Replies to This Discussion

Permalink Reply by Rahul Aggarwa; on April 22, 2010 at 6:09am

ok.

In our case, we didnt have any BPO. Rather bank got its own appraisal done which came quite high. Am keeping fingers crossed!

Andrea said:

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.

Permalink Reply by h on August 22, 2010 at 5:36am

Hi Rahul... so did you finally get the approval?? where you able to close on that shortsale?? Please keep us posted with an update.

thanks

Permalink Reply by h on August 22, 2010 at 5:37am

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.

thanks

Andrea said:

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.

Permalink Reply by Andrea on August 22, 2010 at 2:43pm

h,

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.

Permalink Reply by h on August 23, 2010 at 3:15am

Thanks for your prompt response Andrea..

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...

Permalink Reply by Johnny Fludd on September 9, 2010 at 7:10am

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
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.

Emily S. Knell said:

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.

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.

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