Hi!
I'm sort of in a weird situation. I am the renter of a house that my friend is buying on short sale. My friend is an 87 year-old man who is investing in the short sale as an income property. Anyway, Bank of America approved the short sale via Equator on May 26, 2010. He (and I as the eager renter-to-be) have been waiting for investor approval (and the approval letter) ever since. I often speak with the realtor as an advocate for my friend. The realtor, btw, is the realtor for both my friend (the buyer) and the seller. The realtor says there is nothing we can do but wait for investor approval--that if you write to the Equator people, they won't write back. She has told me that the investor is an institution, and that Bank of America is just the servicer of the loan. When I tried to look up the investor online via a web site I found on one of these boards, I found out that the the investor is Countrywide--which confuses me b/c I know that BOA bought Countrywide. Anyway, that's all I know. Truthfully, I haven't pressed the realtor for more information on the investor as obviously it's an awkward situation since I'm not the buyer. My friend, however, doesn't know enough about short sales to ask the right questions, and has encouraged me to advocate on "our" behalf. Anyway, is it true that there is *nothing* that the realtor can do to generate the investor approval more quickly? I am fine to just wait if that's all I can do, but I just need to know if I can make my realtor do something she is not currently doing to get that investor approval and that beautiful letter.
Thanks in advance for any advice you can give me!
Kelly
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Thanks Louise. The realtor's attitude is that she has tried emailing and hasn't gotten any response, so she feels like all we can do is wait. It's hard for me to tell her to do something differently as I'm not even the buyer. I have tried to suggest things like escalating and she seems to think our best strategy is to wait. Also, Bryant, I checked with her and she doesn't know who the investor is. I also saw someplace online that said if you try to escalate, they put the file with someone else and it just adds more waiting time, which is definitely what I DON'T need:)
What is the avg turn around on a SS deal with B of A, once submitted on Equator?
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