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Waiting for response from BoA

Posted by dennis on March 12, 2011 at 5:06am

We are the buyers. made offer the first of December, Did all the paperwork and BoA accepted the price Feb 7. We were told it was going to investor. Since then scant news. I know as the buyer we don't have much standing in all of this. Here are the question: We did hear that it was at a BoA executive to approve the letter. not sure what this means, Is it the last step, or does it then go to the investor. How do we move this along. We recently sold our house (in a few weeks for the price we wanted), we are living in an apt and don't want to have to sign up for another 6 months. I know this sounds routine, but we just want the letter and close. it is a cash deal.

dennis

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Comments

dennis March 13, 2011 at 11:24am

Thanks for this encouragement

dennis
Bryant Tutas March 13, 2011 at 9:49am

Dennis. My opinion based on what you have provided is that you are getting very close to a written approval. It certainly sounds like a short sale that will happen.
dennis March 13, 2011 at 5:48am

Bryant,

Thanks for this note and encouragement. I have looked at the BoA site to see the steps on the Equator. it show negotiation then investor, then closing. If our submission is really with a BoA executive, where does that fit into these steps. Thanks for helping a poor pilgrim along the trail to the short sale promised land. dennis
Bryant Tutas March 13, 2011 at 1:46am

Hi Dennis. From the info you have provided it does sound like things are moving forward. The time line of a tad over 3 months is about right to be at the stage you are at. There are usually 3 entities that have to approve the deal. Lender, investor and mortgage insurance company. Short sales take time. Hang in there and my guess is you will have a new home in due course. Good luck!!