OFFER APPROVED -SUBJECT TO SR. BANK APPROVAL - WHAT DOES THIS MEAN??
I have been dealing with this sale since March. I think we are almost there; latest from Equator says "Your counter-offer has been approved, subject to senior management approval". Can anyone tell me what exactly this means and when we should have a final answer and be able to close.
Any feedback is greatly appreciated.
Replies to This Discussion
-
Permalink Reply by Kent Dills on
-
Sounds like you are close to full acceptance MJ. The negotiator just needs to get "management approval" and you'll be all set.
FYI: most negotiators I've dealt with don't even "formalize" this step. They just tell you they've got to get "management approval".
Once at this point, you should only be a few days - a week at the most - from the Approval Letter!
Good luck! -
-
Permalink Reply by MJ Aldrich on
-
thanks Kent
Kent Dills said:Sounds like you are close to full acceptance MJ. The negotiator just needs to get "management approval" and you'll be all set.
FYI: most negotiators I've dealt with don't even "formalize" this step. They just tell you they've got to get "management approval".
Once at this point, you should only be a few days - a week at the most - from the Approval Letter!
Good luck! -
-
Permalink Reply by Kathleen Lordbock on
-
Another success for a Short Sale Superstar!!
-
-
Permalink Reply by Jeff Payne on
-
The negotiators job is to follow the investor or lender guidelines. Once they reach the agreement that looks like it meets the guidelines, they accept your offer on equator but it still has to have formal approval from the investor/lender management. You should be very close like Kent Dills said.
-
-
Permalink Reply by Joyce Freese on
-
Keep holding your breath until you actually get the written approval; I have had BOA change what they verbally said; don't know when you'll hear; I have been waiting 5 weeks from a verbal approval. Good luck
-
-
Permalink Reply by joe beauchamp on
-
Yep, as Joyce says, it means CYA, "I could be just fooling". I've had several counter my AGREE to their counter. I had one counter his own counter w/o me in the middle. Considering how frequently they don't bother to read what is in the library or what the seller has put in, it is very easy to believe that they didn't read those investor guidelines too well and someone later comes in and says, gee, what about this $50K need over here?
So, it means "I'm an idiot and when someone with 3 brain cells looks at this, they may throw it back asking for something more"
You do not have an agreement or approval until you can see it right in front of you. I had a negotiator overdue in simply sending the approval. One of those BofA ghouls of the night came over and hit DENY. That was it. Dead. Resubmit. 2 months later - buyer gone of course. So, even when they are past the point of the counters, even if they say they are sending the approval, until you have it in your hands, with BofA, you DO NOT have an approval. -
-
Permalink Reply by Paul Kuriatnyk on
-
It usually does not mean much other than they are still moving forward with the file. I have worked them all the way through senior mgmt and to the investor only to have them countered by the investor. Cross fingers.
-
-
Permalink Reply by Rose Alarcon on
-
Yes,
I agree with all of you. I have just been through this, just closed yesterday. On equator email everyone on there when you email the negotiator. Email supervisor, vp, team lead as many as you can the same email. When you email in the subject line. Write "waiting for approval letter". Every day email them. Once you get the approval letter its not over. You still have a "CLOSER". BOA is the WORST. I have dealt with all the major lenders. This was the worst. After the closer finally approved and said we were good to go. It was 3 days after the approval letter expired. Then the idiot closer gives us an approval via email stating "To provide the best quality customer experience please accept this email as confirmation of an extension: 09/01/2010. Close on or before the date listed".
He sends this 9/1/10 like we can close that day. The closer said if we ask for an extension we will have to start over and it will go back to the investor. Title would not accept the email approval. So I went back to the negotiator and asked for an updated one. What do you know just like that negotiator gave us till 9/30/2010...hummmmm....Does anyone know what they are doing over there? -
-
Permalink Reply by Mike Horton on
-
I have been told by BOA negotiators that when they approve during the month that most investors will allow them to close anytime within the month. The issue comes when they have to cross the end of the month to get approval. Then they must go through a more formal request process.
-
-
Permalink Reply by Mike Sher on
-
Joe is 100% right. I had a Counter that we accepted and they sent it for management approval. two weeks later after I called, emailed and prayed. They denied my client because they were current. The negotiator could have told us that was a requirement in the first place. I have gotten Short sales through BOA with clients current on their mortgage before.
Mike Sher
joe beauchamp said:Yep, as Joyce says, it means CYA, "I could be just fooling". I've had several counter my AGREE to their counter. I had one counter his own counter w/o me in the middle. Considering how frequently they don't bother to read what is in the library or what the seller has put in, it is very easy to believe that they didn't read those investor guidelines too well and someone later comes in and says, gee, what about this $50K need over here?
So, it means "I'm an idiot and when someone with 3 brain cells looks at this, they may throw it back asking for something more"
You do not have an agreement or approval until you can see it right in front of you. I had a negotiator overdue in simply sending the approval. One of those BofA ghouls of the night came over and hit DENY. That was it. Dead. Resubmit. 2 months later - buyer gone of course. So, even when they are past the point of the counters, even if they say they are sending the approval, until you have it in your hands, with BofA, you DO NOT have an approval. -
-
-
Hi MJ,
I am the buyer of a Short Sale and received the letter you reference above on August 31. I am curious if you have heard anything on the Final Approval yet. I am getting anxious as I have sold my current house and have to be out soon.
Thank you for your time.
Bryan -
-
-
The best (possibly only) thing to do is keep the pressure on whoever communicates with the bank. They have to call in every couple of days, send emails, asking for status, any excuse to be in front of negotiator, etc. asking to get this thing done. If that doesn't happen, there is an excellent chance that it will simply linger as the negotiator deals with noisier people.
It probably helps if you ask intelligent questions - you have to motivate your "rep", too. What is the ETA? What task are they on? Is there an MI involved? Who is holding it right now? How long have they had it? What task is supposed to be done? When is it supposed to complete? Unfortunately, things happen and too often miscommunication leaves things sitting. (I had a file "going to MI" for 5 days then "coming from MI" for 5 days. Jerks at BofA Corp won't let you know this, only "in negotiation" as of about 3 wks ago - when I found this, I talked to MI and found that the file had been approved a week before the negotiator sent it to them again - 2 wks at a crucial time lost because BofA had the approval but submitted it again anyway. BofA will no longer tell you about these "internal" tasks. They refuse to tell you who the MI is. Yep, real obstructionists.)
See why I suggest you try to keep yourself in front of them? And heaven help you when those midnight ghouls walk the halls - bozo's who can hit the DENY button but not much else. If you do get one to hit DENY, if you are real lucky and have a team lead or negotiator with 3/4 of a brain, you can get it restarted, otherwise, you just lost at least 2 months.
Bryan said:Hi MJ,
I am the buyer of a Short Sale and received the letter you reference above on August 31. I am curious if you have heard anything on the Final Approval yet. I am getting anxious as I have sold my current house and have to be out soon.
Thank you for your time.
Bryan -
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons