Short Sale - Week 4

This is Part 4 of an on-going series documenting my most recent experience attempting to use Bank of America's Equator system to complete a short sale. You can find earlier posts in this series at:

Short Sale - Week 1

Short Sale - Week 2

Short Sale - Week 3

December 2, 2010

• I receive an email from Merna telling me that the appraisal has been submitted. B of A is gathering its internal documents to see how much is owed (loan amount, unpaid payments, fines, etc.) against the property. This information will be given to the short sale negotiator. They will analyze how much the holder of the loan (the investor) will lose on the offer. This analysis will be submitted to the investor who then can either accept, reject or counter the offer. Merna warns me that that my buyers should be prepared for a counter offer. If the buyer counters the investor's offer, this will result in substantial delays. And, if that isn't enough, Merna's email ends by telling me that, even once the investor agrees to price and terms, they can change their mind up until the day we close!
  

Analysis - Days 22 -28:

Activity on the file has really slowed down. It's hard on the seller, the buyer, and the agent, but there is nothing we can do except wait until we hear from the investor.

Hint:

Keep your buyer up to date on the market. If something new comes on that may be of interest, let them know. If the new property is not a short sale, they may decide to make an offer on the new listing rather than play the waiting game with the investor.