Replies to This Discussion

Permalink Reply by Jeff Payne on March 25, 2010 at 4:28am

Good questions
1. Listing agent is using a 3rd party apparently. This should have been disclosed to you IMO.
2. Valuations phase means they are getting the values, appraisals, BPOs etc.
3. After valuations phase, the negotiations phase, the file gets reviewed against the offer and the appraisal, financials, etc
4. If it is in the valuations phase, the seller has performed their tasks, I don't believe it will get to valuations without seller completing tasks first
5. Most likely they will get a new BPO or appraisal
I hate to be the bearer of bad news but don't count on getting this done in time for the tax credit. It will be very close and that is if you have good negotiators on the banks side who communcate well.
Hope that helps, I will be interested in seeing others input on this

Permalink Reply by Rahul Aggarwa; on March 25, 2010 at 4:37am

Thanks Jeff for a prompt response.

I did know that title company is involved but noone explained the process!
Anyhow..dont care who does what, so long as everything goes on! I do know that seller had uploaded some documents but want to know if they would be needed to perform any more tasks so that I can try to keep them prepared.
Also the title comapny say that they are unable to see any deadlines for negotiator on equator. Is that how it is...then how can one escalate?
Will keep you and others in group informed about how it goes.
Regarding tax credit do you know if its counted that I have a signed contract with the seller and if this goes through and I am able to close lets say after april but before june deadline...would I still be eligible for tax credit as I signed contract before april

Permalink Reply by Juan Reyes on March 25, 2010 at 8:26am

Rahul,

As long as you have a ratified contract prior to the April 30th deadline and you close prior to June 30th you qualify for the credit. In my state the contract is considered ratified once the seller signs and agrees to all the terms of your offer, even if you have a 3rd party contingency on it.

The person processing the case on behalf of the seller and listing agent needs to ask the customer service reps at Equator what task the negotiator has assigned to them and when they are due, you can not escalate to a supervisor unless the task is past due.

Rahul Aggarwa; said:

Thanks Jeff for a prompt response.

I did know that title company is involved but noone explained the process!
Anyhow..dont care who does what, so long as everything goes on! I do know that seller had uploaded some documents but want to know if they would be needed to perform any more tasks so that I can try to keep them prepared.
Also the title comapny say that they are unable to see any deadlines for negotiator on equator. Is that how it is...then how can one escalate?
Will keep you and others in group informed about how it goes.
Regarding tax credit do you know if its counted that I have a signed contract with the seller and if this goes through and I am able to close lets say after april but before june deadline...would I still be eligible for tax credit as I signed contract before april