Waiting for response from BoA
We are the buyers. made offer the first of December, Did all the paperwork and BoA accepted the price Feb 7. We were told it was going to investor. Since then scant news. I know as the buyer we don't have much standing in all of this. Here are the question: We did hear that it was at a BoA executive to approve the letter. not sure what this means, Is it the last step, or does it then go to the investor. How do we move this along. We recently sold our house (in a few weeks for the price we wanted), we are living in an apt and don't want to have to sign up for another 6 months. I know this sounds routine, but we just want the letter and close. it is a cash deal.
dennis
Comment
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Comment by dennis on March 13, 2011 at 11:24am
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Thanks for this encouragement
dennis
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Comment by Bryant Tutas on March 13, 2011 at 9:49am
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Dennis. My opinion based on what you have provided is that you are getting very close to a written approval. It certainly sounds like a short sale that will happen.
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Bryant,
Thanks for this note and encouragement. I have looked at the BoA site to see the steps on the Equator. it show negotiation then investor, then closing. If our submission is really with a BoA executive, where does that fit into these steps. Thanks for helping a poor pilgrim along the trail to the short sale promised land. dennis
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Hi Dennis. From the info you have provided it does sound like things are moving forward. The time line of a tad over 3 months is about right to be at the stage you are at. There are usually 3 entities that have to approve the deal. Lender, investor and mortgage insurance company. Short sales take time. Hang in there and my guess is you will have a new home in due course. Good luck!!
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