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Thanks Juan,
I just called the listing agent myself. She told me that they gave her verbal approval and that they just asked for the sellers 2009 tax return documents. To me this seems backwards. I am not a real estate agent, but I have been doing my research. There is only 1 loan on the house and it is with bank of america. The bpo's have already been done. they did a drive by bpo and they did an internal bpo.
Thanks Juan,
I just called the listing agent myself. She told me that they gave her verbal approval and that they just asked for the sellers 2009 tax return documents. To me this seems backwards. I am not a real estate agent, but I have been doing my research. There is only 1 loan on the house and it is with bank of america. The bpo's have already been done. they did a drive by bpo and they did an internal bpo.
All of the short sales I've had approved through Equator I get the approval letter by email in PDF format.
There are many other questions
Is it 1 or 2 loans? if 2 are they both with BOA
Was the short sale approved or the terms of the offer accepted? usually when the BPOs get back to BOA based on those values, they will either accept the terms, or counter the offer (Negotiations Stage).
Once negotiation are complete and terms are accepted, they will submit the file to the investor for approval which can take up to 2 weeks before a letter is issued. (By Email)
If the file is in Equator, when an approval letter is issued, the file moves to "Closing" status. If it shows anything besides that, then you do not have an approved sale.
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