File paused in Equator?
Interesting situation that I haven't come across in all my short sale research...I'm the buyer - Bank of America agreed to our price and the file was off for investor approval, or so I thought. Found out from the negotiator today that she had to pause the file in Equator because the closing date that Bank of America gave us is too far out - the file would be in the system for too many days and would automatically be closed out and need to be resubmitted. I did go ahead an order my appraisal, even though I know I'm gambling that money by proceeding without written approval. But since the file is paused, it will not move any further UNLESS I proceed. The negotiator said she will un-pause the file once I am closer to being able to close. My concern is - what if she un-pauses the file and we STILL don't get written approval in time? These banks seem like they are their own worst enemies!!
Thanks for any input - I'm beyond frustrated!!
Replies to This Discussion
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Permalink Reply by Brenda Houghton on
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Hi Jennifer,
Who picked the closing date? When you say 'negotiator', are you talking about the Bank of America negotiator, or the seller's negotiator?
I'm curious about the description of the situation because typically, Bank of America sets closing only once there is short sale approval. They usually allow 30 - 45 days to close regardless of what the contract says. Why would Bank of America set a closing date when there is not yet short sale approval? And even if they are setting a closing date ahead of time, why would they set it up beyond their own criteria?
It sounds to me there is some missing, or misinterpreted, information here. Never mind that I've never heard of 'pausing' a file...
More information, if you have it, might clarify the situation.
Brenda
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Permalink Reply by Jennifer on
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The Closing date was on the counter from B of A. They didn't counter our price, just a closing cost item. This info is coming from the B of A negotiator, at least, that's what I've been told. So confused.
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BoA provides a PDF of the counter worksheet with all the transaction items in Equator. You can ask to see it. Do you have a licensed Realtor working for you as a buyer's agent? What about the seller - is there a listing agent involved?
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Yes to both. I was sent a copy of the worksheet and we agreed via Equator. That was 2 weeks ago. Now the B of A negotiator says that if she leaves the "clock" running while I get the appraisal, we will run out of time in the system. Whatever that means.
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Let me also clarify by saying the word "paused" was used by my agent. He also said "on hold" if that makes more sense. I can't seem to find information on this anywhere. It doesn't make sense to me that I need to spend money on an appraisal before we get written approval and I can't find any information on an Equator timeout - which is what it sounds like the negotiator is trying to avoid.
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