Understanding the process....
I have posted before about my short sale but I would like some insight from someone who does these all the time. We started the process with a full price offer on Nov. 17th...we heard nothing until January when we were told the BPO was being done. On Feb. 14th we received a call that the short sale had been approved (verbally) and we should get our financing in order. Then we heard nothing again until the middle of March that they are negotiating on our behalf. So we wait. I guess I would like to know from you experienced agents when you are doing a short sale with Equator...Do you really have no communication with the bank other than going back and forth by email? The listing agent has given us no specifics except to tell my agent the closing date the bank wants is further out than we had hoped, but all else looks good. We locked in a rate on a loan which expires tomorrow....We had been told that once an approval is given things go really fast, which obviously isn't the case in our situation. Does it really take 6 weeks to negotiate and would the selling agent really have very little specifics to give us? We have been more than patient but the fact that we are given so little information is starting to get to us. If we had a few more specifics we might be appeased, We know that people living in the house have a child who is a senior in high school...is it possible for the seller to be stalling the bank because she doesn't want to leave the house while her kid is in school...or are we being conspiracy theorists? Are there specific questions that we could have our agents ask the selling agent so we can get more than the "we're negotiating" standard answer ? IS he not allowed to give us any specifics until he has something in writing? What kind of communication do you have with the buyers of your short sales? All I can say is it means a lot to us buyers to get updates along the way without having to feel like we are bothering the listing agent every 2-3 weeks....
Replies to This Discussion
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Permalink Reply by Premier Loss Mitigation Services on
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I negotiate short sale full time and tend to do most of them with BOA thru equator. If you initiated a short sale in Nov, you should have had a task to complete within 1-2 weeks of uploaded the Authorization. Did you upload the Supporting Docs when the task was assigned? Do you check equator daily or do you wait for an email alerting you to a task. Once you are assigned a task, make sure you complete it immediately. If I haven't heard from a negotiator in 2 weeks, I email him daily. If I still do not hear from them, I email them and make sure I click on everyone on the list of possible people including VPs, managers, etc. You can also call BOA customer service and ask what the notes are on the file. I have never received a call from BOA telling me the short sale is approved prior to receiving a message in equator. Did you receive counter offers? Did you respond to them prior to the expiration date? We have been able to get short sales approved with BOA thru equator in 60days or less. NEVER wait for them to contact you!!! Always call and email them for an update. Good luck!
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Sorry I did not make it clear I am the buyer not the seller ....so I don't really know if the listing agent was doing all the things you said.....But if he did get an approval through equator on Feb 14th...and now he is in the "negotiation stages" does that even make any sense? And shouldn't he be able to give us some details like what they are negotiating on....or do you not let your buyers know anything until it is all settled with the bank?
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Brian we are 138 days in....We feel as if the listing agent is not being very aggressive with the bank to get things going....is there any other avenue we can use...like our agent calling the bank or our loan guy calling the bank or will that not do any good? Also Bof A just sent a form for us to sign saying we are not affiliated with BofA in any way....when in the process is this usually done? It certainly seems overdue unless this is one of the last things to happen before we get written approval....I believe their may be two leans but both are with b of a...I also wondered what it means when you all say the investor has to approve everything? Who IS the investor...is it not B of A...or someone who works for B of A?
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Permalink Reply by Hairman on
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Have the Listing agent copy & paste all corespondance with BoA to you.
Best of luck!
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Kristen I feel your pain! We had accepted offer from sellers in Dec. and pkg submitted to bank - PNC and Quicken Loans. I feel like i've been begging for updates. We've been told we're in the "negotiation phase" for over a month now. How many phases are there? We knew it was going to be a long process but is so frustrating not hearing ANYTHING! We can wait patiently together :)
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Tamara,
I was patient for the first three months...Now I am getting really annoyed. Supposedly the short sale was approved on Feb 14...2 Months ago...Give me a break what in the world are they trying to figure out!! Keep me updated on your progress..I'll do the same!!
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