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My latest update. USAA is willing to submit Nationstar offer for a lien release approval but if stated if the seller wants a full release of the deficiency with the approval then a higher offer would be needed. Nationstar has offered $5k to the 2nd lien holder for lien release. That is the most that Nationstar will pay. USAA is running a lien release approval for now. If the seller is interested in offering cash at closing to get a full release of debt further discussion will be needed. I’m unsure if Nationstar will allow the seller to give extra funds to the 2nd.
I'm sooo pleasantly surprised that we got approval from lender today!
So now they will open and we will start working on the things that you would do for a traditional sale.
Ocwen Short Sale - Offered close to market value, higher than the list price.
3/13 Offer Acceptance
4/26 BPO
5/2 Affidavit of Arm's Length
5/31 Short Sale Approval
1stTimeBuyer1184, it's been over a month now since i got an update from Bank of America saying they were presenting the package for investor approval. Did it take you that long to get through this step let alone the >1 wait for actual investor approval?
ChicagoBuyer - I haven't received an investor approval yet. I'm not sure if you were reading a post where I quoted someone. However, I waited a long time for the Chase negotiator to respond and approve the sale (almost 3 months). The negotiator then moved the file over to get investor approval last Thursday. My real estate agent said it should take about 2 weeks. But a lot of people have said investor approvals could take up to a month or longer.
You should definitely check in with your agent for an update. I usually ask mine for an update and hope that she can get things moving along by pestering the sellers agent for more info.
1sttimeBuyer, ah i probably got confused. Yea i'm just not sure what the hold up is for BoA to get the package ready for presentation. Shouldn't this be a one day thing?? I've asked the listing agent for updates but i don't think she's very knowledgeable about what is going on. (never done short sales before) I've asked her to try and escalate the file since it's been such a long process. Thanks for the info!
1sttimeBuyer, ah i probably got confused. Yea i'm just not sure what the hold up is for BoA to get the package ready for presentation. Shouldn't this be a one day thing?? I've asked the listing agent for updates but i don't think she's very knowledgeable about what is going on. (never done short sales before) I've asked her to try and escalate the file since it's been such a long process. Thanks for the info!
Chicago, I've learned that BOA can be very unorganized and a 'one-day thing' will take them 1 week. We hardly got updates from them (unless it was just the seller's attorney keeping info). We were told we would have the final approval, in writing, by the end of the day last Tuesday. It ended up coming in Saturday, and they forgot to attach it to the email to the seller's attorney
I got inspection results and there are more repairs that I hoped for. Lender gave approval as is, even not termites.
We will try to negotiate or I'll have to pay around $10k for repairs.
Do you get repair of termite help from the short sale lender?
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