I have been using your site as a reference for the past 8 months and I really appreciate all the help it has been. Today my Realtor sent me this email he received in Equator but he is not sure what it means either although we believe it to be positive. We have really been putting the pressure on BOA the last few days. My question is what does this mean... should I be looking for an approval letter soon or is he still reviewing the offer?
FROM BOA Negotiator
Body
Hi ***, 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. Thank you
I am not sure if I should be celebrating or not?
**********************************
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Replies
I would also suggest getting your mortgage documentation and mortgage application going if you haven't done so already, everything but the appraisal. Frequently these are approved but on a tight deadline (30 days or less) to close, and underwritting has become more time consuming, not less.
Thanks for the reply and the advice... it sounds like this is what the Realtors on the site call a verbal approval correct? Champagne and maybe something a little stronger are on ice. Thanks again.
It seems that perhaps the net and your financials were in line with the investor guidelines. However, until you get the approval letter, don't celebrate. Guidelines change and errors are made. Just keep the champagne on ice.