My husband and I are in the process of purchasing a short sale being serviced by BOA. This has been a long…..process. When my husband and I found this home on Georgia MLS site for $209,900.00 it…Continue
"I hear you Jeff. And after all this time, Patience is the key word. Thanks everyone for all your help, advise and guidance. You all have been great. Keep up the good work. You word are invaluable.
"Regenia, Jeff is right. Patience is required. More than most of us have. But we are learning!! If it helps I have noticed that BOA seems to be really anxious to get deals approved and closed before the end of the year.
Be sure to have your agent…"
"Bryant is right, hang in there. All of the BofA short sales that I have done have been approved, they just take longer than some banks. The larger the lender, the more files they have. Alot of red-tape but it sounds like you are on track for a new…"
"Thanks Bryant, I never knew that I had it in me to endure this much....patience is definitely not one of my strong qualities. However, I was under the impression that FHA(MIP/MI) Investors were one in the same. Why so many different entities. And…"
"Regenia, It sounds like the package has been submitted to the Mortgage Insurance company for review and and approval. There may actually be 3 entities that have to approve the short sale. BOA, MI and the Investor.
If you really want the house then…"
"Yea, they approve and then you will get an approval letter. If its with the investors, it should take 7 to 10 days, but don't ever hold B of A to a timeline. Once you get the letter, make it happen. Get everyone on board even if someone has to…"
"Thanks a million Pattilynn. I think that you are correct it definitely the Mortgage Insurance Dept. I have just one more question, how close are we to the finish line. I understand that Fannie Mae are considered Investor. Are they the final…"
Have never heard of "MIP" from BAC, usually its just "MI" - but thinking its mortgage insurance. They have the final answer. Just be sweet when calling, they put everything in the notes. Pucker up Buttercup when it…"
My husband and I are in the process of purchasing a short sale being serviced by BOA. This has been a long…..process. When my husband and I found this home on Georgia MLS site for $209,900.00 it stated it was an Short Sale verbal approval, and we aren’t that familar with the total process of what a short sale included. WOW! what a quick awakening. We decided to proceed with the offer anyway (we LOVE) this house. We put a offer in on Sept. 19, 2009 for $200,000.00 the owner accepted and signed…See More
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