I need to know if the approval letters are buyer specific (like BofA) - can anyone tell me? The buyer cancelled after I told them I had verbal approval - I haven't seen the letter yet and don't know if it will be a pblm to switch the buyer (received another offer last night)
UPDATE:
I did get the approval letter - unfortunately, it did have the buyers name (I almost missed it on page 2). I called and they said to send the new contract and update the HUD to show the new buyer - did that and now I am trying to get a new letter. Oh, BTW, the COE they put is not going to work either - they gave a short close date which would never work with an FHA buyer. I am asking them to change that too. I am thankful for an approval letter but unless they make the requested changes, I can't do anything with it!
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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
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