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No approval letter yet - this house is with Bank of Am. There has been and excelleration letter sent by the negotiator last week. We went under contract end of April! My agent continues to send me updates and assures us that the home is not going into foreclosure. Really love the home, don't mind the wait, just want to have our "ducks in a row" when/if the approval comes thru.
I'm in the same boat as you. We signed contracts on April 27th 2012. Chase.
They had to restart everything in August for whatever reason. Then 2nd BPO came in too high. Then new negotiator was assigned end of December and they found out all the paperwork was supposedly mixed up.
They escalated the file as well. Hope we will close on this house one day .
Quote:
Originally Posted by S Stroll
No approval letter yet - this house is with Bank of Am. There has been and excelleration letter sent by the negotiator last week. We went under contract end of April! My agent continues to send me updates and assures us that the home is not going into foreclosure. Really love the home, don't mind the wait, just want to have our "ducks in a row" when/if the approval comes thru.
My friend status is same as you two. Location in LAS VEGAS and Lender is CHASE.
Offer accepted in 4/2012. BPO completed in 5/2012 and status was set to waiting for approval.
In 8/2012, Listing agent needed to restart the process and second BPO completed in late 8/2012 and then status was set to waiting for approval.
In 11/2012, BPO was past 90 days and the new BPO was ordered , completed and sellers updated all information again.
TODAY--CHASE said CHAE needed to order BPO again because it will be 90 days old soon and sellers need to update all information again
Listing agent said CHASE is VERY LOW.
Please keep me post of your status.
Last edited by Wearesc; 01-14-2013 at 10:01 PM..
Reason: TYPO
WELL- the bank has countered our offer of 150 and is asking 199. This is the amount of the BPO. The appr. that did the BPO used the new construction sales in our sub-division as comps. Anyone know if that is correct? We expected a counter offer but not that much of a difference. Anyone have any suggestions.
New BPO came in too high for us as well.
If the investor of the loan is Fannie Mae Freddie Mac, they are probably the one over inflating the BPO (like in our case).
Need to have the listing agent fight the value with CMA's, her own appraisal etc (and contact Fannie Mae directly if they are the investors)...
WELL- the bank has countered our offer of 150 and is asking 199. This is the amount of the BPO. The appr. that did the BPO used the new construction sales in our sub-division as comps. Anyone know if that is correct? We expected a counter offer but not that much of a difference. Anyone have any suggestions.
WELL- the bank has countered our offer of 150 and is asking 199. This is the amount of the BPO. The appr. that did the BPO used the new construction sales in our sub-division as comps. Anyone know if that is correct? We expected a counter offer but not that much of a difference. Anyone have any suggestions.
Then why not by a new home if we you to use new construction sales
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Consider this
