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Where am I in this Bank of America sale process?!?!

Posted by Tammie Holmes on December 5, 2014 at 11:52pm in Short Sale Discussions
I made an offer on March 4, 2014 on a Bank Of America short sale and the seller accepted. Needless to mention, there has been no real movement on my offer until about a week ago. On 11/26/14, BOA requested that the listing agent upload a current contract since the original one had expired. So, we revised the contract and it was uploaded the same day. On 12/3/14, we received a counter offer from the negotiator detailing what things were not going to be paid (I.e. Closing costs, warranty, etc.), extending our closing date from 30 to now 45 days and setting their net total proceeds required. So we repackaged and submitted our offer on 12/4/14. Where am I in this tumultuous ordeal?!?! How close am I to closing on this home that I really, really love?

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Replies

  • Thomas Turner April 29, 2016 at 3:34am

    Does anyone have a contact at HUD to do a variance request. It seems if the foreclosure had been more than 40 months, they are now denying short sale , even if servicer has a pending approval.

  • Tammie Holmes December 25, 2014 at 4:01pm

    We were informed on yesterday that Bank of America is now requesting proof that the listing is still active.  Why??? Is this a good sign that things are still moving forward towards an ATP???

  • Tammie Holmes December 18, 2014 at 12:49pm
    Just received word that they are now waiting for an ATP from HUD.... What does this mean? Am I still in a "wait & see" phase???
    • Jonathan Katz > Tammie Holmes December 18, 2014 at 1:03pm

      Sounds like the variance was approved for the non-occupancy which is a good sign. When a property going through a FHA short sale is vacant over a year it is a red flag. The ATP is issued once an appraisal is completed and the homeowner is granted permission to move forward with a short sale. The ATP will state what the appraisal came in at and the proceeds needed to make the transaction work. That document needs to be executed by the homeowner and will determine whether your current offer is in line with their value to be approved. If in line with their value and all fees are inline with HUD guidelines, the negotiator will ensure all documents are in and completed properly prior to submitting the file for final audit prior to approval.

      • Tammie Holmes > Jonathan Katz December 22, 2014 at 3:28am
        Does HUD do a separate appraisal?? The negotiator already mentioned the amount the BPO came back as and what their net proceeds requirements were during the counter offer phase. I'm confused...
  • Wendy Rulnick December 9, 2014 at 1:52pm

    Tammie - Something was amiss in the delay of your initial offer and a response from Bank of America.  Who knows what happened, but someone dropped the ball. Thankfully, you are back on track and you should have a response in a reasonable time period.

    Wendy Rulnick

    850-650-7883

    www.shortsales-emeraldcoast.com

    • Tammie Holmes > Wendy Rulnick December 9, 2014 at 1:56pm
      We just received notification today that a variance is being requested from FHA. What does this means??
      • Jonathan Katz > Tammie Holmes December 9, 2014 at 1:59pm

        In simple terms a variance is a request to allow something that differs from HUD's guidelines. A variance can be used for extending the ATP, extending a value, requesting a lower NET to be approved, among other things. They had to request HUD to approve something on your transaction. If you find out what the variance was placed for, you will have more information about what truly is transpiring.

        Brett@ishortsalenow.com

        310-564-6389

        www.ishortsalenow.com

        • Tammie Holmes > Jonathan Katz December 11, 2014 at 11:32am
          How long does a variance approval take???
          • Jonathan Katz > Tammie Holmes December 11, 2014 at 1:11pm

            can take a week or two if you just let it take its course. Typically I can have variances approved within 48 hours when I reach directly out to a HUD contact.

            Brett@ishortsalenow.com 

            310-564-6389

            www.ishortsalenow.com

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