Comment

Comment by dipan on February 9, 2011 at 1:29am

After we put in our best offer, it has been 3 days again and have heard nothing back from the negotiator. We later put in a time limit of 5 business days to hear back from them. Was that a bad move? My agent says it should be enough as the bank has already a number in mind and it will either be yes or no. Any suggestions?

Comment by dipan on February 7, 2011 at 3:43am

sorry "best and final offer".

Comment by dipan on February 7, 2011 at 3:42am

Ok, the bank finally countered, they countered at the exact  price the property was listed at 6 months ago. However they have asked for the beast and final offer. During this time the property values have fallen in the area. I have heard that the bank counters at the appraisal value and accepts a price close to 90% of that value. Is it true? I have put in a new offer, hopefully that will be accepted.

Thanks Steve for you earlier replies.

Comment by Steve Early on February 3, 2011 at 12:16pm

Dipan:

 

Credit card companies could have one or more judgments against the seller - or possibly even a lien against the property depending on what was purchased with the credit cards.

Comment by dipan on February 3, 2011 at 10:21am

Today the bank informed that they have received the appraisal. However it seems that the sellers have credit card debt and the bank needs time to settle the debt. I cannot figure out how it is linked to mortgage though.

Comment by dipan on January 30, 2011 at 6:17am

Thanks Steve, I will be patient and I will check again with them this week. Its been over two months now since we started the process and still no approval. Running out of patience. Anyways thanks for your input.

Comment by Steve Early on January 29, 2011 at 2:12am

Dipan - it isn't unusual for an appraiser to submit an appraisal or BPO report to a servicer and have them say they "don't have it'.  Once the report comes in to their company, it has to go to be scanned. If they are backed up (and many of them are) it can take days before it is scanned. Then it has to be made accessible to the negotiator assigned to your file so he or she can see it. Until they can see it, they will tell you they don't have it.

 

Then again, they do lose things from time to time, so keep checking with them every day or two.

Comment by dipan on January 28, 2011 at 11:50am

Appraisal was completed last week and there is no updates since. The appraiser said that the bank should have it and the bank said that they dont... stumped.

Comment by Wendy Smith on January 28, 2011 at 11:50am

Hmmm, just about ready to put a AHMSI HAFA in the pipeline - scanning the posts it looks like this will be comparable to dealing with BoA.  Great.  Just great.

Anybody got any power people contacts?

Comment by dipan on January 19, 2011 at 8:54am

A BPO has been ordered now and will be completed tomorrow 01/19/11. Hope all will go well.

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