Verbal Approval, Whats next?

I am the buyer and we just got verbal approval from BOA last night. Does anyone know how long will it take for the actual letter to be sent? Anyone have an estimate timeframe of what happens next?

The Listing Agent is also working with the 2nd lender to get them to release the property. Anyone worked with Citi as the 2nd bank? I like to know what the lowest percentage range they will settle for. BOA is only ponying up 2% so I have a feeling there will be alot of back and forth between the two banks. I hope we can make the deadline for next week but seems to be that there is a slim chance.

Any insight to this will be greatly appreciated!!

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Permalink Reply by Bryant Tutas on April 20, 2010 at 11:27am
Nikki. It depends. Verbal approval could mean that BofA still needs to submit to the investor. Hopefully that is not the case and a letter will be forth coming. I have had good success with Citi Mortgage but have never had them as the 2nd before. When you say BofA is ponying up 2%. 2% of what? Purchase price? 2nd loan balance?

What is the deadline of next week? Does your contract expire? If you are referring to the tax credit then assuming you have a fully signed contract you are good to go as long as you close by 30 June.
Permalink Reply by Nikki on April 20, 2010 at 11:39am
Hi Bryant,

Appreciate the quick response! BOA is only giving Citi Mortage 2% of the 2nd loan balance. The sellers owes 153K on the 2nd loan and BOA is forking out 3K to them and taking the rest.

The deadline next week is the tax credit I am referring to in order to make the deadline. The last addendum we signed for the contract to expire is April 25. Will we need to prepare another addendum?

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