I am currently attempting to buy a listed short sale home. The contract was initiated on 1/28/10 which I offered the listed price; however, I requested 3% to closing costs. The listing agent informed my realtor on 2/9/10 that a BPO was issued. It seemed like things were moving along. Around 3/12/10 I needed to provide my information; such as, full name, first 5 ssn, address, etc... and my lender needed to provide her info too. Still nothing as of yet. I inquired of the progress and was told the bank, uh hem ... Bank of America couldn't locate the BPO file but has since found it and now the seller is having to enter his financial info in Equator. My question is; shouldn't the bank already have all that information? Am I getting any closer? I'd appreciate perspectives from sellers/buyer/agents. Thanks!! :)
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Thank you all for the comments and advice. I am proud to say that I received a call from my realtor this morning to notify me that the bank accepted my offer. I'm going FHA and we are set to close @ the end of April to mid-June. I'm relieved!
Does your agent have the actual approval letter in hand? or did you get an acceptance of the terms on Equator with a settlement date for end of April.
If he does not have the actual letter, the offer has not been accepted yet. I just had a case where BOA agreed to all the terms of the offer in Mid February and they asked us if we could settle March 15th. Well, March 15th came and went and we still did not have the approval letter and then yesterday the offer was rejected because everything fell within guidelines except for 1 thing, the seller was not delinquent on his payment and as per the investor guidelines he needed to be at least 30 days delinquent on his mortgage.
So make sure you actually have an approval letter from BOA. The letter will state the terms of the offer, how much BOA will get at settlement, and the buyers name will be on it as well.
Kacey said:Thank you all for the comments and advice. I am proud to say that I received a call from my realtor this morning to notify me that the bank accepted my offer. I'm going FHA and we are set to close @ the end of April to mid-June. I'm relieved!
Hi Juan, I am assuming that he got a acceptance via Equator. My realtor got the phone call from the agent to make sure the buyer (me) was still interested after he received the acceptance -- that's what I'm assuming. My realtor said there was a counter offer but it affected the HUD statement and commissions ... is that something that is calculator through Equator? I emailed the agent as well and this was his reply:
" I hit the "Accept" button just a few minutes ago so am waiting on the next step. Keep your fingers crossed."
So I'm keeping my fingers crossed and I will hope they get the letter soon! I'm ready to get moving, literally.
Juan Reyes said:Does your agent have the actual approval letter in hand? or did you get an acceptance of the terms on Equator with a settlement date for end of April.
If he does not have the actual letter, the offer has not been accepted yet. I just had a case where BOA agreed to all the terms of the offer in Mid February and they asked us if we could settle March 15th. Well, March 15th came and went and we still did not have the approval letter and then yesterday the offer was rejected because everything fell within guidelines except for 1 thing, the seller was not delinquent on his payment and as per the investor guidelines he needed to be at least 30 days delinquent on his mortgage.
So make sure you actually have an approval letter from BOA. The letter will state the terms of the offer, how much BOA will get at settlement, and the buyers name will be on it as well.
Kacey said:Thank you all for the comments and advice. I am proud to say that I received a call from my realtor this morning to notify me that the bank accepted my offer. I'm going FHA and we are set to close @ the end of April to mid-June. I'm relieved!
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