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Are you a buyre or an agent? Is the Seller in your note BOA or the homeowner?
Gail Oleaga Realtor Phoenix, Az
Okay - I am tired of erroneous information being shared on this website .....
1. The seller is being represented by Paul Reiss. Does he have the property listed on the MLS? The reason being that BofA requires that the property be listed.
2. You placed an offer on 1/25/2010 through a licensed real estate agent representing the seller or yourself? I am assuming your own agent.
3. The seller received a verbal offer of approval through BofA? Is the seller loan backed by the Federal Government? in other word is it a FHA or VA loan? Do you mean L. Lopez received this or Paul Reiss?
4. If it not a FHA or VA loan then the short sale has to be processed through the Equator (formerly REO/Trans) system
5. The equator system will put the short sale into what is known as phases (generic, I, II and III)
6. Somewhere in these phases the Equator system will either accept, reject or counter the offer.
7. In your case the Seller is indicating that acceptance has been granted which is a good thing as the whole equator system has been bypassed or they are using Equator and simply misread a counter offer as acceptance.
8. A short sale approval letter has to be issued. This is also known as the short sale demand letter.
9. The closing company (escrow and title or attorney) prepares a final HUD-1 which outlines the financials on the transaction
10. This final HUD-1 is sent to BofA for approval and once approved the money is wired to a specific BofA account for the investor (Fannie Mae, Freddie Mac, Wall Street Fund, etc.).
11. The closing company (escrow and title or attorney) records the deed between the seller and purchaser.
12. You are the proud owner of a new home
Specific to your deal - the sellers agent has lost control of this deal to the sellers nephew (L. Lopez)
The whole thing seems a little fishy. If I were you, I would have your broker draft an addendum indicating that he or she will take over the short sale negotiations or a non affiliated 3rd party negotiator be utilized. The agent will need complete access to all of the sellers documentation as well as the authority to do so (3rd party authorization).
Bottom line is I am going to have to bash a fellow real estate professional for not taking on the responsibilty to adequately represent his/her client. You may have a case for misrepresentation, lack of fiduciary duty, etc. and I would think seriously about letting your states real estate licensing body know what is going on.
Hope I cleared out a bunch of the confusing issues you are having and I hope you see the approval letter soon. I always let the purchasers agent know that it is not an overnight process and that the whole transaction could take several months. Perhaps even many many months.
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