Investor Time Frame

Right now I am at the investor approval stage.  Bank of America countered and we accepted.  There is only one lien and there is no PMI.  How long does it normally take to hear back from the investor these days?  It has been 2 weeks since we accepted the offer.  Do they always give verbals first or am I just waiting on a written counter or approval?

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Permalink Reply by Wendi Sanches on April 16, 2012 at 12:17pm

Bank of America will be the first to explain that the investor has no specific timeframe that must be followed. Depending on the investor, be it Freddie, Fannie or private can and will affect the response time. Also it is well known that even if the servicer has stated the file has been sent to the investor for review and you wait 30 days then call back for an update you will be told the file was just submitted to the investor for review and please be patient.

Not only have I assisted on many short sales over the past year, I am now also a buyer on a one lien property, BAC is the lender. We signed the purchase agreement February 24th. We have been waiting for the investor to respond since March 23rd. (the short sale is being worked in Equator also). We are hoping to have a response within the next two weeks and close ecrow by end of May.

Permalink Reply by Steve Trang on April 16, 2012 at 5:49pm

Hi Rick, unfortunately, there's no one right answer. It could be any day now, or it could be another month. Good luck!

Permalink Reply by Rick Maron on April 17, 2012 at 1:43am

Thanks for the information, my agent couldn't give me a good answer either and now I see why.  I guess I shouldn't be concerned yet but the wait is tough.  Good Luck on yours Wendi!

Permalink Reply by Jeff Kahhan on July 29, 2012 at 10:09am

How long did you eventually end up waiting for?

Permalink Reply by kate on July 29, 2012 at 12:47pm

Did they counter with a very high price? How much did you offer under the listed price? I would appreciate any feedback since I am a short sale buyer myself.

Permalink Reply by Rick Maron on July 30, 2012 at 4:47am

Unfortunately you guys are not going to like my answer.... I am still waiting.  The investor took so long we had to get another BPO done and that took me back to the offer analysis stage again.  I have actually had BOA counter three times changeing the closing date and some closing costs.  Last week my agent began escalating the file and he received an email from the negotiator that stated "we have decided to accept your offer and we will bring this file to conclusion"... I think that is good but who knows.

Permalink Reply by Jeff Kahhan on July 30, 2012 at 5:14am

Very Interesting, That's exactly what is going on with me! The negotiator committed to bringing this file to conclusion and told us 10-14 days max on June 11th. It was submitted on June 19th for final investor approval. Still waiting and cant get anything as far as an update. I did get this email last week but it is an auto generated email that don't really disclose any real info.

Here is the latest update from BOA
Body: Be assured that the short sale offer for the property at 2XXX AXXXT DR is still under review by the investor(s). NOTE: There may still be changes and/or further stipulations added to this offer. YOUR NEXT STEP: Your short sale specialist will contact you once we have received the decision and any other feedback from the investor(s). This process involves input from multiple parties, so it may take additional time. We appreciate your continued patience at this stage as we await investor input to proceed with your short sale. IF YOU HAVE ADDITIONAL QUESTIONS: Please contact XXXXXXXXXXX, your short sale specialist, by selecting the 'NEGOTIATOR' role in the Equator messaging system or call Short Sale Customer Care at 1.866.880.1232. Visit the Agent Resource Center at bankofamerica.com/realestateagent for short sale educational guides, news and additional resources. Do not reply to this message as this mailbox is not monitored.

Permalink Reply by Neo on July 30, 2012 at 10:50am

am stuck in a similar situation - BoA has approved and now we are waiting for investor approval.

any idea on the probability of investor approval after the bank approves?

Permalink Reply by Jeff Kahhan on July 30, 2012 at 11:17am

Wish there was an answer to this.. I am over 6 months now into the process. Investor has had my file multiple times. Here is a link to my post with a complete timeline of the experience.

http://shortsalesuperstars.com/forum/topics/bofa-accepts-ss-offer-i...

Permalink Reply by Neo on July 30, 2012 at 11:21am

hi Jeff,


my timeline is similar to yours. our contract was signed on jan 20th 2012 and the whole process begin.

here is my story http://shortsalesuperstars.com/forum/topics/short-sale-approval?com...

Permalink Reply by Neo on July 31, 2012 at 3:09am

hi jeff,

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 Jeff Kahhan on July 31, 2012 at 5:26am

That sounds like they are submitting to the investor for final approval. Basically where I am at currently.

Wish there was more to say but anytime I see the words "final approval" that usually means the investor hasn't given it yet. Which obviously is what proves to be the worst part of the entire process

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