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BOFA short sale over 100 Days

Long story short I've been in contract over 120 days

short sale of a home the original loan was FHA as well.

FHA aproved bank aproved bid. and was suppose to respond within 5 days it has been 10 days for final aproval what timeframe am I really looking at for finla aproval before june 30th?

Also contract was seller 3% credit but my realitor says that they most likelkly can only pay 1% due to FHA regs any truth to this?
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May 26 2010 - US
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Answers (2)

I closed one today but most of BOA short sales have been horrendous.  One broker in my office had a cash offer for 150,000 with 10,000 down and proof of funds for the rest.  This would not have been a short sale as only 141,+ to pay it off.  He talked with them every other day and after 7 weeks, the buyers walked.  He contracted it again for 145,000.  Same story.  It finally sold for 135,000.  Who won on that deal???  Good luck.
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May 27 2010
Bank of America has always paid 3% closing costs on all of the short sales I have done with them.I always put it in the contract. They often take 5-6 months to close. Good luck!
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May 27 2010
 
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