Received "Upper Management Approval" waiting on Investor Approval - anyone else? What does this mean?
We wrote an offer on a Bank of America short sale in the Washington, DC area at the end of March. We heard nothing until the end of June when the investor rejected our offer citing the price as too low - but they wouldn't counter. We had to resubmit to Equator, but escalated the file. There was no way we were waiting 4 months for another rejection. This time, we had a negotiator assigned and BPO done within 3 - 4 weeks and received "Upper Management Approval." This sounds vague and strange to me. Our realtor says investor approval is a formality at the point and she expects an approval letter this week. It was due according to Equator on July 2. Here we are July 8 - no word yet. A BoA loss mit rep told us she has rarely seen upper management approval and investor rejection.
Anyone else in this boat? are we close? I've been hearing "expect approval this week" for 3 months. I am no longer optimistic.
Anyone else in this boat? are we close? I've been hearing "expect approval this week" for 3 months. I am no longer optimistic.
Replies to This Discussion
-
Permalink Reply by Katerina Gasset on
-
Most often, when upper management gets involved, they are the ones who are negotiating with the investors. Usually when the upper managements says it is a go, the investor will concur. However, the investor is the one that is taking time to turn around the file. If BofA has delegation authority from the investor for his files, then upper management can get you an approval letter fast like in a week. But if they do not have delegation authority, then the file has to be sent to the investor. Investor turning around time can be up to two weeks depending on how much work load they have and also how motivated they are to do a short sale. So sorry to say, it all depends. Just hang in there. It will come around.
-
-
Permalink Reply by Danielle Chesney on
-
Thanks! That is actually very encouraging that there is a general time frame around the investor decision. The investor does have the offer now from upper management. As days are again turning into weeks, I shudder at the thought of waiting months again.
-
-
Permalink Reply by Paola Martinsen on
-
Make sure that you get accurate information. Usually when its approved by a team lead first, then the next task if AVP approval. That means the offer meets their delegated net and they don't have to send to the investor or anywhere externally. If the task says its receive external MI or Investor approval it usually means it is sent for their approval. The "investor" (normally Fannie or Freddie) when they send them out because they have delegation on private investor files: the investor normally takes 2-6 weeks to approve. This is all based on my experience.
-
-
-
WE GOT APPROVAL YESTERDAY.
Phew. So short sale friends, original offer sent: March 3. Approval Sent: July 12 -
-
Permalink Reply by Karen Mathers on
-
I have been seeing it take about 2 weeks to get the approval from the investor. Longer if there is mortgage insurance for the loan.
-
-
Permalink Reply by Kemp Hooper on
-
Just had the same crap. They also ordered the 4th BPO even after they countered their own Counter 3 times. All were accepted. I just emailed the President and her assistant. I will get another email asking me not to contact her, but what else should I do?
-
-
Permalink Reply by Jerry A. Ringo on
-
Have you messaged the negotiator using the message platform in Equator? (You know, go to messages, click the add message tab and choose "Negotiator" in the dropdown box.)
You should get a response within 2 business days. If not, you can escalate it yourself by messaging the "Team Lead."
Be sure to check out www.bankofamerica.reo.com/ShortSaleTraining for the latest agent guide.
Good luck! -
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons