Replies to This Discussion

Permalink Reply by Elise Fay on October 13, 2010 at 7:33am

Hey Angela

I have not seen an approval yet...should see one in about a month or so. From what I am seeing, the banks are getting very specific and I have not seen one yet that was NOT buyer specific. Most of my short sales are requiring the HUD show all buyer info...every detail. The banks are now requiring not only LSR's but proof of funds to go with that LSR.

I think you should be able to send in a new contract and as long as the terms and conditions of the offer are the same as the previous one, it should not take long to get an approval. I would tell the buyer maybe 3 weeks at most...give you some time. Let me know how it works out and tell me what the Approval letter says...the details.

Hope you are well.

Elise

Permalink Reply by Angela Gandolfo on October 13, 2010 at 7:47am

actually Citimortgage's approval letters don't have a buyer's name - just a figure that they must net - that's why they are my fave - very easy to deal with

BofA on the other hand - made me start all over again when the buyer changed - wiped everything out of equator - even though the new buyer net them more money - but I'm on the wrong forum to keep going on about them...

I will see what the letter looks like - should have it in a few days - if it has the buyer's name I guess I will have to deal with it - I'll let you know!



Elise Fay said:

Hey Angela

I have not seen an approval yet...should see one in about a month or so. From what I am seeing, the banks are getting very specific and I have not seen one yet that was NOT buyer specific. Most of my short sales are requiring the HUD show all buyer info...every detail. The banks are now requiring not only LSR's but proof of funds to go with that LSR.

I think you should be able to send in a new contract and as long as the terms and conditions of the offer are the same as the previous one, it should not take long to get an approval. I would tell the buyer maybe 3 weeks at most...give you some time. Let me know how it works out and tell me what the Approval letter says...the details.

Hope you are well.

Elise

Permalink Reply by Cecilia Rodriguez on October 15, 2010 at 7:52pm

Hi Yes the approval letters has buyer's specific name !
I hope this helps good luck.

Permalink Reply by Steve Early on October 16, 2010 at 2:06am

Hi Angela:

They are not all buyer specific, but most are. From our experience, Bank of America approval letters are always buyer specific. They are also the one company that consistently closes out a file if that buyer backs out of the transaction or refuses to raise their offer if countered by Bank of America. You'll start pretty much all over again if you have to pull a new buyer into the transaction.

Other lenders will sometimes allow you to slide a new buyer into position if the offer and terms are the same (or better) than the offer they had.

Permalink Reply by Elise Fay on October 24, 2010 at 5:14am

Angela--call me when you get a chance. I want to know what kind of language LBPS puts in their traditional short sale letters. Any wording about deficiency?

Elise