Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
So yesterday Bofa sent us back a counter saying that they would pay 3% instead of the 4500 in closing .. Anyway we signed the contract now we have to wait for the approval letter our realtor is saying it should here by the end of the week .. I hope she is right! Its only 1 loan so first we had a Verbal acceptance on friday the 16th and then we signed the counter on the 20th so hopefully we will have the approval letter by friday!! fingers crossed
Congratulations, hopefully everything will go smoothly from here on out
I have a question for you. We countered with our negotiator a couple of times until we agreed on a price. Now it goes to the investors for their approval, and then at some point we get the written approval.
I didn't have to sign anything when the negotiator accepted our counter. Is that what you're talking about you signed? If so, then we're at the same point as you!
We accepted the banks counter offer and signed it right away so it does sound like we are at the same point! Here is our timeline
BTW - The listing agent had the title company do the short sale.. We will have to keep each other updated.. I wonder when you will get your Approval Letter?
July 26th made our offer (listing agent sent it to the title company right away even before the sellers signed it)
Aug 12th -Seller accepted the offer
BPO was done at some point they never told us when just told us that it was completed..
Sept 16th - Verbal acceptance
Sept 19th - Signed the counter offer (I accidently put 20th on the last post sorry things have been crazy here)
Sept 20th- Let the waiting begin for the Written Approval Letter..( hope we dont have to long of a wait)
Hmm, its just that we didn't have to sign anything after the final counter with the negotiator. It was all done in the equator system. Probably has something to do with how the local MLS handles things?? Keep us updated as to when you get your written approval. I've read that it depends on who the investor is, the load factor etc on how long it takes to get an approval letter.
Last edited by timothyaw; 09-22-2011 at 01:17 PM..
Our timeline was drawn out a lot longer than yours. Some dates are fuzzy as its been so long.
April 29th - Seller accepted our offer, went into HAFA short sale.
June 28th - After not hearing anything for TWO months, I called listing agent directly and the only thing he said was that all the docs were uploaded into equator.
August 23rd - After questioning my agent about what's going on, she said that he said the sellers had been rejected for HAFA, so now the process would revert to a traditional short sale and a BPO was ordered.
August 31st - Equator system said that evaluation had been completed.
Sept 14th - Counter offer accepted from negotiator.
This has been the worst process I've ever had to endure, just short of my last divorce
Oh wow thats a long time.. I couldnt stand to wait that long!! This one has been long enough for me I hate waiting and if this house wasnt our dream house we would have never done the whole short sale thing but I live in Florida and every house thats for sale just about is a short sale it's insane.. I thought it was odd that we had to sign the counter the sellers also signed it so I dont know! Still havent heard anything on the written yet bummer lol
Well, I guess the listing agent was a little slow getting the counter to sign. So I just signed and sent back today. On the counter is said a closing date of 10/27. Agent said BofA told him he should have the written approval letter next week. We'll see.
Yeah this wait was too long. I continued to look at other houses during the wait, but nothing came up that interest me. There were a couple that came close, but this one kept beating out the others.
Fingers crossed you get your written approval real soon! We didnt have a closing date on the offer so I wonder if they all have the closing date on them?
Hmm that's interesting yours didn't have a closing date on it. I tell ya, nothing the banks do is consistent, logical You would think there would be a standard form. I would ask your agent about that. Oh well, hopefully we'll be getting the written approval fairly soon.
Have you gotten your written approval? We had to wait to see if PMI would approve and they wanted the sellers to pay 3,874 and the sellers said no they wouldnt pay .. So we are going to pay the 3,874 and we have a closing for Nov 18th.. We are still waiting on the written approval. Hope all is well on your end and lets hope you have had no surprises like we did..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
bummer lol
You would think there would be a standard form. I would ask your agent about that. Oh well, hopefully we'll be getting the written approval fairly soon.
