I am the buyer of a BoA short sale, and needless to say the process has been long
9/3- Put my offer in
12/22- finally recived a counter offer
12/24- accepted counter offer
Today (1/20) still nothing in writing so I can't get a mortgage, schedule a home inspection, etc..
Any ideas on how to just get something in writing?
Thanks
Tags:
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?
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.