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My accepted offer by the seller went to the bank in Dec '2011. My attorney ordered a title search which revealed a violation for deck w/o a permit. Initially the seller said he would obtain the CC for the deck, but then realized he had no money, so per contract, I was asked to obtain a survey for the property, and the seller would then apply for the CC.
Since I had no guarantee that the short sale would be approved or that my offer would be accepted, I decided to make a new lower all cash offer. I decided I didn't want the deck because it would make my property taxes rise and it would further delay this sale. I would have the deck taken down if I got the house and have the violation cleared.
The sellers agent told us yesterday that all the paper work had been submitted to the bank via the Equator system and the status had been updated to 'Underwriting'. Does anyone have experience with Equator and can tell me what I should expect? The bank ordered a BPO in late January, before my new cash offer. How long will it be before I hear back from the sellers agent? Will they counter-offer, order another BPO, accept my offer, or something else?
Any information provided would be greatly appreciated. Thanks.
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