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If you're at the 2 month mark, and at the counteroffer stage, you're doing pretty good! (compared to a lot of others)
See, in your timeline, the sellers took 2 weeks to accept (nothing to do with the bank - that's all on the sellers)
It seems that most 'wait times' are at the beginning of the process. Once you get approvals, etc. things seem to move a lot quicker. Keep in mind all those '7-10 days' are usually working/week days - not many banks do things over the weekends.
Quote:
Originally Posted by Michial
Things seem to be going painfully slow for us.
9 Aug 11: Placed offer
22 Aug 11: Seller accepted offer and we went under contract
21 Sept 11: BOA ordered full apprasial and it was completed.
4 Oct 11: Update from BOA- "evaluation was complete and we should see counteroffer within the next 7 to 10 days."
18 Oct 11: It has been 10 days and still no counteroffer.
They may not counter back if your offer was a good one! Bofa just countered us back on just the closing cost just saying they would agree to pay 3% and thats all that was in the counter offer!
Nelly- I was told by my realtor NOT to ask for closing costs. That they don't pay them. But I gotta tell you every time I watch HGTV they ask for closing costs on short sales and typically get them! Then Whatsnext just said she got some too. So I guess it depends on the bank. I would think it doesn't hurt to ask. wish I did!
If you're at the 2 month mark, and at the counteroffer stage, you're doing pretty good! (compared to a lot of others)
See, in your timeline, the sellers took 2 weeks to accept (nothing to do with the bank - that's all on the sellers)
It seems that most 'wait times' are at the beginning of the process. Once you get approvals, etc. things seem to move a lot quicker. Keep in mind all those '7-10 days' are usually working/week days - not many banks do things over the weekends.
Got this in an email from my agent today "the short-sale negotiator (working on behalf of the Seller) is on top of the file and trying to get a response from the Lender".
So if the counteroffer comes in and we accept it we will not have to wait for an approval from the Lender? If that is true then we are well ahead at this stage correct? Does this indicated BOA itself has accepted our offer?
A counter offer doesnt mean approval that just means that they are going to move it along to the other stages , Like PMI to review or the investors and then if they all accept then they will give you final written approval..
Got this in an email from my agent today "the short-sale negotiator (working on behalf of the Seller) is on top of the file and trying to get a response from the Lender". ...
Doesn't mean anything. To me it says the negotiator is having trouble getting feedback from the lender. Your agent is trying to give you assurance that someone is working on it.
Banks and lenders are swamped with short sales, not to mention foreclosure activities. Some move smoother and quicker than others. And yes, the bank/seller side in these situations have lots more people than just mom and pop to approve a deal!
Hate to say, also, that it's the weekend now - don't know many of those type transactions that get many responses over weekend.... go out and enjoy yours and try not to worry!
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