US Bank SS/waiting for management approval

I've had an offer waiting for approval since 2/18.  My contact is:

Rita K. Taylor
US Bank Home Mortgage
Default Resolution Specialist
Default Resolution Department

[email protected]
1-866-932-0462
Fax #877-903-6972

I was originally told that an offer that netted at least 85% of the $374K BPO would work, and that approval would come in 2-3 weeks.

2 months later, after a decision to order a full appraisal that came out at $400K, now I am told that the loss will require "management" approval -- and that the offer which nets US Bank 88% of appraisal and 94% of BPO may not be sufficient.

Closing was targeted for today 4/22 - now moved to 5/3.

Anyone have experience with this "moving target" routine for dates and net % that is acceptable?  Should I be nervous, or patient?

Views: 91

Replies to This Discussion

Permalink Reply by Karyl Moore on April 22, 2011 at 7:50am
Since they haven't flat-out said 'no' -- keep patient. They gave you a postponement which is a good sign, although you'll probably need another one to have time to close.
Permalink Reply by Jeanne Dufort on April 22, 2011 at 7:52am
Thanks for the encouragement, Karyl.  I must say that Rita has been a pleasure to deal with - its just that the promised and actual timelines (and now the guidelines) are not matching up.  So I have extremely frustrated sellers and buyers.

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