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Short Sale Approval

Posted by Neo on July 10, 2012 at 9:40am in Short Sale Discussions

Hello,

have few questions on a short sale purchase. here are the flow of events:

 - Contract signed : 25th Jan 12

 - BPO ordered by the bank: March 12

- Some docs asked to be signed by bank: May 12

 - got an letter from the sellers attorney (he is handling the short sale) that the bank has countered with 10K more and set a closing date of aug 20: June 25

 - we agreed to the counter offer.

 - no news

what advice on what is the next step after agreeing to counter offer. are we certain that we will get the house? my lawyer asked me to get mortgage in place but am still not clear if the bank has agreed

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Replies

  • Wendy Rulnick July 10, 2012 at 12:17pm

    Neo - If there was no approval letter issued, then you are not approved. You can ask for a copy of it, which might be provided to you. Barring that, the seller would have to remove his contingency for short sale approval.

    • Neo > Wendy Rulnick July 17, 2012 at 5:21am
      Hi Jeff, except my lawyer all parties involved are unresponsive To say the least. Sellers lawyer sent us a letter for counter offer on his letter head and on the phone did confirm that he did receive the letter from the bank. No idea where is this going. It been 7 long months :(
    • Neo > Wendy Rulnick July 17, 2012 at 4:17am

      hi Wendy,

      i checked with the seller's attorney and he has got a letter from the negotiator from the bank. but he did tell us that he was not 100% confident that the deal will go through. he has a small doubt that the negotiator knows how much the bank is going to eat up.

      am really confused. doesn it happen that once the bank gives a counter offer and an end date to close, the deal falls off??

      • Jeff Payne > Neo July 17, 2012 at 4:55am

        Neo, ask the sellers attorney to send you the approval letter if he has one.  Why is he not 100% confident the deal will go thru?  Not sure what you mean by doubt the negotiator knows how much the bank is going to eat up?  What does that mean?  If the sellers attorney has an approval letter then they know exactly how much the bank will approve the sale for.

        Where in the heck is your agent to answer these questions?

        • Neo > Jeff Payne July 23, 2012 at 6:10am

          hi jeff,

          i just heard from my attorney that the bank got a new BPO done and price is 10K higher than the counter offer. am just confused why would the bank order a second BPO?

          also, do you think this deal is dead?

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