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I am working on a short sale and this is my third offer. The sellers agent said that she is currently working with the phase 1 and phase 2 negotiators. Is this a good sign? Does this mean that I am getting towards the end of the process?
Depends upon the bank. Sometimes the phase 2 negotiator has some authority to agree at their level, depending upon the dollar amount. And sometimes the phase 3 negotiator can take months.
Jeez...i dont know if i would even bother but i guess i dont know the details. I tried to buy a foreclosure from bank of america and it was a waste of time trying to deal with those people. Shortsales are even worse as i understand it.
BofA is one of the worst performers in the short sale arena. That being said, while they take their time, I have seen quite a few BofA Shorts go to completion.
Did you see the new info from BofA. They just stopped ALL foreclosures in EVERY state pending a review. Perhaps they already knew their paperwork was flawed so they were draging their heels on everything, including short sales.
Did you see the new info from BofA. They just stopped ALL foreclosures in EVERY state pending a review. Perhaps they already knew their paperwork was flawed so they were draging their heels on everything, including short sales.
Yes I did. We were told they were halting the sale on the forclosure on this house because they were working with our offer. Now I'm not so sure. Today we were told we should have an answer in 72 hours. I'm worried they are going to come back with a counter. I CANNOT go any higher then what I offered.
Is this a 3rd party negotiator or the negotiator from BofA? I think it depends on the agent, and how the agent works with the negotiator. Is all the paperwork being submitted in a timely manner? Are the agent's tasks being done on time? We just finished a short sale with BofA through the Equator system, started in the end of July and just closed it last week. It was a large luxury home in a rural area, investor owned so it was no walk in the park but it can be done.
My understanding is that the negotiator is from BofA. Once approved. How long does it typically take to close?
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