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?
  • May 26 2010 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (2)

Profile picture for Randy Mabry
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.
  • May 27 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

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!
  • May 27 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.