Accepted BofA Counter how long for final letter

I am waiting for the final letter for a bank of America short sale house that has 2 loans with bank of America. I just saws there was a notice from BAC and then saw people mowing the lawn. The listing agent said there is no default notice yet. Do I still have a chance to get the final letter? It's been two weeks today. I also tried to get a home and I was at this step and they foreclosed on the home and bank sold it for way more. Im a frustrated home buyer and have been trying to get a home for a year.

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Permalink Reply by Lana19 on October 19, 2011 at 2:21pm
Also, is seein that notice from BAC field notice means that the house has defaulted? What' does that mean when they put that notice up?
Permalink Reply by Kimberley Kelly on October 20, 2011 at 2:27am

This happens all the time.  Just have the List Agent call the Short Sale loss mitigation dept. or even through Equator.  I've had this done when there was no notice of default several times.  Look at it as the Bank actually maintaining their asset!  If they've accepted your offer, keep that Listing Agent working!  You should get it..good luck!

Permalink Reply by Smitty on October 20, 2011 at 2:49am

I would say 2-2.5 weeks from the time you accepted the counter, you MAY see an approval letter.  It really depends on who the investor is.  If it's government backed, it may take longer.  This is all dependent upon your negotiator doing all the steps they need to.  If BOA is waiting on anything on your end, it will hold up the process.  I've seen BOA negotiators forget to initiate a updated HUD so then things were pushed out a week. 

 

If BOA initiates a foreclosure, the seller's negotiator needs to call the short sale negotiator and have them stop the auction and THEN also call and confirm with the foreclosure dept that it's cancelled. The left hand frequently doesn't know what the right is doing with BOA and the two depts don't communicate well.  You need a separate authorization just to speak with the foreclosure dept.  It's a bit crazy.

 

Good luck though.

Permalink Reply by Minna Reid on October 21, 2011 at 8:32am

I also wouldnt count on anything until you have the letter. I have been through the accepted offer stage in equator, only to have it come back with another request after it went to the investor.

 

Permalink Reply by Lana19 on October 24, 2011 at 6:37am

Hey Guys, Thanks for your comments and posts. Today its been 2 weeks and 3 days since I accepted the counter. I have not seen a final letter for the house yet..I really hope I get the letter this week. The last thing I heard was on Friday, and my agent said the seller/listing agent had to submit an updated addendum to the Counter, Im not sure what that meant? But to me it meant, there was either a paper missing in their package, or the bank wanted them to sign something. I want to get excited and keep looking at the house so I can start organizing what paint I want etc..

 

Do I even have a good chance in getting that final letter, and how long should I wait until I move on to other houses? There is no notice of default yet either. My agent said that notice "can come anytime but hopefully we close without even getting that notice.

 

Please advise

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