It has been 5 months this week that we submitted an offer on a short sale. The listing price is $190,000 and that is what we offered with 3% in concessions. Everything has been going smooth and 4 weeks ago Bank of America came back with a counter of $210,000. We accepted and are just waiting for the approval. My question is how long does it take to get the approval now that we have accepted and is it suffice to say that we will even get an approval. I am terrified that something is going to go wrong and this is our dream home. If we do not close by the end of this month we have to pay nonhomestead taxes for the year and that would be an extra $200 a month that I really dont want to have to pay. So here it is the 7th already and I dont understand why we still have not gotten approval. We accepted counter so can't Bank of America just approve?

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The counter is from BOA most likely as the servicer; it still needs to go to the investor for final approval if BOA does not have full delegating authority over the note. This can usually take about 10 days to 2 weeks. So 4 weeks is too long. You have to go to the manager of the negotiator to get your acceptance letter.
Get on the phone and call BoA corporate in Charlotte, NC. I think if enough agents start calling the corporate office they will get the message.
Thanks for the response. Unfortunately since I am on the buying side, my agent only has access to the listing agent which he then goes through his short sale department. So basically it is out of my control.

Katerina Gasset said:
The counter is from BOA most likely as the servicer; it still needs to go to the investor for final approval if BOA does not have full delegating authority over the note. This can usually take about 10 days to 2 weeks. So 4 weeks is too long. You have to go to the manager of the negotiator to get your acceptance letter.
That is a great idea!

Esther M. Kelly said:
Get on the phone and call BoA corporate in Charlotte, NC. I think if enough agents start calling the corporate office they will get the message.
I had an offer accepted and it took nearly 3 weeks to get the approval letter. Like Katerina said, sometimes they still need to check that the case meets all investor guidelines, and for the investor to sign off on it.

How often in the listing agent calling the bank for updates, there are deadlines for the negotiators to complete these taks and if they are past due the agent can escalate and send Emails out to the Team Lead thru Equator.
First of all, thank you so much for responding. Secondly, we contac the listing agent once a week for any updates. Last week he said that everything is moving along and the bank was just waiting on the sellers removing the LLC and putting the home back in their name since they have been renting it out. I know that the sellers did a quit claim deed on that on 3/31 so I was hoping that we would have gotten the approval by today since it has been a week but still nothing. Listing Agent still thinks that we will have approval and close before end of month. I just dont understand why if we accepted counter a month ago, why we still dont have approval.




Juan Reyes said:
I had an offer accepted and it took nearly 3 weeks to get the approval letter. Like Katerina said, sometimes they still need to check that the case meets all investor guidelines, and for the investor to sign off on it.

How often in the listing agent calling the bank for updates, there are deadlines for the negotiators to complete these taks and if they are past due the agent can escalate and send Emails out to the Team Lead thru Equator.
That is because you don't have an approval, you have an acceptance of the terms of the offer.

I had another case where the bank accepted the buyers terms of the offer and asked us if we could do settlement 30 days out. 3 weeks went by without getting the approval letter. Finally about 1 week after the settlement date BOA proposed, the sale was declined because the seller did not meet 1 thing that was required by the investor, and that was to be delinquent on his mortgage payment.

Hope you get your approval letter soon.

Brooke Page said:
First of all, thank you so much for responding. Secondly, we contac the listing agent once a week for any updates. Last week he said that everything is moving along and the bank was just waiting on the sellers removing the LLC and putting the home back in their name since they have been renting it out. I know that the sellers did a quit claim deed on that on 3/31 so I was hoping that we would have gotten the approval by today since it has been a week but still nothing. Listing Agent still thinks that we will have approval and close before end of month. I just dont understand why if we accepted counter a month ago, why we still dont have approval.




Juan Reyes said:
I had an offer accepted and it took nearly 3 weeks to get the approval letter. Like Katerina said, sometimes they still need to check that the case meets all investor guidelines, and for the investor to sign off on it.

How often in the listing agent calling the bank for updates, there are deadlines for the negotiators to complete these taks and if they are past due the agent can escalate and send Emails out to the Team Lead thru Equator.
Wow...this is very similar to our situation. We started at the begining of November but BOA lost the file and we had to resubmit everything to equator at the begining of Febuary.

We accepted BOA's "counter" on 3/29/10 and have not heard anything since. The listing agent has been calling and e-mailing the negotiator everyday with no response.

My wife is having a baby next month (we would really like to be settled) and we too will be loosing money by waiting like Brooke staying where we currently are. I called Equator support (866-880-1232) and they stated their "protocol" is to not expedite a case unless a task is 20 business days overdue by the negotiator. I wish there was someone we could talk to/write who could look beyond their protocols and look at us as customers and do something about our short sale so we could close. Anyone have any ideas?
Definetely very similar. In fact I just had a baby in November so we are very cramped in our current home with now 3 kids and eagerly wanting to get in to the new one. I was told yesterday that everything that the bank needs has been done and that it was all being resubmitted to them today for review. In fact, when we called the listing agent he said that all they were waiting on was LLC to be removed from owners name. I called register of deeds and sure enough it had been done on 3/30. So basically a week went by that the file just sat there. I forwarded what I had from RoD and then they sent it to Bank. I hope that means that we will be getting approval very soon and not that everything is going to start over. Good luck with the new baby and getting in to the house. Would love to know when you get approval compared to me.

Ryan F said:
Wow...this is very similar to our situation. We started at the begining of November but BOA lost the file and we had to resubmit everything to equator at the begining of Febuary.

We accepted BOA's "counter" on 3/29/10 and have not heard anything since. The listing agent has been calling and e-mailing the negotiator everyday with no response.

My wife is having a baby next month (we would really like to be settled) and we too will be loosing money by waiting like Brooke staying where we currently are. I called Equator support (866-880-1232) and they stated their "protocol" is to not expedite a case unless a task is 20 business days overdue by the negotiator. I wish there was someone we could talk to/write who could look beyond their protocols and look at us as customers and do something about our short sale so we could close. Anyone have any ideas?
Short sale specialist just emailed me and said that he hopes we will have an approval soon. He said he hopes that we close by June 30th! WHAT??? Why so long? Everything has been turned in. Why would the bank need that long to review everything again? Very discouraging.
It is very discouraging. Our agent told us that even after they approve our offer (if they do), it still would move very slowly and could take a while to close because the bank would still need time to "get their paperwork in order" for settlement. How they can run such a large business and not be able to get their paperwork in order in under two months is beyond me. Much luck on a quicker closing date!

Brooke Page said:
Short sale specialist just emailed me and said that he hopes we will have an approval soon. He said he hopes that we close by June 30th! WHAT??? Why so long? Everything has been turned in. Why would the bank need that long to review everything again? Very discouraging.
I just got the appraisal back and it came in at $190,000. Oddly enough that is what the listing price was and what we offered before the bank countered at $210,000 and we accepted that. I dont know if the appraiser used the listing sheet or what but I am shocked that it came in at $190,000. Does anyone know what the chances of the bank now accepting $190,000 are? I am shaking because I am so upset that it didnt come in at $210,000 since that would have been so much easier. I am so afraid that it will now be a done deal or they will want us to come up with the $20,000. Does anyone have any experience with the appraisal coming in lower then accepted with Bank of America?

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