Received BofA Approval Letter today (both loans)! Concerned about wording though, advice?
Hi S.S. Pro's,
Was an exciting day today as I received the Short Sale Approval letter from BofA after 4 months exactly to the day of being in contract with this buyer. Sure is nice to have a buyer hang in there with you!
I've done dozens of short sales as the listing agent (with other banks though - thankfully) and ALL my other approval letters have always stated something to the effect that it will be reported as "Paid in full with less than complete balance". However, the only thing this 3 page letter states is it will "issue a release of lien on its mortgage loan". I'm not happy with this wording and have asked the negotiator for wording to be added similar to what I put above. The negotiator responded "I've forwarded the inquiry to the closing officer assigned to the file as I was informed by FNMA that I'm currently not authorized delegation
to make changes on the FNMA Approval letter". What are the chances BofA will add satisfactory wording? I've given my seller a copy of the letter and told him of my concerns and asked him also to contact his bank and push for this. Any suggestions as what else to do to get this wording added?
This approval letter does state that my sellers will not have to sign a Promissory Note and will not have to bring in money to closing for either the first or second BofA loans (which is GREAT).
Thanks for your recommendations (in advance).
Richard Canifax
Was an exciting day today as I received the Short Sale Approval letter from BofA after 4 months exactly to the day of being in contract with this buyer. Sure is nice to have a buyer hang in there with you!
I've done dozens of short sales as the listing agent (with other banks though - thankfully) and ALL my other approval letters have always stated something to the effect that it will be reported as "Paid in full with less than complete balance". However, the only thing this 3 page letter states is it will "issue a release of lien on its mortgage loan". I'm not happy with this wording and have asked the negotiator for wording to be added similar to what I put above. The negotiator responded "I've forwarded the inquiry to the closing officer assigned to the file as I was informed by FNMA that I'm currently not authorized delegation
to make changes on the FNMA Approval letter". What are the chances BofA will add satisfactory wording? I've given my seller a copy of the letter and told him of my concerns and asked him also to contact his bank and push for this. Any suggestions as what else to do to get this wording added?
This approval letter does state that my sellers will not have to sign a Promissory Note and will not have to bring in money to closing for either the first or second BofA loans (which is GREAT).
Thanks for your recommendations (in advance).
Richard Canifax
Replies to This Discussion
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Permalink Reply by Mandy Rodriguez on
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I do not have an answer to your question, but have a question for you. How long after you got the approval from BOA through Eqautor; did it take to receive the actual approval letter in the mail?
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Permalink Reply by Richard Canifax on
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Mandy, it was instantly upon approval. The approval letter was sent via email through equator system and also was posted as a PDF in equator (no mail, no fax). I found out several times though that if the negotiator doesn't remember to select you as a recipient when he enters something on equator that it was just get posted on their site (no notification sent via email). My recommendation is log in and check equator daily for updates.
Mandy Rodriguez said:I do not have an answer to your question, but have a question for you. How long after you got the approval from BOA through Eqautor; did it take to receive the actual approval letter in the mail? -
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I am actually the Buyer, the listing agent said that she received approval through equator and that it was certified and she could only open it once. She said that they have to send a letter by mail. I am starting to wonder.
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Permalink Reply by Richard Zaretsky on
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BoA will NOT provide any enhancement to their stock letter of approval.
HOWEVER - if you do a study of the release forms and satisfactions they USUALLY use, there is wording in them that says the indebtedness is paid in full, or similar language.
How it will end up after a test in court is anyone's guess. -
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