Approval on Bank of America First

[scottcollins]

Seller's agent just faxed over copy of approval. Deadline to close is April 9 (They had given us this info back on Feb 25 via e-mail)

They are paying 6% commission, 1/4 of the 2010 HOA fees, $300 for title insurance.

They retained the right to seek deficiency judgment. This was totally expected by the seller and she has agreed.

USAA has the 2nd and just received the updated HUD. They requested another BPO which was completed yesterday.

We've told everyone that our absolute drop-dead date for all written approvals is Friday, March 19. Our loan guy can get this done in as little as 2 weeks but we've built in the 3rd week for any delay.

Offer accepted August 3 / Negotiator assigned/BPO done Sept 23 / 1st approval Feb 24.

[scottcollins]

USAA approved yesterday, but I don't have any details on what they are requiring (if anything) of seller. They did reduce agent commission from 6% to 5% to make up for BofA only giving them $2,000.

Both agents have agreed with one another that they will ultimately accept this condition but that they will first try a quick negotiation with BofA to try and get the pot sweetened just a bit.

Seller's agent was quite pragmatic with our agent. He said that everyone is losing money on the deal and even though they have a lot of time in on this, it's hard to tell the banks that he won't make a small concession when he is asking them to make a large one. He also said he isn't going to send the client into foreclosure over 1% when she is agreeing to accept responsibility for the deficiencies.

Our agent is really a stand-up person and told the seller's agent that she would split the reduction, pending approval from her firm.

So it looks like we are being wheeled out to the pad for an April 9 launch. Hope to have written approval by Monday or Tuesday.