I am helping an agent close a transaction. It has been three deals that have fallen for the same reason all getting this same exerpt after the offer have been approved and a week due date to close. The agent has had 2 listings representing the seller, and a buyer with an offer. All have been approved ready to go, and all have gone into foresclosure even at a lower price than offered. The latest offer she is representing a buyer and the exerpt reads again:
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I'm missing something - your deals have been approved and must close in a week and THEN you have to wait for -- an approval - instead you get foreclosure. Huh? I'm guessing that they were not approved.
Some points: investor guidelines have 2 numbers. Above them both, the negotiator can approve the deal. Below them both, the negotiator is forbidden from approving the deal. Between the 2 and the deal must go to the investor to approve (and that is not necessarily a good thing because they often are annoyed and come back with a counter price higher than where your negotiator was and often take weeks longer. Your comment makes it seem like you are in the middle of these numbers.
More: the bank is a servicer, really could care less about investor losses overall. They are paid to simply manage the account - foreclosure means more money to them and the property goes to their REO where they continue to be paid to manage the account. Nobody is looking at what happens from the lousy killing of a good deal and the sale at a lousy price during REO.
More more: they tend to get the approval expiration date from whatever HUD-1 they last got from you. When these go on for months with no movement, you can end up with an approval that expired before you got it, so being due in a week is no surprise - not intelligent but it happens over and over.
Finally: do not rely on Equator - nice tool but you should be calling in every few days to ask for status. The rep will look at due dates and poke the negotiator for you even w/o you asking. You need to stay on top of things.
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