Bank(s) Involved: 1st Mortgage Bank of America

                           2nd Mortgage Bank of America

 

Short Sale Packet Submitted: 10/25/2010 into Equator System

 

Negotiator: Yes

 

Appraisal: Ordered on 11/3/2010

 

Approved: 

 

Additional Notes:

 

10/4/2011 File is in Underwriting for desicion.

10/11/2011 Emailed the negotiator for an update called the bank there is no notes into the system sence the 4th.

11/3/2011 File is still in document collection  Mandi is calling the bank to get HAFA co-op started

11/8/2011 They sent Seller a letter that needs to be signed sent on the 7th 2 page agreement. Need to upload into equator system.

11/15/2011 Need the Co-Op agreement fill out sent to Mandi at home address have not seen it yet I requested that it be sent to our email.

11/21/2011 Sent over the co-op agreement on 11/15/2011 sent email requesting update

11/29/2011 needed to Fax the co-op agreement not upload into equator.

12/5/2011 Called and left message Calling again on Friday.

12/6/2011 New Interier BPO ordered for 12/7/2011 9-10

12/12/2011 Called left message.

12/14/2011 Called and left message for negotiator he said it would take 10-14 days for valuations on this property.

12/20/2011 File is in with Investor for final valuations. Sent negotiator an email. is now in Offer Analysis

12/21/2011  The Property is currently under review with Bank Of America it should be processed first part of the week due to the Holidays.

01/03/2012 We are in approval request stage, Still no answer I have sent in a escallation to get an answer told them we have had this listed for 2 yrs and the HOA is really High.

1/9/2012 Left message and email for negotiator for update.

1/17/2012 Emailed the negotiator for an update on the offer.

1/24/2012 Emailed the negotiator again and had bank email him.

1/25/2012 Waiting for BAC to complete a task, then will be able to review the offer. Should be completed in the next 24-48 hours.

2/3/2012 Sent an email to the negotiator for an update.  Offer into the system status in the equator system is still in Review!  

2/6/2012 Sent in another email to negotiator told them we got another offer, and for an update.

2/7/2012 Uploaded the offer.

 

 

 

To schedule an appointment call 801-566-7800

 

Please Explain the following to your buyers:

1. The short sale addendum notes that the seller can cancel the contract and take another offer.

2. Our seller has the right to accept any offer whether its higher or lower than your client's offer just like any other normal sale. The seller makes this decision.

3. As a result, whats puts a buyer in the best position?  Making a good offer and having an agent that stays in contact with us regarding their interest. This could be as simple as a weekly e-mail that states "let me know if we need to improve our offer to keep in the running." If someone ever wants a first right of refusal, a non refundable option money would be the most likely to entice them to do so depending on the bank/banks with the short sale.

4. Most of our banks don't require signatures on our offers. (Contrary to what people may think.)  When we submit an offer to the bank it isn't contractual.  When there is a bank that requires signatures upfront, we  will mark that property as 'offer under review.'  Otherwise, any offer a buyer submits will be reviewed by seller even if there is an offer into the bank and any buyer has an opportunity to purchase the property despite being 2nd to put the offer in.

DAVE ROBISON, Principal Broker, ABR, CDPE, CRB, CRS, e-PRO, GRI

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