Replies to This Discussion

Permalink Reply by Sherry K. Kotvis on January 18, 2012 at 3:10pm

As a listing agent I never give a timeline to the buyer's agent. I only give approximations. Over promising and underlivering is not advisable as anything can happen throughout the short sale approval process.

Permalink Reply by Joe Beauchamp on January 21, 2012 at 2:02am

Buyers are far removed for what is happening - any message can be convoluted by the time it gets here from a buyer.  There is little you can do about anything but bug the listing agent to keep after the bank.  That said, QC tends to be the step after the negotiator has approved the deal and the bank wants QC to make sure that all the docs are right, etc.  That is a good sign. Going to an executive committee is rarely a good sign because it is an intervention due to complaints, screwups, etc.Specific terms often mean specific things.  Negotiators frequently are low level, high turn over people who often throw around the wrong terms or get their guidelines wrong (of which there are many and frequently changing), so what you put in your question could be misspoken with different meaning for several reasons.

However, I have never heard QC mentioned by a negotiator until it is at that end stage (unless your listing agent said this thinking that it means the same thing as what the negotiator really told him..??).  QC usually means a week or so for the approval to show up.  End of year, banks are double slow with end of quarter and end of year work.

Frequently at BOA, I have received approvals after they have expired - the bank blindly uses the closing date on the last HUD-1 that was submitted.  So, you might have delays for getting an extension.

Hopefully, that didn't confuse you more than inform - it is not a cut and dried situation and easily screwed up by a lousy negotiator, etc.

I'd stick with "QC" being a really good sign.

Permalink Reply by Lehel Szucs on January 23, 2012 at 3:57pm

I once received an approval letter from bofa that gave us one week to close .. I immediately asked for an extension and was granted enough time to close the deal .... treat the people right on the other end and they will work with you