Home Buying in Fort Myers>Question Details

Michelle, Home Buyer in Fort Myers, FL

BOA SS verbally approved today what is the typical wait for the approval letter?

Asked by Michelle, Fort Myers, FL Tue Aug 9, 2011

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Michelle it has been 10+ days since you posted...did you get approval letter yet? I wonder if you agent just "told" you it was approved to "keep you happy"

http://www.house-guy.com/index.cfm/Short_Sales

best of luck..
1 vote Thank Flag Link Tue Aug 23, 2011
I am in the middle of a nightmare shortsale process with BoA. I am 4 months into the shortsale, and a month the selling agent notified us that BoA accepted, to expect an approval letter shortly to follow, and gave me a "Close No Later Than Date" deadline in which I, the buyer, must close by.

I put in my 30 days notice at my apartment and ordered furniture for the condo. 1 month later, the "close no later than" date just passed and I have not only not closed, I haven''t even received the approval letter (and absolutely no communication from the bank since despite numerous requests to the listing agent). As a result of BoA's deception I now don't have a place to live or place to put my furniture and no explanation provided by BoA.

It is an all cash offer, with only 1 lien, that was 40% higher than the listing price and at the ceiling of all estimate ranges I have seen (so certainly not below FMV).
0 votes Thank Flag Link Fri Aug 24, 2012
good luck with Bank of America they are having their share of problem! I would not expect any timely answers from them.
0 votes Thank Flag Link Mon Sep 26, 2011
@Justin - I was really beginning to think so too but mid last week we finally got the approval letter YEA!!!
0 votes Thank Flag Link Sun Aug 28, 2011
Hi again. You shouldn't need to sign another contract because an addendum will usually suffice. The approval letter you receive will most likely give you an approved 'net amount'. Oftentimes the bank will not care if the purchase price has changed as long as they still receive their 'net amount'. If the bank requires an addendum to be signed, they are probably going to need to receive that first before they will issue the approval letter. You may want to have your agent find that out. After you receive the official approval letter, the bank is going to need a final HUD statement when you are ready to close...and then you will be ready to close! Sounds like you are close!!!
0 votes Thank Flag Link Tue Aug 16, 2011
We are still awaiting the official letter but it really has only been 3 business days. We heard from a friend who went through a SS in a different state the bank might ask all parties to sign the contract again with the updated figures since the price changed which isn't a problem to sign again on our end. Just wondering is that typical and should the letter come soon after if they request that?
0 votes Thank Flag Link Sun Aug 14, 2011
Hi Michelle,
I have the letter via email within a day of the verbal. Some have taken several days to a week on the first loan. However, I have seen a second loan say they will give approval once the first loan gave theirs (same lendor) and waited an additional 3 weeks for the actual 2nd loan approval letter. Nothing is every done until you have it in writing.
You also want to make sure you have the approval from the bank on letterhead. Good luck and happy to help you.

Sarah Garrett, Realtor
ALLIANCE REALTY GROUP
"Chosen Best in Client Satisfaction 2006-2011" by Gulfshore Life Magazine
Cell: 239-464-8620
Email: sarahgarrett@argfl.com
Web Access to SW Florida MLS:
0 votes Thank Flag Link Wed Aug 10, 2011
Michelle,

If Bank of America verbally approved the short sale today and there are no other parties (like an investor, 2nd mortgage, etc.) that also need to approve you should have the formal approval letter very quickly. Keep in contact with whoever is negotiating the short sale as you will find that the squeaky wheel usually gets the oil.

I hope this information is helpful but if you need anything additional please do not hesitate to give me a call.


Always at Your Service,


Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
tom@tompriester.com
Web Reference: http://www.tompriester.com
0 votes Thank Flag Link Wed Aug 10, 2011
Hi Again Michelle,

It could be then that your Agent received the automated notice that the short sale had been approved, but not the actual letter, and it can come as soon as hours or up to 10 days (in my expericence probably sooner than later.) Good Luck!
0 votes Thank Flag Link Tue Aug 9, 2011
Hi Again Michelle,

It could be then that your Agent received the automated notice that the short sale had been approved, but not the actual letter, and it can come as soon as hours or up to 10 days (in my expericence probably sooner than later.) Good Luck!
0 votes Thank Flag Link Tue Aug 9, 2011
Hi Michelle,

They usually follow up in less than two weeks.

They are usually trying to get final approval.

