All Forum Posts by: Kevin Barrett

@Robert Conroy  Here's the latest on the short sale:

- Listing Agent informed us that both lien holders are generating an approval letter and should be able to send us those soon. 

- Both attys are fine with signing the P&S as they believe the approval letters will arrive shortly.

@Leyla Simsek  Make sure to do you due diligence on brokerages to work for. There is a little bit of a learning curve when you first get your license so you want to work for an office that is producing and doing it the right way. Go get 'em!

@Wayne Brooks I was referring to the Purchase and Sale contract being 7 days post lien approval. It sounds like approval letter comes before the Purchase and Sales. And the P&S is 7 days post-receiving the approval letter.

Thanks for the valuable insight @Derek Smith.

@Wayne Brooks and anyone else that would like to reply here is some more details regarding this short sale:

The listing agent said:
"we need a signed price addendum with the new offer price in order to obtain the approval letters. Forward that to me as soon as possible and I will get it signed by the sellers so we can move forward"

I sent an updated offer for the sellers to sign then the short sale negotiator said that he would be sending the P&S. As the P&S date read "7 days post lien approval" we discussed that the post lien date would be last Friday since that's when the buyers said they would accept the banks counter offer.

We expected to sign the P&S this week, but now we are being told that it will take another 2 weeks to get the approval letter from the bank so we need to postpone the P&S date.

Since the bank came back with a new offer and my buyer's accepted I was hoping to move on to the P&S asap.

I am working with buyers on a short sale and they have an accepted offer with the seller and the short sale negotiator informed us that bank accepted offer as well. Short sale negotiator office was suppose to send buyers atty P&S, but we received word that the signing of P&S would be delayed a couple weeks because bank needs to produce written approval letters. Should the bank approval letter really hold things up another few weeks. Does every short sale require an approval letter? Understand it's a short sale, but just want to understand the necessity of the approval letter and keep this thing going!

I am working with buyers on a short sale and they have an accepted offer with the seller and the short sale negotiator informed us that bank accepted offer as well. Short sale negotiator office was suppose to send buyers atty P&S, but we received word that the signing of P&S would be delayed a couple weeks because bank needs to produce written approval letters. Should the bank approval letter really hold things up another few weeks. Does every short sale require an approval letter? Understand it's a short sale, but just want to understand the necessity of the approval letter and keep this thing going!

For a shortsale I have buyer's that have an accepted offer and we just received word that the BPO's have been completed and now the bank will review.

QUESTIONS: As a buyer's agent can I request a copy of the BPO appraisals? What's the chances that the bank will actually share them?

For a short sale does the listing agent negotiate at all w the bank if a lender wants to counter or is it strictly the short sale negotiator assigned for the sellers? Thanks in advance!

Do the buyers of a short sale get to know what a BPO from the bank came back as? In other words, will the bank/listing agent disclose what price or value was given for the home? Thanks!

Thanks for the quick reply. Does the # of bedroom get sent to the town, get updated on assessor's card etc or is purely for the banks use?