Help! I have Short Sale Approval But Need To Change Buyer With Back Up Offer.
I have just received short sale approval from Bank of America and the buyer that is on the approval can not move forward with closing the transaction after waiting over 4 months. The new Equator system has been great and has really moved things along quickly since not much happened almost for a year before I was told to be on the Equator system.
My question for all of you smart professionals out there is to see if anyone has had success witht the Equator system being able to upload your back up offer and not have to start over by initiating a new short sale. Under the task section of the Equator system there is a place to be able to upload new "Offer Documents" and "Supporting Offer Documents". I have had conflicting answers after calling in to Short Sale support line with different answers each time. One being I had to initiate a short sale again and start over another individual instructed that I upload the back up offer and supporting documents. I have messages in to the negotiator directly to see what can be done as we have been at this since February of 2009!!! Our Trustee sale date is around the corner and really no time to lose.
If anyone can share some insight on having short sale approval and NOT having to initiate a new short sale transaction on the Equator system I would appreciate to hear how you went about doing it. I am waiting for my updated HUD-1 with the new buyers in order to upload the rest of the documents on the Equator system this evening so any help would be great!
So close to the end, I hope!
Replies to This Discussion
-
Permalink Reply by Gabriel Witkin on
-
If it was any other bank, not a big delay.
With B of A , your looking at another 45-90 day wait. -
-
Permalink Reply by Julie R. Baldino on
-
From my experience, you have to start from scratch with a new buyer.
-
-
Permalink Reply by Deb Cullen on
-
Julie....what does 'start by scratch' mean? What did you have to do?
and when did they let you know that you had to start by scratch?
I have had a new buyer at BOA for 2 months now. New buyer has been unloaded but no contact with Neg..... -
-
-
The former negotiator said he had to clear the file from the system in order to submit another offer, and that they assign each offer to a new negotiator. So we had to initiate a new offer, upload all the documents again, and it has now been pending for valuations (a full appraisal has already been done) for 2 weeks with no negotiator assigned yet. The first offer submitted only took 43 days to get a response.... I am assuming since we are almost halfway there again, that we are going through the entire process again.
Deb Cullen said:Julie....what does 'start by scratch' mean? What did you have to do?
and when did they let you know that you had to start by scratch?
I have had a new buyer at BOA for 2 months now. New buyer has been unloaded but no contact with Neg..... -
-
-
Update-I got a response today on the 2nd offer so it was quite a bit quicker than the original submission.... 20 days total.
-
-
-
Julie,
Do you mind posting how quick you received an acceptance from the date of appraisal and negotiator assigned? I'm a buyer who made an offer on a short sale in August. Last Thurs 3/4 they did the appraisal and we've been assigned a negotiator. Just wondering what to expect. The sellers realtor keeps telling me things are starting to move, but then he said in early Jan that we'd have an acceptance within a week to 10 days. I know we were put into Equator at the beginning of Jan, but the sellers realtor called me 1.5 weeks ago and asked for my SSN and DOB all over again, so not sure about why that was. I'd just like to get moved into the house before the 120 degree heat kicks in... -
-
-
Once the appraisal was done, it was about 10 days before the negotiator was assigned and only a few days after that that we got a response to the offer.
Keli Amparan said:Julie,
Do you mind posting how quick you received an acceptance from the date of appraisal and negotiator assigned? I'm a buyer who made an offer on a short sale in August. Last Thurs 3/4 they did the appraisal and we've been assigned a negotiator. Just wondering what to expect. The sellers realtor keeps telling me things are starting to move, but then he said in early Jan that we'd have an acceptance within a week to 10 days. I know we were put into Equator at the beginning of Jan, but the sellers realtor called me 1.5 weeks ago and asked for my SSN and DOB all over again, so not sure about why that was. I'd just like to get moved into the house before the 120 degree heat kicks in... -
-
-
Thanks for your reply, hopefully that means we'll have a response soon, since they did the appraisal last Thurs! I'll let you know how it goes.
-
-
-
Good luck!
Keli Amparan said:Thanks for your reply, hopefully that means we'll have a response soon, since they did the appraisal last Thurs! I'll let you know how it goes. -
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons