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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I would say avg 10 days, but it could be much sooner or longer .. you never really know..
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.
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..
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!
Since June 19th. The negotiator at BofA is trying to contact investor daily and getting no updates
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.
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.
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