I am a buyer and have been relying on your site for some time now and it has helped tremendously. With your guidance I thought I was nearing the end and the fabled approval letter, however I received an email yesterday that has made me think we are back at square one. Right now I am trying to decide if I am going to stick with it or let it go. Here is my time line, any advice would greatly be appreciated. My Realtor is the listing and selling agent so he puts a positive spin on everything and I am looking for an unbiased view from professionals. He is also letting a title company handle the equator part of the sale and they report to him. It is one loan serviced by BOA, no HOA, no PMI.
11/14/11 - Made offer and seller accepted
Sellers attorney tried to fast track things without submitting to the bank.
3/1/12 - Offer finally uploaded into equator
3/12/12 - BPO complete
3/22/12 - BOA countered just changing some closing costs
4/4/12 - I am told it went to investor
4/25/12 - BOA countered $148 claiming some sewer tax that was missed
5/10/12 - I am told we are once again at the offer analysis stage
5/22/12 - All the sudden we have a new negotiator
6/1/12 - Another BPO is done because the other expired
6/11/12 - BOA countered changing only the closing date (9/5/12)
6/14/12 - I am told it went to the investor
7/18/12 - my Realtor stated he has escalated the file multiple time this week
7/19/12 - I get an email forwarded to me stating:
"My manager reviewed your offer. We will accept and bring this file to a conclusion. At this point in time, I will review all your submitted documents and if there is any additional information I will be
reaching out to you."
Thought I was getting close.... then
8/1/12 - I get this email which I have seen at least three times during this process:
The valuation for the property at ****** has been completed, and we are preparing to analyze the offer and determine the investor(s) net proceeds. COUNTER OFFERS: As part of this process, you may receive counter offers from your short sale specialist in which you will have three calendar days to respond. The purpose of these negotiations is to arrive at an offer of fair market value that the investor(s) will be likely to approve. YOUR NEXT STEP: Once all parties have come to agreement on the offer and it has been sent to the investor(s) for a decision, you will receive a status notification. NOTE: Even after your negotiated offer has been submitted to the investor(s) for a decision, the investor(s) may still make changes to the offer and/or add stipulations. IF YOU HAVE ADDITIONAL QUESTIONS: Please contact D. CLERVAL, your short sale specialist
We really love the house but it is appearing that some sales will just never go through and I am thinking this is one of them. As the buyer is there anything I can do to speed it up... could a lawyer help? BOFA stinks by the way!! I will never use them as my bank for any reason because of this sale.
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Just for everyone who will look at this timeline in the future I did finally get an approval letter on 8/31/12!! It does happen. I close on Oct. 10 hopefully. My fingers are crossed that things continue to work out. Thanks for everyone's help, THIS IS AN AMAZING SITE with VERY KNOWLEDGEABLE PEOPLE!
There is nothing you can do at this point, it seems to be moving along. Something is better than nothing in short sales. An attorney can not move the process along any faster.
You all were right about the canned message. The negotiator contacted us (by phone call if you can believe it) and stated that we are approved and he is ready to write the approval letter. He gave us a punch list of items concerning the paper work that must be completed in three days (seller had a name change at some point), after that he said we will have our letter. He stated that both the bank and the investor have approved. Now we just need to get the paper work in before something expires or they change their minds. Thanks for the great advice, as usual you guys were right on target!!
Rick, count it all good when at least they are still in contact with you. It's when they send an email, just closing for no reason you can fathom, you need to worry. At this point it looks like you are 3/4 of the way to where you are headed in the purchase of this home. Don't know if you have an attorney for closing, or who is doing your title work, but it would probably be in your best interest to get that and a termite inspection, just for your benefit, it's a small price to pay for peace of mind.
I agree with everyone else here, Rick. I had one short sale where I got that canned email message about reviewing the offer 11 times! Just like yours, the negotiator was switched mid-stream and then he turned out to be completely worthless. I ended up using the secret BofA escalation tool that some of us have (alternatively, the Twitter option is fab) and got the file moving and approved while on the phone with the NEW new negotiator. Just hang in there but have your agent Twitter BofA, too. IMHO it doesn't hurt for the negotiator to know that someone (social media team) is looking over his/her shoulder.
Hi Rick:
What you have is the canned equator message that comes just before you get a counter. Even though they have stated that they will accept the offer, it will come back as a counter offer and your agent will be able to print the work sheet. The counter offer is done to clarify all dates and items that will or will not be paid at closing. Hang in there, you are very close to getting what you want.
Hi Rick. Unfortunately, that is the nature of the beast of a short sale. If any detail changes, it has to go back through review and approval. BPOs are only good for three months, so it's not surprising that they had to order new value. Do you happen to know who the investor on the seller's loan is? Bank of America is trying to improve their process but they are still lacking in several areas, especially FHA files. They are also famous for their "escalations" which, in my experience, don't help a bit. Don't get me started! lol As Bryant says, you have invested a ton of time with this property. The deal you are likely getting on the property in this market may be worth the wait and frustration. Hang in there!
It sounds like you are getting very close. The last email you received is a template that get sent out as a standard update by equator and really has no baring on where you are at in the process. You've invested a lot of time thus far. Give another couple of weeks if you can.