B of a approval letter

Hi Jenn,

My best advice to you is:

1) Stay on top of EVERYTHING, if the property is worth it to you.

2) Don't overly trust others will get things done in your behalf.

3) Don't be afraid to ask questions, you might find out that you may know more about this process than others.

4) Make sure you're good girl and say your prayers every night, in fact you may have to make a few extra trips to church on Sunday.

5) If all else fails and it's not moving, ask your local priest to perform an exorcism on it and run like hell to another property.

As its been stated above, strange things DO happen. I don't know why some people have to make this transaction feel like a root canal gone wild. If you want to hear a crazy story, I have one for you. I'm witnessing the fustration myself currently.

I offered in mid February on the 17th,
I went under contract at the beginning of March on the 4th, so this is starting my 8th month,
I received a total of 4 updates after constantly requesting them,
Alwhile I was continuing my search for the property that fit me best, in case this transaction failed,
Then all of a sudden I opened my favorite listing site early last Saturday morning to find out that the very home that I had offered on earlier was listed as Sold, and the buyer's agent happened to be my agent and , for the price and terms that I had offered earlier. Additionally it had been pulled off the market.

We had had no calls, e-mails, letters or faxes to my agent or myself. So, I immediately called my agent early that morning and got him up. He was in shock also. My agent then checked into the state MLS that morning to confirm that he was listed as the buyer's agent for this house and, yes it had sold the day before. Still we received no calls, e-mails, faxes over the weekend so, Monday he checked around then called me today to tell me that the title company had received the file and is wanting to set up escrow. So yesterday, finally, I made contact with another voice besides my agent in a very long time.

After talking with the title company, I found out that they didn't have a copy of the lender approval letter in their possesion, however they wanted me to bring in my money .......what??? They told me they'll call to the listing agent and get a copy of the approval letter to start the processing however, I couldn't obtain a copy from them. Here again, the buyer is left out of the big picture.

FUSTRATION; fustration is a VERY kind word in this transaction, I feel more violated than anything. I did and furnished everything that was asked of me promptly all througout the transaction. Honestly, how do some agencies survive doing business like this? Without buyers..............you have no sale!! I don't doubt there are a ton of short sales out to be purchased at a fair price and this should help everyone including lenders and realtors but, if this industry doesn't get a handle on this process and weed out the bad processes and people, we'll all see more regulations, is that what this industry needs or is it what they want?

Replies

Smitty October 5, 2011 at 9:30am

I agree with Brent. It depends on who the investor is. We usually get it sooner than 10 days. Just wait until you get the written approval. I've seen strange things happen.
- Jenn > Smitty October 5, 2011 at 9:41am
  
  Yes, I am definetely skeptical but hoping this will come thru...I will update once we know! Thank you :)
  - Richard > Jenn October 6, 2011 at 5:47am
    
    Hi Jenn,
    
    My best advice to you is:
    
    1) Stay on top of EVERYTHING, if the property is worth it to you.
    
    2) Don't overly trust others will get things done in your behalf.
    
    3) Don't be afraid to ask questions, you might find out that you may know more about this process than others.
    
    4) Make sure you're good girl and say your prayers every night, in fact you may have to make a few extra trips to church on Sunday.
    
    5) If all else fails and it's not moving, ask your local priest to perform an exorcism on it and run like hell to another property.
    
    As its been stated above, strange things DO happen. I don't know why some people have to make this transaction feel like a root canal gone wild. If you want to hear a crazy story, I have one for you. I'm witnessing the fustration myself currently.
    
    I offered in mid February on the 17th,
    
    I went under contract at the beginning of March on the 4th, so this is starting my 8th month,
    
    I received a total of 4 updates after constantly requesting them,
    
    Alwhile I was continuing my search for the property that fit me best, in case this transaction failed,
    
    Then all of a sudden I opened my favorite listing site early last Saturday morning to find out that the very home that I had offered on earlier was listed as Sold, and the buyer's agent happened to be my agent and , for the price and terms that I had offered earlier. Additionally it had been pulled off the market.
    
    We had had no calls, e-mails, letters or faxes to my agent or myself. So, I immediately called my agent early that morning and got him up. He was in shock also. My agent then checked into the state MLS that morning to confirm that he was listed as the buyer's agent for this house and, yes it had sold the day before. Still we received no calls, e-mails, faxes over the weekend so, Monday he checked around then called me today to tell me that the title company had received the file and is wanting to set up escrow. So yesterday, finally, I made contact with another voice besides my agent in a very long time.
    
    After talking with the title company, I found out that they didn't have a copy of the lender approval letter in their possesion, however they wanted me to bring in my money .......what??? They told me they'll call to the listing agent and get a copy of the approval letter to start the processing however, I couldn't obtain a copy from them. Here again, the buyer is left out of the big picture.
    
    FUSTRATION; fustration is a VERY kind word in this transaction, I feel more violated than anything. I did and furnished everything that was asked of me promptly all througout the transaction. Honestly, how do some agencies survive doing business like this? Without buyers..............you have no sale!! I don't doubt there are a ton of short sales out to be purchased at a fair price and this should help everyone including lenders and realtors but, if this industry doesn't get a handle on this process and weed out the bad processes and people, we'll all see more regulations, is that what this industry needs or is it what they want?
Richard October 5, 2011 at 8:46am

Jenn,

I'm just a little curious. How long ago did you sign your contract?
- Jenn > Richard October 5, 2011 at 9:43am
  
  To richard, we signed it in July
Jeff Payne October 5, 2011 at 6:53am

It sounds as though you either meet investor guidelines or already have the approval, just waiting on the approval letter. 10 days is pretty normal
- Jenn > Jeff Payne October 5, 2011 at 7:08am
  
  Thank you Jeff. I still can't believe it til I have an approval letter in hand. It's been a mentally exhausting process. I am so thrilled we are almost there. I just needed reassurance that the approval letter coming meant that it's almost over! Now onto gmac...
Brent Innocenzi October 5, 2011 at 6:17am

It depends on who the Investor is. Fannie/Freddie will take longer than say a portfolio loan.
- Jenn > Brent Innocenzi October 5, 2011 at 6:21am
  
  Ok so it may not be within the next ten business days in your experience? But if they are sending the letter then we do have approval, is that correct? Thanks for your quick response :)

This reply was deleted.