We finally closed on this on June 22. We didn't receive our "clear to close" letter until June 21st and even then it had to be pushed through. We received our first final approval at the beginning of May. We started this process on about March 18th. BOA gave us about 3 days to close, but of course we had to get appraisals done, etc. When we finally got all that done, they said our investor approval wasn't done properly on the negotiators end. That negotiator was no longer with BOA, so…
h,<br />
<br />
We finally closed on this on June 22. We didn't receive our "clear to close" letter until June 21st and even then it had to be pushed through. We received our first final approval at the beginning of May. We started this process on about March 18th. BOA gave us about 3 days to close, but of course we had to get appraisals done, etc. When we finally got all that done, they said our investor approval wasn't done properly on the negotiators end. That negotiator was no longer with BOA, so everything started over, but was fast tracked (sort of). We did close, but we were biting our nails right up until the end, certain they were going to make us start again. We're now in our home and loving it. We lost 2 buyers on our home we were selling because of this mess, but our other home sold recently and we're closing on that soon. Short sales can happen, but they take alot of patience. hi andrea... were you able to…tag:shortsalesuperstars.com,2010-08-22:3468065:Comment:444652010-08-22T16:37:52.130Zhhttp://shortsalesuperstars.com/profile/h
hi andrea... were you able to close the sale? how long it took you to get final approval after accepting their counter offer.. please keep us posted.<br />
<br />
thanks<br />
<br />
<cite>Andrea said:</cite><blockquote cite="http://shortsalebasics.ning.com/forum/topics/investor-approval-process?groupUrl=reotrans&id=3468065%3ATopic%3A24115&groupId=3468065%3AGroup%3A8889&page=1#3468065Comment25304"><div>As the buyers, we're just finding out bits and pieces of this transaction. According to our agent, BOA…</div>
</blockquote>
hi andrea... were you able to close the sale? how long it took you to get final approval after accepting their counter offer.. please keep us posted.<br />
<br />
thanks<br />
<br />
<cite>Andrea said:</cite><blockquote cite="http://shortsalebasics.ning.com/forum/topics/investor-approval-process?groupUrl=reotrans&id=3468065%3ATopic%3A24115&groupId=3468065%3AGroup%3A8889&page=1#3468065Comment25304"><div>As the buyers, we're just finding out bits and pieces of this transaction. According to our agent, BOA told the seller that it was at investor for approval. What it actually showed in Equator, I don't know because I'm not privy to it. Now it goes to MI for approval in 3-5 days and then to Freddie Mac for up to another 10 days. This is the info passed on from the negotiator to our agent and then to us. I hope yours is at the investor and you'll hear an answer soon. Best of luck.</div>
</blockquote> Hi Rahul... so did you finall…tag:shortsalesuperstars.com,2010-08-22:3468065:Comment:444632010-08-22T16:36:48.792Zhhttp://shortsalesuperstars.com/profile/h
Hi Rahul... so did you finally get the approval?? where you able to close on that shortsale?? Please keep us posted with an update.<br />
<br />
thanks
Hi Rahul... so did you finally get the approval?? where you able to close on that shortsale?? Please keep us posted with an update.<br />
<br />
thanks ok.
In our case, we didnt ha…tag:shortsalesuperstars.com,2010-04-22:3468065:Comment:254252010-04-22T17:09:19.288ZRahul Aggarwa;http://shortsalesuperstars.com/profile/RahulAggarwa
ok.<br />
<br />
In our case, we didnt have any BPO. Rather bank got its own appraisal done which came quite high. Am keeping fingers crossed!<br />
<br />
<cite>Andrea said:</cite><blockquote cite="http://www.shortsalesuperstars.com/forum/topics/investor-approval-process?groupUrl=reotrans&#3468065Comment25373"><div>We were slightly higher than the BPO. We're confident loan appraisal will come back higher, due to comps and value of the land the house is on.</div>
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ok.<br />
<br />
In our case, we didnt have any BPO. Rather bank got its own appraisal done which came quite high. Am keeping fingers crossed!<br />
<br />
<cite>Andrea said:</cite><blockquote cite="http://www.shortsalesuperstars.com/forum/topics/investor-approval-process?groupUrl=reotrans&#3468065Comment25373"><div>We were slightly higher than the BPO. We're confident loan appraisal will come back higher, due to comps and value of the land the house is on.</div>
</blockquote> We were slightly higher than…tag:shortsalesuperstars.com,2010-04-22:3468065:Comment:253732010-04-22T12:05:32.445ZAndreahttp://shortsalesuperstars.com/profile/Andrea
We were slightly higher than the BPO. We're confident loan appraisal will come back higher, due to comps and value of the land the house is on.
