Replies to This Discussion

Permalink Reply by Kent Dills on July 16, 2010 at 7:02am

Sounds like things might be right on track.

Investor may have asked for another BPO as sanity check before issuing approval.

If the listing agent/negotiator could contact the investor directly to check status that could certainly help knowing what status is! Just a thought!

Permalink Reply by Kemp Hooper on July 16, 2010 at 1:37pm

HAd the exact scenario happen to me Wednesday.

You may be subject to a new value!!

Permalink Reply by Jerry A. Ringo on July 16, 2010 at 5:08pm

Freddie and Fannie have thousands upon thousands of offers to approve/decline. You can excpect anywhere from a week (lucky) to a month (normal) for them to reply.

If the past BPO is over 90 days old, a new one is usually ordered.

Permalink Reply by joe beauchamp on July 17, 2010 at 7:48am

The BPO is almost always done because the previous one is or has expired. Apparently all numbers will instantly change if they don't have a BPO that is 90 days old or less. So, that is why - they don't do extra ones, just when they "need" to.

I really recommend that you get someone there during the BPO to "mention" what number you are looking for and point out every thing wrong with the property, neighborhood, etc. If this guy does a drive-by or comes back with a BPO $30K more, you can guess what that does to your deal - they will immediately recalculate..

Do NOT trust anything from BofA until you actually have the approval in hand - and read it over. No kidding - seriously. It takes nothing for that approval to be denied - even by mistake, as happened to one of my accounts - result? Resubmit - no, not fix, resubmit. 2 months later - buyers long gone after all the kicking around for a good long time.

BofA has a roulette wheel with a lot of 00's in the back room. If you don't get hit with 00, great -you're set. If you do get hit, logic doesn't matter. Push with as many things as you can, but be aware that you can get a denial with multiple easily refuted "facts" in it and they won't care. Nobody makes BofA behave honestly - otherwise they'd bother to have the denials logical and consistent with facts, not ridiculous in many cases.

So, don't worry that a BPO is done, do hang out with the BPO agent and inform him if possible (because those numbers are golden to the bank and nothing will shake them once the bank has them). And, be aware that anything can happen in the BofA game.

Permalink Reply by Valorie Stover Quality Realtor on July 17, 2010 at 1:59pm

Sorry, but BofA doesn't give "verbal" oks. The fact that they are still dealing with it means, they are still working it. Until you have a rejection from them just hange on. The estimate date to close is just that. You will either get approval or a denial in writing and nothing else matters.

Permalink Reply by Barbara J. Rice on July 19, 2010 at 12:01pm

I agree with most of the reponses that everything is pretty typical at this point. And definitely have some conversation with the BPO agent!
Also, you didn't mention if your buyer is cash or mortgage. Obviously, cash can close pretty quickly AFTER written approval has been received. If they are using a mortgage though, as soon as the listing agent says they have the written approval: 1) get a copy of the full approval letter to your clients mortgage company, 2) get a "buy-in" date from the mortgage company of when they will really be able to close, 3) contact the listing agent and have them immediately request the new COE date from BofA if you won't be able to meet the first date requested. Be careful though! They don't like to give more than one extension so make sure you can meet the date you are requesting. Good luck!

Permalink Reply by Richard Davis on July 20, 2010 at 11:17am

Hello Everyone,

And thanks for the insight!
I think this is good, and right on the long and windy BoA track

OK, so BoA did the BPO, it had been over 90 days, and they received the results.
The agent said they received it and everything still fits investor guidelines. (per negotiator)
So he must've been on the ball with th BPO guy. - Good advice on that everyone
This is a big relief, because I too was worried about a valuation swing messing everything all up

Again, it's "off to the investors" ~Yay!
The agent seems optimistic it could come within the week, but I agree that would be lucky and would expect up to a month even.

As for the July 27 date, addendums were signed today extending this up to September 16.
This is based on the extension of the HUD form and the approval from the second being extended.
The agent is ready to close post haste, says all we need is the letter

I am getting a mortgage, and they are still all geared up for this July 27 date (one week). That could still even happen I guess if the approval letter actually comes in by weeks end. Shoud it drag on, I'll have everything in line and ready to move, they've already started appraising

As far as Verbal vs Written approval
I know nothing is ever set with them until it's written and closed. I've heard that term "verbal" thrown around on here refrencing when the deal matches all the servicer's guidelines, and he file is sent to the final investor review. Meaning, that the negotiator is confident in the file enough to push it to the final step.
Of all the negotiators, apparently, this one means business! (lol)

Thanks for the advice everyone, I'll keep you updated!

I feel like the language in the approval letter, when it finially arrives, will be the next big problem.
But this might just happen

Wish me Luck!

Permalink Reply by joe beauchamp on July 20, 2010 at 5:18pm

I've spouted way too much tonight - just wanted to mention that I had a chat yesterday with a negotiator who informed me that BPO's are now good for 120 days. I confirm this stuff when I call in several times, but I have no reason to believe it is not true - and it makes sense - the market isn't fluctuating all over the place right now..

Richard Davis said:

Hello Everyone,

And thanks for the insight!
I think this is good, and right on the long and windy BoA track

OK, so BoA did the BPO, it had been over 90 days, and they received the results.
The agent said they received it and everything still fits investor guidelines. (per negotiator)
So he must've been on the ball with th BPO guy. - Good advice on that everyone
This is a big relief, because I too was worried about a valuation swing messing everything all up

Again, it's "off to the investors" ~Yay!
The agent seems optimistic it could come within the week, but I agree that would be lucky and would expect up to a month even.

As for the July 27 date, addendums were signed today extending this up to September 16.
This is based on the extension of the HUD form and the approval from the second being extended.
The agent is ready to close post haste, says all we need is the letter

I am getting a mortgage, and they are still all geared up for this July 27 date (one week). That could still even happen I guess if the approval letter actually comes in by weeks end. Shoud it drag on, I'll have everything in line and ready to move, they've already started appraising

As far as Verbal vs Written approval
I know nothing is ever set with them until it's written and closed. I've heard that term "verbal" thrown around on here refrencing when the deal matches all the servicer's guidelines, and he file is sent to the final investor review. Meaning, that the negotiator is confident in the file enough to push it to the final step.
Of all the negotiators, apparently, this one means business! (lol)

Thanks for the advice everyone, I'll keep you updated!

I feel like the language in the approval letter, when it finially arrives, will be the next big problem.
But this might just happen

Wish me Luck!

Permalink Reply by Richard Davis on July 21, 2010 at 1:44am

Actually, looking at the timeline, they ordered the second BPO at just about 120 days