Bank of america needs upper management approval

I am a buyer, trying to purchase a short sale. We offered $99,9 and the bank countered at $115k. Our house was appraised at 112k with mold in attic and plumbing issues so we countered back at 110k. Today we got this update, "Update for today: Bank of America says that your offer is requiring upper management approval. They have also requested a few more documents (and additions to documents). So I will be making those corrections and sending them to you in just a few minutes! They have also requested a bank statement showing that you have a balance of $1993. Not sure why (I have inquired). Do you have that?" we got a letter from our bank stating that we had the funds, signed the addendum, and now we are just waiting. Can anyone enlighten me on what exactly is going on? Our agent thinks that upper management doesn't take long to hear back but isn't sure what the money would be for. I'm assuming it's extra money the bank wants on top of whatever they counter.. This site is so great for advice, I was hoping someone could let me know if they know what all of this means and what their experience has been like in this situation. Thank you!

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Replies to This Discussion

Permalink Reply by Chad Gelsinger on May 27, 2014 at 10:06am

Jody, 

Many times, Bank of America requires a "bank statement" (in the Buyer's name) showing Buyers have the funds available to close. The $1993 could be your projected cash out of pocket to close based on their HUD-1. If the file has gone to upper management for review, your approval could be coming fairly quickly as long as they receive the requested documents. Hope this helps, Chad.

Permalink Reply by ElizabethWeintraub00697006LyonRE on May 30, 2014 at 7:01am

As REALTORS, we are prohibited from interfering in another agent's transaction, which means we can't give you free advice in a public forum without risking that some disgruntled soul will file a complaint. But there are always a few mavericks who don't adhere so you will be in luck. Because you're in escrow, you need to talk to your agent. It's convenient how the Board of REALTORS makes sure clients can't get information from other agents, even when clients desperately need it. Now, if your agent had asked the question, no problem.

Permalink Reply by Jody Horn on May 30, 2014 at 8:33am
Oh, I had no idea this wasn't allowed, I'm sorry! My agent had never heard of this so I was trying to figure out if anyone else has ever experienced this before. I've been in contact with Bank of America (even though they can only tell me so much) and found out what it was for and have escalated our file as well. Who knew, being the buyer, that you could do so much? Anyways, thank you for letting me know!

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