I have been told that our short sales offer submitted through equator has been sent for investor approval . The "soft credit pull" task was pending for a very long time ( supposed to be done by 31st March ) , but now BOA says that the file has been sent for investor approval .
1) Any ideas on where do we stand in the process ?
2) Should we assume that our offer met investor guidelines for this short sale ?
3) We did not get any verbal acceptance or counter from the negotiator so we are not sure if BOA has approved internally . Pls help ?
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We were slightly higher than the BPO. We're confident loan appraisal will come back higher, due to comps and value of the land the house is on.
As the buyers, we're just finding out bits and pieces of this transaction. According to our agent, BOA told the seller that it was at investor for approval. What it actually showed in Equator, I don't know because I'm not privy to it. Now it goes to MI for approval in 3-5 days and then to Freddie Mac for up to another 10 days. This is the info passed on from the negotiator to our agent and then to us. I hope yours is at the investor and you'll hear an answer soon. Best of luck.
If you're past the "accept their counter phase" and it's been sent on to the investor, it's passed the appraisal stage and soft credit pull and is on for approval by investor, manager, team leader etc. This process could still take 2- 4wks.
If you're the buyer, you may not have needed to be apprised of the counter, they may have just been countering smaller fees. If they didn't counter at all, WTG! It's only approved when you get the approval letter, although it has been passed up the chain of command it sounds.
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