Is this true?? Please confirm - Bank can't provide approval unless it's one week before closing?

Listing agent sent this today, is this true?

"... the way their system works they can’t approve anything unless we are a week before closing time..."


So, it was agreed to close next week, even though we don't have any approval, Escrow hasn't started, etc.


This is so confusing and not sure how we should proceed with this!


Thanks for any feedback you can provide.

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Replies to This Discussion

Permalink Reply by Vickie Hunt on December 8, 2011 at 7:23am

Once you have approval for the short sale the final HUD must be submitted to BOA for approval at least 5 calendar days before closing.

On the FHA side of BOA, they only required the final seller side of the HUD but the one I did a couple of weeks ago on Equator wanted both final buyer and seller side HUD 5 calendar days before closing.

Permalink Reply by Mona on December 8, 2011 at 7:41am

Thanks for taking the time to reply, Vickie. 

Let me see if I understood correctly, does this mean that they have already somehow "approved" the offer since they're asking for the closing date to be next week?  We haven't even had any verbal approval, we were told that "everything looks good but no approval yet. We still have a couple of days, perhaps by this Sat. Just make sure you close ASAP..."  The question is: How can we close if we weren't even given the approval, something does not sound right.

Permalink Reply by Vickie Hunt on December 8, 2011 at 7:57am

You get different approvals for different kinds of loans.  What kind of loan was this? FHA/VA/Conventional?

Permalink Reply by Mona on December 8, 2011 at 8:02am

conventional

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