Please help me! I am the buyer of a short sale property in NJ. Short sale was approved, all inspections done, everything is wrapped up to close. We were just informed by our mortgage rep. that the Short Sale letter was not signed by BOA and we will not be closing until said letter is signed. There have been several calls by realtor etc. to BOA and seems as though we are getting conflicting info. Some banks don't sign this letter?! Anyway, I can't close on my home UNTIL BOA signs this letter. Anyone have advice or run into this issue? Thanks in advance!
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In a perfect world, it would be nice if the bank's rep signed the Approval Letters, but in practice it just does not happen, at least in my experience - and certainly not on any of the B of A short sales I've closed.
Even experienced short sale Attorneys who I've spoken with have admitted that while they advise clients to request that the bank sign the latter it rarely if ever happens. Perhaps you should speak with the mortgage rep's manager, or speak to other lenders.
If that does not help, consult your Realtor for referrals to mortgage lenders who they have worked with in the past on short sale transactions that have successfully closed.