I've been posting our SS drama (we are buyer) here for clarification from all the knowledgeable agents I've encountered here and now we have a new twist. Quick background:
June 28th - email from agent: "The 2nd (PNC) lien has accepted, it has now been sent back to the first (Quicken) lien holder for their final approval. ....the 2nd has accepted it has to go back to the first for a new valuation on the property."
June 28th - email from Negotiator: "Quicken has received the PNC approval letter, the negotiator has ordered a new value on the property, it will take 7 business days for the value to be done and receive the results and 5 days for investor approval. Thank you."
July 11th - new BPO completed ($5k over our offer)
July 20th - email from agent: "They (banks) are allowing for the up to 3% for closing costs, prepaids, escrows and points that we have asked for. They have denied the $6,000 for appliances. We can do 1 of 3 things, we can accept as countered, reject and withdraw or seek a compromise."
We opted to accept as countered, but nothing in writing yet. Also asked agent to confirm they approved offer price as well and was told yes.
July 27th we received copy of email from Negotiator stating Investor has agreed to 3% for closing.
2 weeks go by and we still hadn't seen anything in writing about the offer approval. Emailed agent yesterday to inquire. His response last night (Aug 6th): "Now PNC is not willing to accept the amount that Quicken has offered. They are still in the negotiation stage now, again. We do not have anything in writing that says we are accepted and ready to proceed with your loan application, appraisal, inspections, etc. I'll be sure to let you know when I learn anything more."
I totally don't understand this. How, if PNC gave approval back on June 28th are they still in negotiations???? What changed? I'm guessing that we were never really approved either. Can someone please explain this to me? The agents / negotiator involved have been zero help.
Thank you so much - sorry for being a pain. This is so maddening but at least I know I'll get the real deal from everyone here.
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Even if you had an approval by PNC in June, they expire in 30 days. After that, all bets are off.
Thanks Joseph - We learned yesterday that after several phone calls the "negotiator" was able to get an updated approval from PNC and it was added to the file and sent to 1st bank. According to 'negotiator' we are now in the "closing stage". Of course that doesn't really mean anything to us (as Bryant said) until we have an approval in writing. One tiny step closer.
Unless the approval was in writing you didn't have an approval. You had an opinion. Opinions change.
You have to see all approvals in writing.
Thanks Bryant - I agree. I spent 2 weeks just trying to get them to send me a copy of the email showing they agreed to the 3% for closing and that's just an email from the Negotiator (not even an approval)!
Any ideas what would cause the 2nd to be renegotiating now if they "alledgedly" approved it back in June?