I have been told that our short sales offer submitted through equator has been sent for investor approval . The "soft credit pull" task was pending for a very long time ( supposed to be done by 31st March ) , but now BOA says that the file has been sent for investor approval .

 

1) Any ideas on where do we stand in the process ?

 

2) Should we assume that our offer met investor guidelines for this short sale ?

 

3) We did not get any verbal acceptance or counter from the negotiator so we are not sure if BOA has approved internally . Pls help ?

 

 

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Replies to This Discussion

If you're past the "accept their counter phase" and it's been sent on to the investor, it's passed the appraisal stage and soft credit pull and is on for approval by investor, manager, team leader etc. This process could still take 2- 4wks.

If you're the buyer, you may not have needed to be apprised of the counter, they may have just been countering smaller fees. If they didn't counter at all, WTG! It's only approved when you get the approval letter, although it has been passed up the chain of command it sounds.
I have been told that it immediately went for investor approval after soft credit pull task. Is it possible? There was no counter as I am in regular touch with listing agent....no mention of 'counter phase'...so am confused about what stage are we on....any idea about the various steps of equator??
its investor review not investor approval...any difference?
We are buyers in the same situation. No counter offer, just off to investor review. Trying to be patient, but confused as to where we are. Last equator update from customer service was there was a task due for final net sheet for the bank. Equator said it was one of the last tasks. Hopefully that means an answer soon, but I don't know if that means it was ever at the investor or is now going there. Any thoughts from anyone who has encountered this?
Am in same boat here....that seems without a rudder or direction!
Only thing is that I keep in touch with both agents who also advice patience! Do you have any idea if the investor review also has certain deadline set? Also read somewhere that after the file comes back from investor review, it is again assigned to same or different negotiator for final negotiation...any thoughts?
To top it, our seller has two loans with BofA...probably 2 investors...so dont know if they will send to two investors..?
Keep me informed about how things are moving at your end.

Andrea said:
We are buyers in the same situation. No counter offer, just off to investor review. Trying to be patient, but confused as to where we are. Last equator update from customer service was there was a task due for final net sheet for the bank. Equator said it was one of the last tasks. Hopefully that means an answer soon, but I don't know if that means it was ever at the investor or is now going there. Any thoughts from anyone who has encountered this?
Had some disappointing news today. It seems that the task for the net sheet is now overdue, even though someone at BOA admitted it just takes a few minutes to get it together. AND - it hasn't gone to the investor yet. I'm not quite sure anyone knows what stage we are in or what comes next. The sellers of our house have only one loan BUT have PMI. That means two approvals, I think. Just quickly, our offer was very strong. The short amounts to about 6.5% after our offer. We also came in a bit higher than the BPO. Our part of the country has a fairly strong market still, but the house needs work. The sellers are just in a terrible financial situation. There's more to the lurid backstory, but I'd bore you. Good luck and much patience!
remain patient...am hoping that patience would pay! I will also try to touch base tomorrow to see if our file is really with investor! How long did it take for you to reach this stage after submission of offer? Also do you know if any further tasks are there after this?
If the task is overdue, try to escalate it. Heard that these days you have to call a couple of times to escalate as many a times after first escalation the task still remains due! So escalate and then again call after 2 days to see the status.

all the best


Andrea said:
Had some disappointing news today. It seems that the task for the net sheet is now overdue, even though someone at BOA admitted it just takes a few minutes to get it together. AND - it hasn't gone to the investor yet. I'm not quite sure anyone knows what stage we are in or what comes next. The sellers of our house have only one loan BUT have PMI. That means two approvals, I think. Just quickly, our offer was very strong. The short amounts to about 6.5% after our offer. We also came in a bit higher than the BPO. Our part of the country has a fairly strong market still, but the house needs work. The sellers are just in a terrible financial situation. There's more to the lurid backstory, but I'd bore you. Good luck and much patience!
Well we received a counter today. So - I guess we weren't at the investor approval stage that the person at Equator said we were. I posted it in the BOA discussion. I don't want to counter, just accept because we want to get this done! We've only been working through this about 30 days, but we didn't know it was a short sale to begin with. The negotiator did say we were about 15 day max to finish. Off to investor and then written approval.
OK...good for you! Congrats!
Just a quick ques, you mean to say that though the update showed that it has gone to investor ,it still was with negotiator? My listing agent called today and was told that file is still with investor. So dont know....have been told that sometimes the bank sends to investor before making a counter as it doesnt have delegated power to do so.
Anyhow, do give updates and all the best for quick closure!
Andrea said:
Well we received a counter today. So - I guess we weren't at the investor approval stage that the person at Equator said we were. I posted it in the BOA discussion. I don't want to counter, just accept because we want to get this done! We've only been working through this about 30 days, but we didn't know it was a short sale to begin with. The negotiator did say we were about 15 day max to finish. Off to investor and then written approval.
As the buyers, we're just finding out bits and pieces of this transaction. According to our agent, BOA told the seller that it was at investor for approval. What it actually showed in Equator, I don't know because I'm not privy to it. Now it goes to MI for approval in 3-5 days and then to Freddie Mac for up to another 10 days. This is the info passed on from the negotiator to our agent and then to us. I hope yours is at the investor and you'll hear an answer soon. Best of luck.
Thanks Andrea. May I ask, what % of appraised value or BPO did bank accept?




Andrea said:
As the buyers, we're just finding out bits and pieces of this transaction. According to our agent, BOA told the seller that it was at investor for approval. What it actually showed in Equator, I don't know because I'm not privy to it. Now it goes to MI for approval in 3-5 days and then to Freddie Mac for up to another 10 days. This is the info passed on from the negotiator to our agent and then to us. I hope yours is at the investor and you'll hear an answer soon. Best of luck.
We were slightly higher than the BPO. We're confident loan appraisal will come back higher, due to comps and value of the land the house is on.

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