Good Luck!
0 votes Thank Flag Link Tue Aug 9, 2011
There is a rule i use in real estate " GET IT IN WRITING" once you have something in writng you may have cause to have some forward momentum...verbal means nothing and there is nothing typical about deadlines in short sales...it all depends on series of factors and people.
Be patient and try to see it thru to the end if the house is a really good deal.
John
0 votes Thank Flag Link Tue Aug 9, 2011
I maybe mistaken I assumed it was a verbal approval because we just heard it was approved from our realtor today and were told the offical approval letter would come next.

@Bev - Yes, we do have a realtor but are interested in what wait others have experience even though we know no 2 SS are alike.
0 votes Thank Flag Link Tue Aug 9, 2011
Michelle,

As mentioned, verbal approvals are basically worthless. However, they are a positive indicator of a potential written approval. Most Bank of America Short Sales are submitted through the EQUATOR system, which is basically automated. Some B of A HELOC loans are not to be submitted through EQUATOR and are processed another way. In my opinion, the time it takes for the typical approval letter depends on several factors and difficult to determine. I think one of the factors is whenever the bank "feels" like it. If anyone could determine how quickly one could obtain a written approval letter, short sales would be flying off the shelves! :) Faster than they already are....Good luck!
0 votes Thank Flag Link Tue Aug 9, 2011
Michelle, don't you have a REALTOR to answer this question?
0 votes Thank Flag Link Tue Aug 9, 2011
Ron & Lilo are right. BoA may issue a counteroffer that you can accept but nothing is certain until a copy of the approval is received with all terms outlined.
Web Reference: http://www.mysharphomes.com
0 votes Thank Flag Link Tue Aug 9, 2011
Hi Michelle,

If is BOA, when Hell freezes over. I think they have a little clause that says they approve it but the investor has the final say.
Good luck and don't be suprised if you start again.

I hope not, but that's how they work.

Kevin
0 votes Thank Flag Link Tue Aug 9, 2011
Michelle it is never APPROVED until you receive it in writing, your agent or negotaitor should stress the importance of the letter coming quickly.

http://www.trulia.com/blog/scott_godzyk/2010/06/how_to_get_a…

please see my tips on gettungh a short sale approved
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Aug 9, 2011
I have gotten verbal approvals from the closing coordinators at BOA. It usually takes about 2 weeks to get it in writing, in my experience. But as noted below, it really isn't approved until it is in writing.
0 votes Thank Flag Link Tue Aug 9, 2011
It isn't uncommon for a negotiator to convey acceptance verbally or through email(more likely) but I would agree that it is never a done deal until you receive a formal short sale approval letter. There are always conditions of the approval letter so I never get excited about a "verbal" approval until I see everything in writing. Most BOA deals are done through Equator now. Regardless, you should receive your letter within the week. If you haven't, hound the negotiator!!!
0 votes Thank Flag Link Tue Aug 9, 2011
Hi Michelle,

Who verbally approved the short sale? I'm sure it wasn't BofA as banks don't give verbal approvals. Was it the seller? If so, that's not really an approval as BofA has to approve the short sale - and it HAS to be in writing or you don't have approval.

Good luck.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Tue Aug 9, 2011
It seems that you'll receive a firm commitment at the same time that the funds are disbursed.

This is not a flip answer. Approval/commitment is almost always hour-by-hour, depending on your credit score, the location of the property, if there is a homeowner's association, the state of its financial stability, the percentage you're putting down, the appraisal, and on and on.

Some success depends on the experience of your loan officer, his/her familiarity with uderwriting procedures, their ability to communicate with the loan processor, their resolve and on and on.

Be truthful and be sure to promptly furnish them with all of the documentation they request, even if it's difficult to produce,if you think it's redundant, if you've furnished it before and they've lost it, be truthful, and on and on.

Be a squeaky wheel. Stay in touch with the loan officer. Be patient. Don't make any promises contingent upon the loan. Make all future plans with an escape mechanism. It's

Paul Kirchmann, Realty World-Florida
0 votes Thank Flag Link Tue Aug 9, 2011
Hi!
You don't have an approval until it is in writing.
Banks don't work on verbals.
Web Reference: http://www.LiloRealtor.com
0 votes Thank Flag Link Tue Aug 9, 2011
Something is wrong;
I have never heard of BofA giving a VERBAL approval to anything:
Everything is on paper.
Possible your Agent got an Acceptance or a Counter Offer and this is the way he notified you.

Inderstand that until you have something in writing; you have nothing.

Good luck and may God bless
0 votes Thank Flag Link Tue Aug 9, 2011
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