Hello everyone. I am the buyer in the SS. I first saw this property in July. Met with SS RE agent for seller, in August. Offer sent over to HSBC on September 4. From what I have been told there is only HSBC and was just informed from the SS agent that it is FNMA involved as well. We have been through a long process of bank requesting multiple docs from seller. About 2 1/2 weeks ago, they requested Arms Length. As of Thursday bank had no more docs requested and told to wait for file to be sent to underwriter for next update. I have no idea where we stand, what this means, or will there be a counter to our offer or not. Unfortunately the SS agent has not been that informative as to what this all means.
Can someone please advise me as to what this means or how much longer this whole process will take? Thank you in advance.
(Please keep in kind, I am the buyer. I am not being represented by my own agent. It is all being handled by sellers SS RE agent).
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Has the bank completed an appraisal or a BPO on the property? Fannie Mae typically counters to the value they obtain. They typically want an offer of 90%+ of their value. It's hard to know exactly where you stand from the outside, but if they have all items and a value, then you are on the latter stages of the review process.
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