What if Seller takes new job?

I have a home on the market that just received its approval with BoA.  We are looking at reducing the price due to the low low appraisal.  BoA needs to net 88% of the appraisal.  Which will really move this property.  However, when I went to speak with the seller I was informed that one seller might take a new job.  Will BoA request more bank statements once we get an offer?  Who knows if the job will last that long?  Will BoA rescind approval of SS?

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Replies to This Discussion

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on February 24, 2011 at 9:21am
You said "one seller might take a new job"  This suggests they have not taken it yet and have not received a paycheck yet.  Get it closed !
Permalink Reply by Patsy Clevenger on February 24, 2011 at 9:27am
You should be fine.  I haven't had B of A come back and ask for any updates once we have approval.  Now sell that house..:-)
Permalink Reply by Thomas Zdanowicz on February 24, 2011 at 9:34am
Sounds like an FHA Short Sale, they will not ask for new bank statements during the Preforeclosure Sales Program time frame which will be listed on the "Approval to Participate".  Once that time frame expires they may ask for some new docs but not usually.  Depending on when you get your offer, the bank will accept a net of 88%, 86% or 84%.  Bottom line, like everyone else said....get it closed ASAP!
Permalink Reply by Jo Soss on February 24, 2011 at 9:55am
thank you all - price dropped - :)
Permalink Reply by Angie Branco on February 25, 2011 at 7:22am
Jo, You should be okay. I am doing a short sale, 2 loans with B of A and they are current on both loans and have approved my clients for HAFA.

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