Short Sale approved and then delayed???
I sumbitted an offer on dec 31, 2009 on a short sale property in fla. On march 4 2010 I got a phone call from my realtor saying the bank approved the offer and expected to close may 4 2010. I asked for the approval letter and she kept saying it was coming soon. Then in April my realtor tells me it hasn't been approved completely. BofA was going to send the approval to thier investors to see if they approved of it. I was very upset given that we had a scheduled closing date that did not go through. It has now been 2 and 1/2 months since the offer was "approved" by BofA and I haven't really heard any news on the offer. There is no scheduled date, no approval letter, just days that pass by with nothing. I am very frustrated and would like to know if this type of situation is common with short sales or if I should be worried. I'm really hoping it will close soon!! Please any comments are appreciated.
Thank you
Linda
Replies to This Discussion
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Permalink Reply by Gunna Voigt on
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Nothing is "approved" till it is in writing, either on a formal contract or in Equator, often an email from the negotiator. Did your REaltor get anything in writing?
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Permalink Reply by cheryl on
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Your agent might have gotten a verbal. She/he must accept BofA terms on Equator. Ask for a copy! And yes, more red tape as it still goes through chain of command. If the home is worth waiting for...wait. From my experience BofA is the worst with timelines...they don't care as you are in a looooooooong line! Hopefully if you locked in a rate you may be able to extend. Have your documents ready at escrow! Good luck!
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Permalink Reply by linda crystal bedolla on
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Gunna,
My realtor did not get anything in writing. I just don't understand why the bank set a closing date if it wasn't approved? I will keep my hopes up for this thing to close soon! Thank you for your comment.
Linda
Gunna Voigt said:Nothing is "approved" till it is in writing, either on a formal contract or in Equator, often an email from the negotiator. Did your REaltor get anything in writing? -
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