Replies to This Discussion

Permalink Reply by Kathy Smiley on December 15, 2013 at 6:44pm

Hi, Chris. Congrats on your almost-purchase. Well, your question is a big one, because it all depends on what's going on with the home. Your agent should be able to shed some light. If there is just the one loan and no other liens or complications, you could be getting very close, so have your lender ready to act quickly! Find out how many other liens are on the property - that will be the deciding factor in how close you are. If there are 2nd and 3rd mortgages, HOA liens, back taxes, etc, you could still be a ways away from the final close. It's been my experience that once B of A does their "final" BPO, they send it to the investor and an answer will be forthcoming in the foreseeable future!

Best of luck!

Kathy Smiley 

Prudential California Realty

Permalink Reply by Chris Borges on December 17, 2013 at 2:17pm

Thank you so much Kathy.  My attorney has ordered title and we will see how many liens it has. 

Permalink Reply by Chris Borges on January 19, 2014 at 11:43am

Hi Kathy,

Thanks so much for your reply earlier on my question regarding Final BPO.  I did get the final BPO back last week and am being told that the file is with the investor.  This is the only Lien.  The seller's attorney emailed everyone and said the valuation of the property is 88K.  With that said, using your expertise, would it be smart to move forth with my appraisal on my own mortgage?  Or do buyers usually just wait until they have the approval in hand?  I ask this because I hear of the horror stories of BofA approving upon the condition that you have to close the next day.  Also, once with the investor whom I'm unsure of who it is, how much longer will it take?

Could you share your perspective on this?

Permalink Reply by Anna Chroscicki on January 20, 2014 at 4:47pm

 I know this is question for Kathy, but just in case she does not have time to respond today or tomorrow, I will include my "two cents". Hopefully Kathy would agree with me on this:

You should not do anything on your mortgage, inspection, etc until you have written approval in your hand. I actually don't think your lender will do anything without said approval. I am assuming your offer was $88,000? So you think investor should agree. But investor may ask seller to sign note ( and seller may not agree). I have also seen situations when investors asked for higher sale price than what BPO showed.       

Permalink Reply by Anna Chroscicki on December 16, 2013 at 8:32am

Also the question to ask ..." Who is the investor on this loan?". Bank of America holds mortgage, but investor could be Fannie Mae, Freddie Mac ? If that is the case, Bank of America will submit file ( with BPO) to Fannie Mae for review and they will approve, decline, counter, etc. So this may take another month or so. Three months is not very long time, so hang in there...  

Permalink Reply by Chris Borges on December 17, 2013 at 2:18pm

THanks Anna,

I will ask who the investors are.