We were slightly higher than the BPO. We're confident loan appraisal will come back higher, due to comps and value of the land the house is on. Thanks Andrea. May I ask, wha…tag:shortsalesuperstars.com,2010-04-22:3468065:Comment:253372010-04-22T01:56:00.843ZRahul Aggarwa;http://shortsalesuperstars.com/profile/RahulAggarwa
Thanks Andrea. May I ask, what % of appraised value or BPO did bank accept?<br />
<br />
<br />
<br />
<br />
<cite>Andrea said:</cite><blockquote cite="http://www.shortsalesuperstars.com/forum/topics/investor-approval-process?groupUrl=reotrans&#3468065Comment25304"><div>As the buyers, we're just finding out bits and pieces of this transaction. According to our agent, BOA told the seller that it was at investor for approval. What it actually showed in Equator, I don't know because I'm not privy to it. Now it goes to MI…</div>
</blockquote>
Thanks Andrea. May I ask, what % of appraised value or BPO did bank accept?<br />
<br />
<br />
<br />
<br />
<cite>Andrea said:</cite><blockquote cite="http://www.shortsalesuperstars.com/forum/topics/investor-approval-process?groupUrl=reotrans&#3468065Comment25304"><div>As the buyers, we're just finding out bits and pieces of this transaction. According to our agent, BOA told the seller that it was at investor for approval. What it actually showed in Equator, I don't know because I'm not privy to it. Now it goes to MI for approval in 3-5 days and then to Freddie Mac for up to another 10 days. This is the info passed on from the negotiator to our agent and then to us. I hope yours is at the investor and you'll hear an answer soon. Best of luck.</div>
</blockquote> As the buyers, we're just fin…tag:shortsalesuperstars.com,2010-04-21:3468065:Comment:253042010-04-21T23:45:03.406ZAndreahttp://shortsalesuperstars.com/profile/Andrea
As the buyers, we're just finding out bits and pieces of this transaction. According to our agent, BOA told the seller that it was at investor for approval. What it actually showed in Equator, I don't know because I'm not privy to it. Now it goes to MI for approval in 3-5 days and then to Freddie Mac for up to another 10 days. This is the info passed on from the negotiator to our agent and then to us. I hope yours is at the investor and you'll hear an answer soon. Best of luck.
As the buyers, we're just finding out bits and pieces of this transaction. According to our agent, BOA told the seller that it was at investor for approval. What it actually showed in Equator, I don't know because I'm not privy to it. Now it goes to MI for approval in 3-5 days and then to Freddie Mac for up to another 10 days. This is the info passed on from the negotiator to our agent and then to us. I hope yours is at the investor and you'll hear an answer soon. Best of luck. OK...good for you! Congrats!…tag:shortsalesuperstars.com,2010-04-21:3468065:Comment:253002010-04-21T23:35:09.316ZRahul Aggarwa;http://shortsalesuperstars.com/profile/RahulAggarwa
OK...good for you! Congrats!<br />
Just a quick ques, you mean to say that though the update showed that it has gone to investor ,it still was with negotiator? My listing agent called today and was told that file is still with investor. So dont know....have been told that sometimes the bank sends to investor before making a counter as it doesnt have delegated power to do so.<br />
Anyhow, do give updates and all the best for quick closure!<br />
<cite>Andrea said:…</cite>
OK...good for you! Congrats!<br />
Just a quick ques, you mean to say that though the update showed that it has gone to investor ,it still was with negotiator? My listing agent called today and was told that file is still with investor. So dont know....have been told that sometimes the bank sends to investor before making a counter as it doesnt have delegated power to do so.<br />
Anyhow, do give updates and all the best for quick closure!<br />
<cite>Andrea said:</cite><blockquote cite="http://www.shortsalesuperstars.com/forum/topics/investor-approval-process?groupUrl=reotrans&#3468065Comment25281"><div>Well we received a counter today. So - I guess we weren't at the investor approval stage that the person at Equator said we were. I posted it in the BOA discussion. I don't want to counter, just accept because we want to get this done! We've only been working through this about 30 days, but we didn't know it was a short sale to begin with. The negotiator did say we were about 15 day max to finish. Off to investor and then written approval.</div>
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