Replies to This Discussion

Permalink Reply by Sameer Punjani on May 19, 2011 at 9:07am

Deena,

 

Usually by now the bpo should have been ordered the received back to the bank.  The sellers would know if the bpo agent came because the agent would need access to the property.  BPO  - Broker Price Opinion (its like a mini appraisal the banks order to estimate a value).  This usually happens within 14 days of the short sale received by the lender.

 

Bank of America uses a system called equator.  Now unless its a HAFA short sale, they outsource those to a company called AMS Loan Servicing. BOFA won't release any info to you since you aren't authorized on the account. The only person that would be able to check status would be the sellers agent.  

 

Send a tweet to twitter.com/Bofa_Helptwitter.com/Bofa_Help

 

Some agents have had some luck to speed up or respond to files.  

 

Bottom line, the sellers agent should know all the info via the equator system because they have the ability to send messages to all parties involved to check current status. But if the BPO hasn't even been ordered, then theres a huge problem.  

 

Good Luck.

Permalink Reply by Deena H on May 19, 2011 at 9:13am

Thank you so much for your response!  Thats the thing I keep asking my agent if the other agent has told him whether there was a negotiator yet or a BPO done and he keeps telling me he doesn't know, but I feel like he's not pushing the other agent to get the information!  Should he be or I have heard that can hinder the process if you annoy any parties involved???

Permalink Reply by Deena H on May 19, 2011 at 9:16am

I just spoke with my agent and he said a negotiator was just assigned last tuesday!  Is that normal for it to take that long just to get a negotiator?

Permalink Reply by Sameer Punjani on May 19, 2011 at 9:19am

It depends, the file won't be assigned until all the paperwork is completed. BOFA requires a lot of financial documents to be uploaded via their system.  Well it really won't matter now, at least its assigned. Now just find out if the bpo has been ordered and completed. I'm assumed it has been, but not sure.  What will happen next is they will review the file and send to their investor for approval. This is the longest part of the process.  Just hang in there...

Permalink Reply by Deena H on May 19, 2011 at 9:22am

Well it has taken 2 months just to get a negotiator and if you are saying this is now the longest part of the process I am afraid to think of how long this is going to take!!!  Thank you again!

Permalink Reply by Sameer Punjani on May 19, 2011 at 9:25am

yeah sorry to hear the average time frame to close short sales in my area is 130 + days.

Permalink Reply by Karen Key Smith on May 19, 2011 at 10:40am

I know this is not easy but as of right now you are not too far into it  because even though the process is easier in most cases it is still going to be at least a 3 month process. 

As the buyer you are not privy to what goes on on the seller's side of the fence and they may be requiring extra documents to say the least. The only thing that is sure about short sales is they are NOT sure and they just require patience on every ones part.

I am not sure what happened with your EMD because different companies handle that differently. 

You are not able to speak with the bank as that is priviledged for the seller and the agent.

Hang on even though it takes a while you are probably getting a deal worth waiting for!!!!  Use the time to get excited and get ready to move on in.

Permalink Reply by Stephen Shafer on May 19, 2011 at 3:38pm

Where is the property located

Is there an escrow or attorney involved

Ask your agent for the BAC approval letter

BAC does not receive the deposit check until escrow closes but the escrow company would deposit the check until it closes.

Permalink Reply by Richard Kirk on May 20, 2011 at 2:12am

Deena---unfortunately, this is all too familiar.   Let's say, for argument's sake, the short sale was initiated with BofA on 4/1.  Realitstically, you should expect a formal approval letter for a good 60 days +-.  So, you are still in that time frame.  The problem you are having is the communication.  Too often, the buyer (you) is left in the dark with no clear or regular updates.  Because of the poor communication, the buyers often walk since they don't know what to think or believe.  It is critical that the buyer be kept in the loop just as much (or even moreso) than the agents.  No Buyer=No Short sale.  To answer your question---you can't do anything regarding BofA.  Since you are not the seller, and presumably do not have authorization to speak with them, they won't discuss this with you.  Even if they could, it wouldn't "speed things up".  Good luck and hang in there.  I don't see anything wrong with you calling the other realtor directly if you feel you are not getting proper info.

 

Permalink Reply by Deena H on May 20, 2011 at 2:25am

The property is in Plainfield, IL!  I made the earnest deposit check out to their attorney!  I know there is no approval yet cause my agent is certain that they are going to counter offer!  Thank you for your response!

Stephen Shafer said:

Where is the property located

Is there an escrow or attorney involved

Ask your agent for the BAC approval letter

BAC does not receive the deposit check until escrow closes but the escrow company would deposit the check until it closes.

Permalink Reply by Deena H on May 20, 2011 at 2:35am

What is frustrating me is that we were told it should go quick because the house was previously under contract but the agent told my agent that the bank backed out because the buyers were being too demanding!  So shouldn't the short sale already be approved and the BPO already been done because of that?  According to my agent who i spoke to last night, he said we should hear a counter offer next week so does anyone know how long it takes from getting the counter offer to actually getting an approval/denial? 

Here is a little background of the listing-  It was orignally on the market for 249,000 they removed the listing and put it back on for 224,000, and after the deal fell through with the other buyers they put it on for 190,000!  We offered 170,000 with a 10,000 earnest deposit and we know they are gonna counter that offer but the house is only estimated at 210,000!  So another question is can they just flat out deny the bid?  And what are my chances of getting this house for 180 or under?

Thanks everyone again!!!

Richard Kirk said:

Deena---unfortunately, this is all too familiar.   Let's say, for argument's sake, the short sale was initiated with BofA on 4/1.  Realitstically, you should expect a formal approval letter for a good 60 days +-.  So, you are still in that time frame.  The problem you are having is the communication.  Too often, the buyer (you) is left in the dark with no clear or regular updates.  Because of the poor communication, the buyers often walk since they don't know what to think or believe.  It is critical that the buyer be kept in the loop just as much (or even moreso) than the agents.  No Buyer=No Short sale.  To answer your question---you can't do anything regarding BofA.  Since you are not the seller, and presumably do not have authorization to speak with them, they won't discuss this with you.  Even if they could, it wouldn't "speed things up".  Good luck and hang in there.  I don't see anything wrong with you calling the other realtor directly if you feel you are not getting proper info.

 

Permalink Reply by Richard Kirk on May 20, 2011 at 3:10am

I've dealt with several BofA deals that were approved (or a value provided) where the buyer walked.  Got new buyers for the same price (or more) and BofA changed the new value required significantly.  Believe me, these homes didn't appreciate and nobody at BofA could remedy this.  Very frustrating.  As far as stating when a counter should be received, that's all total guess work.  BofA doesn't give you a "heads up" on this stuff.

• ‹ Previous
• 1
• 2
• Next ›
• Page