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BOA rejected our electronic signed contract and requested an "ink signed contract". We summited it to Agent right away and he said he "hoped to have written approval by Friday". I've heard this "hoped to have written approval by Friday" one too many times. This is the 2nd time BOA rejected the contract. The 1st was over a typo. Why did they not say something about eSign then?
I am so sorry to see this. It's soo messed up!
Did they put your money into escrow? Did you sign any contracts? unfortunately peoples words are no good these days. Everything needs to be in writing.
Contracts were signed by all parties, we gave a $5000 check but was told it was not to be cashed till they opened escrow. We should have known from the beginning when the guy never answered my agents calls.
Live and learn.
Contracts were signed by all parties, we gave a $5000 check but was told it was not to be cashed till they opened escrow. We should have known from the beginning when the guy never answered my agents calls.
Live and learn.
Ugh what a jerk. Please keep us posted on your next purchase even though it won't be a short sale. Good luck with everything!
BOA rejected our electronic signed contract and requested an "ink signed contract". We summited it to Agent right away and he said he "hoped to have written approval by Friday". I've heard this "hoped to have written approval by Friday" one too many times. This is the 2nd time BOA rejected the contract. The 1st was over a typo. Why did they not say something about eSign then?
We were told from the very beginning not to use any electronic signatures. We actually had to print everything at home sign and scan and then email. Even our purchase offer had to be formal and in writing. It is annoying! I hope you hear by Friday!! Good luck!
November 10, 2011 - Offer submitted for $155k (full asking), + 3% closing
November 10, 2011 - Offer Accepted by Seller (30 minutes)
November 11, 2011 - Docs sent to investor.
November 13 - Response from investor, they will not cover closing costs, but bank will have the final say.
November 18, 2011 - Assigned to a negotiator at the bank. Will not hear back until November 28 as they will be out for the holidays.
December 7, 2011 - Negotiator was never assigned, escalated at Chase.
December 8 - Negotiator finally assigned.
December 10, 2011 - BPO started today, was told appraiser said offer price should not be an issue.
December 31, 2011 - BPO completed
January 2, 2012 - Chase would not accept docusign, wanted hand printed signature on the offer letter. Hope this doesn't start the process over.
January 4, 2011 - Was informed to expect a decsion soon, but as others mentioned soon could be 2 weeks
Selling agent received this message from BOA on Tuesday "we have all of the required financial info and doc's, and have submitted *the necessary information for review. *After the entire review I will be contacting you of the decision. Thank's for your patience during this step in the process since it can require input from multiple parties." We had been told for weeks that BOA has already approved the SS and was just waiting on PMI approval. So has PMI approved it and are we in the final approval step? Anyone know how long it takes for final approval?
Selling agent received this message from BOA on Tuesday "we have all of the required financial info and doc's, and have submitted *the necessary information for review. *After the entire review I will be contacting you of the decision. Thank's for your patience during this step in the process since it can require input from multiple parties." We had been told for weeks that BOA has already approved the SS and was just waiting on PMI approval. So has PMI approved it and are we in the final approval step? Anyone know how long it takes for final approval?
Based on what you said, it does sound like you are waiting on some kind of Approval...could be still from PMI though. In our situation, after accepting the counter it took 4 weeks before we got written approval. Hope you hear something soon!
I’m wondering if this time line looks somewhat normal, or if this is a lost cause. Things seemed to really stall out in November. I’m not familiar with all the terms, is there anything more that I can do to speed this along?
7/11 make offer on house (25% below asking price)
7/14 seller says they have multiple offers
7/15 seller accepts our offer
7/21 we sign offer
8/10 seller submits everything to their bank
9/21 investor negotiator counter offers
9/30 we meet in the middle on price (22% below asking price)
10/24 keep hearing that we are waiting final approval from "investor"
10/28 told we should hear any day now...
11/4 sellers bank asked seller for most current bank statements, paystubs, etc
11/6 we were told it was in "final review"
12/1 Our agent keeps telling us that the title company says any day now
1/10 still waiting
I believe the reason for the short sale is that the current owner is getting divorced. I think that this was their second home as they both currently live 1000+ miles away.
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