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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 ?
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!
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.