BOA Short Sale Negotiator gone silent (documentation, appraisal, auction, foreclosure)

[pickledokra]

Any advice?

I am a buyer with an offer on a HAFA short sale property in Dallas. The seller's agent is using BOA's Equator system. Here is the timeline so far:

03-30 Seller accepts contract for a June 15th closing
04-12 All documentation completed and successfully uploaded
04-16 Equator request buyers proof of funds to close, uploaded it same day
04-28 Case status changes to TRANSFERRED to Negotiator [name] Willmington, DE
04-29 Sellers agent introduced herself through Equator system
05-02 First response from negotiator with one sentence: Looking forward to working with you...
05-07 BOA Appraiser contacts the seller's realtor for an appraisal
05-18 silence.....

During this process, all communication has been through Equator and the sellers agent has not talked to a live person. Everyday she is looking at the system to see if there are any communication. I am concerned that lack of follow up on the sellers agent will make us miss our close date.

Here are my questions:
1) Has anyone gotten to this point and the negotiator? What should expect in terms of steps and timeframe?
2) Should we step-up the "nagging" with the negociator?
3) How do you escalate?
4) Do you think its realistic to hit my close date of June 15th?

Thanks...

[LinArizona]

My short sale timeline was to close on June 11th and I was worried about running out of time too. I will be watching for replies, wish I could help with answers. The property is set for auction June 13th but I was told BofA would push back the auction date as long as we have investor approval.

There was a quiet period for me while waiting for the appraisal, I didn't write dates but it was about 2 weeks I think. The appraisal got done, the negotiator did their thing and passed it to the bank who passes it on to the investor so yeah that took awhile. The only reason I heard anything was a couple little addedums that needed signing along the way.

Will keep my fingers crossed for you and be looking for your replies.

[2bindenver]

The valuation has been done, now you are waiting to see where your offer falls - inside guidelines, outside guidelines....

We do not know who the investor is or if there is a 2nd or HOA lien....

To many variables to say for sure. You should get a message in equator within 10 business days of the valuation being in their system.

[Silverfall]

I'm a bit surprised that you think a closing date is a "hard" set date during a short sale. The fastest we've done in Equator was 77 days so it is possible but highly unlikely.

[rjrcm]

Originally Posted by Silverfall

I'm a bit surprised that you think a closing date is a "hard" set date during a short sale. The fastest we've done in Equator was 77 days so it is possible but highly unlikely.

Right, until the bank sends the approval letter there is no set date for closing. Our short sale addendum calls for a closing date X number of days from bank approval, and the bank may also want yet a different date.

[NinaN]

And whatever you do, do not plan to move out of where you are living until you have an accepted approval with a date on it signed by all parties! You cannot count on a short sale happening at all, let alone count on a particular date.

[slponce]

Hi, does a Real Estate agent represent you? If yes, your agent needs to be in touch with the listing agent on regular basis. If not you need to be in touch with him/her. Right now, you are in the Valuation process. It can take 7 to 10 days. Here is where negotiation starts. Depending on the appraised value of the property, BOA will accept your offer o counter your offer until both agree on the purchase price. Once this is done, BOA will request Investor’s approval. You will get an approval letter from BOA with the terms and conditions of the approval. READ LINE BY LINE! From this date, BOA will usually give you 45 days to close. If you are paying cash, you may be able to close faster. If you have a loan, they need the approval letter to start the process of your loan and it will take 30 to 45 days.

If this property is in foreclosure status, make sure that they postpone it every month, usually 7 days prior to scheduled date. I have seen cases where they forgot to request the postponement and it goes on sale.

Everything is done through the Equator, short questions, short answers, no phone calls. Silence is no good! If they do not answer, call the short sale department at 1-866-880-1232 and tell them what you need. They will be able to help you and even escalate or give you the contact name and number of the Account Manager. Stay on top; this is the best way to expedite your transaction. As I said, your Agent has to do this for you. Good luck.

[pickledokra]

Status update:
1) We stepped up the nagging.
2) Bank of America claimed to has routed our paperwork to the wrong department and got kicked out of Equator
3) As of last Friday 5-20-2011, we are back in....
4) According to a loan rep we are on fast track(?????)
5) This morning we got this message through Equator:
--------
Great news, we have all of the required financial information and documentation for the time being. We have submitted the necessary information for investor delegation. Once the investor review is complete we will be contacting you to discuss the decision.
Thank you for your patience during this step in the process since it can require input from Multiple parties.
In the mean time, please complete any outstanding tasks in equator
--------

Does anyone know what happens during an investor review? or how long it takes?
Thanks for everyone's support!

[LinArizona]

Interesting response from BofA. Our file went to the investor but that was all that was said, that they had forwarded it to the investor. A little wait (sorry I didn't keep a diary for how long but wasn't long) and the next contact was simply the letter of approval from BofA. Good luck, hope you get yours soon!

[peachstatehomegal]

You're coming down the homestretch! Congrats!