I submitted offer to US bank on 4/8. It has been second offer after first buyer backed out after several months of waiting. On 5/30 negotiator informed me that offer has been approved and is being forwarded for final approval. I was relieved. On 6/10 US bank asked to update some seller papers that I submitted immediately. I was expecting final acceptance any day and suddenly on 6/18 I was informed that another BPO is required. I was totally surprised. This BPO has been done on 6/20 and I am calling since then to find out what is going on and has not received any answer yet. Has anyone experienced a BPO after being told that offer has been forwarded for final approval? What I should make of where I am in the process?
Tags:
I did get approval price once before based on the first offer though the buyer walked away before approval and therefore I had to restart with the second buyer. Good thing was that I knew the price target before getting second buyer.I received approval from the negotiator, for the second buyer offer, almost a month ago and was supposed to be getting final approval when suddenly this request for another BPO showed up.
Your fie is what at what stage of the process? I can imagine another BPO before negotiator forwards file for final approval though it is difficult to understand it happening during final approval stage. I do not know the investor. How I can find it?
US Bank is so SLOW, the continually ask for updated docs and drag it out:(
I have expereinced this and I think it is to make sure that we are not playing games with the bank by switching buyers and that the property is still in the same condition as before. Makes sense actually for the banks protection. Not good for us but I can understand why.
No response yet. US bank appears to be investor in MERS
We got BPO done again on 6/21. The relationship officer informed on 6/28 that file has been forwarded to short sale management for approval. Is this stage underwriting or what this stage is?
How long have you been waiting for file for a final decision?
Our offer was submitted around 4/11. Just learnt yesterday that it has been approved
congrat! Seems U.S. bank is getting back right on the track now~
Good question, they don't seem to be very open about the process. Has anyone had a good experience ?
How long between processor and negotiator, to aproval
Mine took about over one year to receive the approval. We got denied at the very beginning and recently just received approval notice. Both 1st and second waive their deficiency and they even gave sellers $3000 incentives. It's a long battle I have to say, throughout the process we have "4" BPO appraisals ordered!! U.S. bank closed out our files for more than 3 times and claimed that they did not receive the complete package. All I have to say is Best Luck to you who have SS files with this bank.
© 2024 Created by Brett Goldsmith. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.