Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on March 9, 2011 at 10:10am

Susan,

 

Great article here on Equator - http://activerain.com/blogsview/1865730/equator-com-cannot-accept-o...

 

Permalink Reply by Susan Milner, SFR, CDPE, GRI on March 9, 2011 at 10:15am

Thanks Kevin. I'm very familiar with their system. I was just wondering if anyone else had this same experience. It is just new to me. Although the guy for B of A has seemed completely clueless through much of this so I guess we'll see.

Permalink Reply by Bryant Tutas on March 9, 2011 at 11:10am

Susan. I just recently had this happen. My seller has actually accepted the same offer 3 times in a row. Then they ordered a new BPO! My guess is that the MI company has questioned the value and therefore they have had to order a new BPO. Was the last BPO done more than 90 days ago?

 

Kevin, That article you linked to is from one of my favorite writers :)

Permalink Reply by Debra Enos on March 9, 2011 at 12:28pm

Sounds like a co-op short sale which has a processing schedule........once your offer is accepted, BOA/negotiator will order a BPO.  You should here from the agent/appraiser within 2 working days. If not call/email let them know that you haven't been contacted to schedule the BPO. Schedule the BPO (which will be an interior BPO) ASAP....From the date of the BPO, allow 14 "working" days for the approval letter...if you don't receive the letter, again call and "professionally and kindly " ask the negotiator/asset manager the status...My asset manager did mine while we were talking on the phone.  He thanked me for staying on top of it. (Sometimes they are just testing you for your efficentcy). Normally, you should receive your letter in 24-48 hours - without the reminder call.

 

This is a typical time line for a BAC co-op....Approvals will take a couple of days to a month depending if there is an investor who hasn't assigned BAC to do their negotiations, and/or if there MI in the loop.  More the players there are, more time it will take. In the beginning always ask your Asset Manager or Negotiator who is involved/how many players are involved in getting the final approval, so you can anticipate your short sale timeline.  My Asset Manger has been sweet as pie from our very first conversation.  He explained the process and who was involved in the approval stage.... and beyond.  As far as the bank goes, we have had a very smooth and quick transaction.

 

Negotiators and Asset Managers at B of A (including the one that are outsourced) are being graded on their timelyness and closing success....so if you help them stay on time - they will be appreciative...and your "grade" will be a favorable one as well.

If your Asset Manager/Negotiator doesn't answer the phone and you get voice mail, they are suppose to call you within 24 hours...often they give you their office email and will respond faster....but call the main number, give them the loan info and tell that person that it has been 14 working days since the BPO and you haven't received the approval letter yet, (or other issue)....I have always been transfered directly to the Asset Manager, or he has called me back within a couple of minutes........the key - be professional and don't nag or gripe.

 

Good Luck

 

 

 

Permalink Reply by Susan Milner, SFR, CDPE, GRI on March 9, 2011 at 1:21pm

Bryant, Yes the BPO was old; from a previous offer when they had it listed with some other real estate agent. I tried to get a new one done right away but they insisted that they didn't need one. Then when we agreed on a price I thought we were good. I hope this BPO comes in correctly for us :)

 

Thanks Debra.We have the same experiences of moving files along politely :) Normally they order the BPO before they counter the offer; that was the part that threw me off this time around. The negotiator previously kept insisting that they would not be ordering a new one.

Permalink Reply by Keji Ogunleye on March 15, 2011 at 1:21am

If the valuation they have on file is over 90days ,they usually order another one, but with BoA you cannot predict what they will do...