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 Neo on
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Hi Jeff, since how long are you waiting after your file was submitted for final approval?!
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Since June 19th. The negotiator at BofA is trying to contact investor daily and getting no updates
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Here goes all my excitement :( seems to be another long wait. its not over till its over. Keep me posted
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it really depends on the investor and if you are lucky enough to get on the top of someones stack of files.. could be a week could be 2 months.. I am almost at 2 months and still nowhere..
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Permalink Reply by TOP END Properties on
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I would say avg 10 days, but it could be much sooner or longer .. you never really know..
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Interesting update today..
My Mortgage guy decided to contact the investor directly. The investor informed him they have sent the file back to the bank yesterday, and that it took so long because it was incomplete when BofA submitted it to the investor. He told us BofA should be contacting us today or tomorrow.
Here's the interesting part, he made no implication on an approval just stayed very general and didnt hint either way. Not sure if this is good since the BPO most likely is expired at this point and some of the docs reflected a closing date of today.
Really hoping none of these issues are going to cause the whole process to be restarted again!