How much longer on b of a short sale

I'm hoping someone can give me insight on how close we are to getting approval. Hafa approved short sale. I am the buyer. We have received a counter from negotiator from b of a , they changed date of close to end of November. Everything else stayed the same. Our file was sent to mortgage investor last week. There is a second with gmac as well. How long does it usually take for investor approval? Also if b of a didn't counter price does the investor tend to still counter? How complicated is it to get the second approved?We started this process beginning of July so I'm hoping we are getting close. Any insight would be appreciated. Thank you!

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Permalink Reply by Smitty on September 18, 2011 at 5:59am

You sound like you're getting close to the end.  If the file was sent to the investor, it means the negotiator felt the terms were acceptable for approval based on the guidelines you were given.  If I were to venture a guess, you'd could see approval by the end of this week on the BOA.  Now, this may boil down to what GMAC wants.  If BOA only allowed a certain amount of money and GMAC wanted more, it can get tricky, but if GMAC is accepting what BOA approves, you could easily close by the end of November or even in October.

Nothing is gauranteed in the short sale business though.

 

Good luck. 

Permalink Reply by Eric Mieles on September 18, 2011 at 2:33pm
Jenn, just a heads up, you mentioned"how complicated is it to get the second approval" please check with the sellers agent if he has been working the 2nd short sale with GMAC this whole time or if he has been waiting for the approval from BOA to begin working the 2nd.

Don't want you to get your hopes up if he hasn't even started working the 2nd.
Permalink Reply by Jenn on September 18, 2011 at 4:47pm
I appreciate both of your replies. I believe the sellers realtor just started working on second last week. Could she have started working on the second from day one? Does she deal with negotiation with gmac or does b of a negotiate with gmac? Hoping this doesnt prolong this another few months :( this process is pretty brutal!
Permalink Reply by Eric Mieles on September 19, 2011 at 1:57am
Morning Jenny. Sometimes 2nd will ask for full approval from 1 st before negotiating 2nd however when this happens it is my opinion that the agent must still continue trying to work the 2nd while working the 1st by communication, submitting an approved counter or HUD, whatever so that your not at the end with an approval from the 1st and now just starting the 2nd.

She does deal with the negotiations directly with the 2nd as she will need to submit the ss package and negotiate just as she did with the 1st. 2seperate lenders 2 separate ss packages and processes.

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