Replies to This Discussion

Permalink Reply by Kari A. Battaglia on January 20, 2011 at 3:32pm

This seems to be within the "normal" time frame for short sales, 3 - 6  months on average.  After counter offer was accepted negotiator prepares file to be sent to investor for approval.  The time period to receive official settlement letter after counter offer accepted depends upon who the investor is and if the negotiator submitted offer to investor in timely manner. You should be getting your settlement letter soon.  I tell my buyers not to wait for settlement letter to conduct inspections.  Your lender should have started the mortgage underwriting by now, they do not need the settlement letter to begin the underwriting.  Best wishes.

Permalink Reply by Kathleen Lordbock on January 20, 2011 at 6:52pm

Get moving on these things now- when the letter comes you will have about 30 days generally to close.

Permalink Reply by Anthony Costa on January 21, 2011 at 2:53am

Thanks for the advice!

Permalink Reply by Anthony Costa on January 26, 2011 at 2:59am

OK, just found out there is a problem with the homeowners PMI company wanting money.  Is this normal?  Shouldn't BoA already have factored that in before the counter?  Any idea how long that is going to take?

Permalink Reply by Bryant Tutas on January 26, 2011 at 6:24am

Hi Anthony. BofA is just the servicer for the loan. When they are negotiating through Equator they are just trying to reach a deal with the seller that they feel will be accepted by the investor and the MI company. Sometimes they get it wrong and the deal changes from what was agreed through Equator.

It is quite normal for the MI company to want a cash contribution from the borrower(seller). The borrower can agree to this or they may be able to negotiate it. How long this process will take is anybody's guess.

 

It looks like your time lines are about right if you just started this in September. I would guess you are getting very near the end of this ordeal. Hang in there!!

Anthony Costa said:

OK, just found out there is a problem with the homeowners PMI company wanting money.  Is this normal?  Shouldn't BoA already have factored that in before the counter?  Any idea how long that is going to take?