Replies to This Discussion

Permalink Reply by Juan Reyes on May 6, 2010 at 6:03am

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.

Permalink Reply by Mandy Rodriguez on May 6, 2010 at 6:19am

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.

Permalink Reply by Mandy Rodriguez on May 6, 2010 at 6:20am

I also forgot to mention that she told me bank of america has not done anything with short sales for 2 weeks. is this true?

Mandy Rodriguez said:

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.

Permalink Reply by Karyl Moore on May 6, 2010 at 6:21am

She can open that message as many times as she wants. The approval letter comes via e-mail, not thru snail mail. It sounds like neither agent knows what they're doing. At this point it's urgent for you to know what's truly going on, if the agent was correct that it's been approved, because the approval letter normally gives you 30 days to close so you need to get your loan, etc. going. I would call their brokers and explain the situation. Hopefully the brokers know something about short sales. Unfotunately, you can't call Equator or B of A for answers because they're not authorized to talk to you. Good luck!

Permalink Reply by Karyl Moore on May 6, 2010 at 6:23am

It's not approved if they are asking for tax returns.

Mandy Rodriguez said:

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.

Permalink Reply by R E on May 6, 2010 at 6:42am

Your problem illustrates the biggest problem here. The buyer has all the incentive and the sellers agent has all the authority and responsibility and is often clueless and careless. The buyers agent has the least power of all. Once the seller signs everything, the seller is out of the loop also.

If I had it to do over again, I would demand that the SA secure the services of a third party negotiator who has lots of experience. Or forget the deal.

Permalink Reply by Gregory Meginness on May 9, 2010 at 4:34pm

Juan ... Can i ask you a simple question. Can you send me the link to BOA's website portal for tracking shortsale contract submissions? I believe its called equator. And I have not found it. Thanks, Greg

Juan Reyes said:

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.