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Offer Under Senior Management Review

Posted by K C on July 24, 2013 at 1:14am in Short Sale Discussions
We have had an offer in on a short sale for the past 2 months. The listing agent told us we are waiting for approval from the investors. We have been getting frustrated so we told the listing agent we are thinking about walking. She said she understands our frustrations but hopes we stick with it seeing how far we have come. Well just last night the listing agent told me she got a message saying "the contract is under senior management review." Does this mean we are actually close to getting an approval? Or is just another way to "string" us along?

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Replies

  • K C July 25, 2013 at 12:56am
    We are dealing with Bank of America. I am not sure who/how many investors there are. The listing agent has not told me....which seems odd to me. All I know is the investors are not fannie mae or freddie mac.
  • K C July 24, 2013 at 3:05am
    It has been 60 days with the investors....not 60 days for the entire process. We are the second buyers. The first buyers walked away so we immediately had our offer submitted and accepted. Everything else has been done, packet submitted, bpo, inspection, mortgage, etc. Just need the final approval....which is taking forever.
    • Wayne Brooks > K C July 24, 2013 at 3:44am
      You said your offer has been in for 60 days. When a short sale falls apart, a new offer does not necessarily just "slide into" the same point in the process. It may have started over, and certainly would have required updated documents, a new BPO at some point, etc.
      • Jeff Payne > Wayne Brooks July 24, 2013 at 8:37am

        AND threatening to walk does nothing to help your situation.

        • Om Hans > Jeff Payne July 24, 2013 at 12:42pm

          I am in similar situation. I am second buyer and put an offer more than 3 months ago. New paper work was submitted, BPO done and about 30 days ago the listing agent told us that our offer has been submitted to management for final approval. We have not got an answer yet. In my case I am dealing with US bank. Which bank you are dealing with?

          In addition, I have figured that US bank itself is the investor for this case. There is second home equity credit line, which is also issued by US bank. Therefore it seems it is a single lien holder case. 

          The negotiator also informed my listing agent that it takes up to 30 days for senior management approval, though we do not have answer till this time. It is definitely a bit frustrating

  • Wayne Brooks July 24, 2013 at 3:00am
    Not sure, but 60 days is not a long time.
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