Replies to This Discussion

Permalink Reply by Kelly Timm on October 8, 2010 at 4:47pm

Yes, they do seconds in Equator. I have a Wells 1st and BofA 2nd and just got approval via Equator. Its different though and we ended up having to bring 8K in to close since Wells would only offer 3k. Typical and good luck on your SS!!!!

Permalink Reply by Valorie Stover Quality Realtor on October 8, 2010 at 6:44pm

Amazing, I had one where BofA was the first and Wells Fargo was the second and BofA would only allow the second $3,000. I was lucky both accepted the short sale with nothing being brough in to close.

Permalink Reply by Kelly Timm on October 9, 2010 at 6:55am

BofA is full of it! They will only allow 3K to a Jr but expect more from other banks. Its all such a game!




Valorie Stover Quality Realtor said:

Amazing, I had one where BofA was the first and Wells Fargo was the second and BofA would only allow the second $3,000. I was lucky both accepted the short sale with nothing being brough in to close.

Permalink Reply by Valorie Stover Quality Realtor on October 9, 2010 at 7:43am

I think we are the ponds in their game. I'm can't wait to see what they do when they are holding the first and second.

Permalink Reply by Jonathan V. Maceli on October 24, 2010 at 6:05am

I am a buyer on a 'B of A' Short Sale. The sellers have a 1st and 2nd out with 'B of A.' I am not sure how much they owe on either. We offered a competive price (list price). We were just informed by the agent (dual representing for us and seller) that it has gone to underwriting. Did your transaction come to close? How long did it take or how long are you still in the process?

Thanks for any information!

John Maceli
California

Permalink Reply by Kelly Timm on October 24, 2010 at 6:37am

Jonathan, we are all at the mercy of the banks. When you were told the file was in underwriting, they probably meant that the file had been assigned to a negotiator there. The length of time depends on a few things... does the loan have MI? (Mortgage insurance) that will add time to the transaction because the MI company has to approve the sale as well. It also depends on the actual investor. BofA will negotiate to the investors guidelines and then the investor has to sign off. I count on 3-4 months with BofA from the time the file is submitted. It may go quicker but hang in there. Unfortunately, the banks are pretty messed up right now and there will be a lot of back and forth between the bank and the other parties. This site is a great resource and dont hesitate to ask questions. Have a great day!!!




Jonathan V. Maceli said:

I am a buyer on a 'B of A' Short Sale. The sellers have a 1st and 2nd out with 'B of A.' I am not sure how much they owe on either. We offered a competive price (list price). We were just informed by the agent (dual representing for us and seller) that it has gone to underwriting. Did your transaction come to close? How long did it take or how long are you still in the process?

Thanks for any information!

John Maceli
California

Permalink Reply by Jonathan V. Maceli on October 25, 2010 at 8:45pm

Thanks for the information!