Home Buying in Wisconsin>Question Details

$hort$ale, Home Buyer in Wisconsin

Short sale appraisal done and another backup offer?

Asked by $hort$ale, Wisconsin Wed Mar 27, 2013

So we put a offer in on a short sale over a month ago, appraisal was done 2 weeks ago, and now we found out that someone else if working on writing up a backup offer for 30k more than our offer, just wondering if their backup offer will have any affect on our offer, also how long does it usually take to hear back from bofa after appraisal is done?

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I am not a real estate agent but I am pretty sure they will see all offers that come in. On a short sale the seller is asking the lender to take a short payoff from what is truly owed on the mortgage so the lender may look at all offers to be able to determain what is best for them/their bottomline. This would be a great question for the listing agent on the home you have an offer on as they deal directly with B of A and have access to the Equator file management system. Good Luck!
0 votes Thank Flag Link Wed Mar 27, 2013
Thank you for your response, as for the backup offer will that affect my current offer, or will the bank not see the backup until they are done with my offer?
0 votes Thank Flag Link Wed Mar 27, 2013
Last customer i had that did a B of A short Sale it took 4 months from accepted offer from seller to approval/acceptance of the short sale offer from B of A. Every file is different though it all depends on why the seller needs to short sale (they check seller financials) & what type of mortgage the sellers have.. FHA, Conventional, Conventional with PMI, Rural Housing, VA etc.... and then it is really upto the investor of the mortgage in the end. B of A is a SERVICER of alot of mortgage but not always the investor behind the scenes. You must have patience when dealing with a short sale. I hope your current lender and realtor are explaining this to you as well. Good Luck!!! If you need a lender I would be happy to help you. Contact me:
Mandy Fritsche - Prospect Mortgage
Mortgage Loan Officer
NMLS# 557211
262-327-5700 Cell
877-868-9198 Fax
0 votes Thank Flag Link Wed Mar 27, 2013
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