Replies to This Discussion

Permalink Reply by Donna Baker on February 25, 2010 at 6:54am

Yes, this is just a formality. They may accept it as is or they may produce another counter. Typically, they accept it and in a week or 2 you will receive the short sale acceptance letter. Then its off to closing!

Permalink Reply by Firdaus Dotiwala on February 25, 2010 at 6:57am

thank you donna ! a bit of relief. we actually already got the inspection done on the basis that we had an approval. then yesterday we find out that this is not the final acceptance and that we need to wait further for an answer. this makes me feel a lot better.

Permalink Reply by Donna Baker on February 25, 2010 at 7:03am

Thanks...just remember no matter who the short sale is with you never have an approval until you have the short sale acceptance in your hands.
Donna

Permalink Reply by Firdaus Dotiwala on February 25, 2010 at 7:11am

got it. thank you so very much.

Permalink Reply by Kent Dills on February 25, 2010 at 7:57am

You're getting close to final acceptance Firdaus. This might also need to get approval from an MI company if there is MI involved. Hang in there!

Permalink Reply by Firdaus Dotiwala on February 25, 2010 at 7:59am

thank you. hope the fact that we got the inspection done does not go in vain. we have waited almost 10 months for this.

Permalink Reply by Elaine Kan on February 25, 2010 at 4:10pm

Does anyone know if the negotiator are behind on their task, what can be done to have it escalated? I called the Equator number and they told me that the counter offer is in review with the negotiator and that task was supposed to be done 2-24. It is overdue, which is not a big deal but the trustee sale date is 3-3, another 4 business days and they will not postpone it yet :( When should I start to get really worried?

Permalink Reply by Makoto Sato on February 27, 2010 at 9:13pm

Elaine, They usually won't postpone it until 2 days before the auction. Just keep calling and ask for them to postpone the auction. Send emails to the negotiator as well. Make sure you don't put the loan number in the subject line. Then follow up with them until you get confirmation that the auction has in fact been postponed.

Here's a suggested format

Priority = HIGH
Subject: URGENT! Please Postpone the Auction to be held on (Date)

Body: Loan #123456789
Dear So-and-so, Please postpone.....


Elaine Kan said:

Does anyone know if the negotiator are behind on their task, what can be done to have it escalated? I called the Equator number and they told me that the counter offer is in review with the negotiator and that task was supposed to be done 2-24. It is overdue, which is not a big deal but the trustee sale date is 3-3, another 4 business days and they will not postpone it yet :( When should I start to get really worried?

Permalink Reply by R E on February 28, 2010 at 1:49pm

Not always a formality. Just had senior management not only reject it but demanded a 7% hike in the price. No explanation, just a curt "you must do this" one sentence message. The investor probably made the decision and not BofA.

Permalink Reply by R E on February 28, 2010 at 1:51pm

I think MI killed my deal. HUD is the deal killer I think.

Kent Dills said:

You're getting close to final acceptance Firdaus. This might also need to get approval from an MI company if there is MI involved. Hang in there!

Permalink Reply by Elaine Kan on February 28, 2010 at 2:03pm

Thanks Makoto, really helpful stuff!