IMPORTANT NOTICE: Tim Sova (and RE/MAX Platinum)
1) "You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from you lender (or servicer). If you reject the offer, you will have to pay us (insert amount or method for calculating the amount) for our services."
2) "RE/MAX is not associated with the government, and our service is not approved by the government, and our service is not approved by the government or your lender."
3) "Even if you accept this offer and use our service, your lender may not agree to change your loan."
Below is a typical timeline, however, this will vary by lender.
DAY 1-15
Complete package is put together including the purchase agreement and preliminary HUD-1.
DAY 16-30
Lender receives full package and file goes in to rotation to be assigned to a negotiator. A Broker Price Opinion (BPO) is ordered to help the lender determine the property value.
DAY 31-45
Once the BPO has been completed and returned to the negotiator, they have 15-30 days to review the file and determine if the offer on the property is in line with the BPO. If the offer is accepted by the lender, the file is forwarded on to the investor. If the offer is rejected, they will return a counter offer.
DAY 46-60
Investor either returns the file as an approved file, giving authorization to close, or they will return the file as a denied field and require a counter offer. If the file is approved, the approval will only be good for about 30 days.
DAY 61-90
If a counter offer is received, the investor can take another 15-30 days to review. If the counter offer is accepted, an approval will be granted and closing will be possible. There are times when the investor will refuse a second counter offer and the file will either be closed until a new offer is received or the investor may decide to take the property to auction through a foreclosure.
Recent changes to foreclosure and lending regulations are in progress which may change the above timeline. For Instance, in most cases, lenders are required to pre-approve short sales and agreed upon price prior to selling in a short sale. We will continue to update this page as additional information becomes available.
