we got an offer sheet from BoA and they approved the sale price.(30jul2012)
they said that the deal will go to Investor for final approval (or rejection)
does anyone have any idea about
1. what is the probability of investors approving the short sale once the bank has approved?
2. what is the time frame for the investor to get back on the approval (or rejection)?
any insight will be appreciated
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All counters form the lender are subject to investor and/or MI approval. BofA is normally countering based on their recent BPO/appraisal and the investor guidelines that they have. So usually the offer will be accepted. 1 to 2 weeks
hi Bryant,
just got an email from my realtor (who got it from the sellers attorney dealing with the bank)
"The offer has been accepted. The file is being prep to send over to my underwriting review team to ensure that all docs are accurate before the final approval can be given. Thank you, XXXXXX"
can you help me understand this?
That's perfect. It basically just means it's to QC (quality control) to make sure all of the Ts are crossed and the Is are dotted. This process only takes a few days. You may see an approval early next week. You are almost there!!!
no approval as of today. 2 weeks and counting.....
Update 8/13/2012
Got an email from the seller's attorney
"seller just supplied complete copies of his 2010 and 2011 tax returns to Equator who is handling this file for the “Investor”. "
my question: does the investor ask for tax documents too? aren't those already submitted to the bank early on?
Neo, I was just wondering if you ever settled and when? I'm a buyer at this stage. Just wondering how much longer I need to wait.
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