Profile picture for lookoviedo

It is possible to speed up the short sale process?

Hello,

I have made an offer for a short sale home.  The seller has accepted and now I am just waiting on BOA to accept as well. Is there anything I or my realtor can do to move the process along? He has done many short sales and said on average they can take 3 months but there is no guarantee. It has been a month now since the paperwork has been signed.  I know this is a long process but I feel like I am floating in limbo.  Thanks!

  • May 23 2011 - Oviedo
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Answers (29)

Best Answer

Not much can be done to speed up a short sale process. The only two things I can think of-they really cannot speed up a process but a least keep it moving are: submit all requested documentation ASAP (as B Mike suggested) and follow up with a bank negotiator frequently-at least once a week. The follow up is important since you want to make sure that all the documents that were sent are actually in a possesion of a bank negotiator.
Good luck!
  • May 24 2011
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Profile picture for rjleal
This is one of the million dollar questions of the last 5 years and unfortunately the answer is no. Some realtors or attorneys may present themselves as having an 'in' or a contact at the bank that can speed things up but I would not count on it.
  • September 18
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Profile picture for Rick Sawicki
Sorry No..
There is nothing short with a "Short Sale".. I have had them take over a year to complete.
This is just the nature of the beast.
  • September 18
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Profile picture for JeanScottTeam
The short answer is, No.

Or if there is, after about 100 of these over the years, the answer still eludes us.

BOA, I'm sorry to say is about the worst. Median days contract to close for short sales in Orlando is about 5 months. So just sit tight, be patient, and ask the person handling your short sale to check with the lender for updates once a week.

For us, that person is our awesome office and transaction manager, Laci, and our excellent title company that specializes in short sales. Having someone experienced or at least "in the game" with you is key.
  • September 18
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I want to say "Ha, ha, ha...welcome to short sales"...but that would be rude.

When the agent tries to contact the bank, they can wait an hour or so, then be transferred to another phone that hangs up. Repeatedly. When they do talk to someone, half the time it is not the person they need so they're transferred to the previously described phone.

Sometimes, they speak to someone who appears to be working on the file. The next call reveals that that person is no longer there and the current person doesn't see the file on their computer and tells you to resubmit.

Once you reach someone who is assigned to the file, they simply tell you that there is no decision yet. Click. Eventually, you'll hear that a BPO has been ordered. That is a good sign.

No. There is not really any way to speed it up.
  • February 09
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On the buyer side there is not much that you could do to speed the process, good communication between agents will at least give you an idea on the process and updates on the files.

Best wishes
  • February 09
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No.  Not really.  Unfortunately, there is nothing "short" about a short sale and your Realtor is at the bank's mercy for the most part.  As long as she/he is submitting all requested documents as quickly as possible and following up with the bank on a regular basis, that is really all that can be done.  I know how frustrating it can be, as a Realtor who has done many short sales, I can only tell you to "hang in there" ... there will be an end to it soon. 

Congratulations on your offer and best of luck to you. 
  • February 09
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Profile picture for lookoviedo
update: Here we are day 537 and my agent calls to say that seller has renegoitated some terms with his loan and no longer has to short sell so they are not leaving their house.  Is this legal?  I have a signed contract,  FHA has approved the short sale, the BOA "FHA short sale DIL specialist" has gone back and forth about line 103 has to be greater than or equal to line 508 and some other contract mumbo jumbo that is way above my head (I am copied back and forth on emails)  and closing would be on Oct 15.  I know to you experts this stuff happens all the time but if I have a contract how do they get away with this?  Any help is welcome.  Thanks,
  • September 24 2012
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Profile picture for centralcal
I had a short sale through BOA approved in a bout a month.we got the final approval today and getting ready to go into escrow.

We did bid 10k above asking so maybe that had something to do with it.
  • July 18 2012
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Profile picture for lookoviedo
Day 464. New negotiator (this makes #6). My disdain for Bank of America is growing by the minute.
  • July 18 2012
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Profile picture for MBExclusive
Unfortunately, short sales do take quite a bit of time. The best thing you can do is have all documentation ready when it is required. Best of luck!
  • June 01 2012
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Profile picture for lookoviedo
day 422
  • June 01 2012
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paying all cash speeds it up
  • March 09 2012
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I suggest finding religion. Anyone will do. And become devoted immediately.

If that fails, consider a year sabbatical to tropical environs void of telecommunication capabilities. Don't forget repellent and a few really thick novels.
  • March 08 2012
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BOA is a big factor in your delay.. I have closed a few short sales and unfortunately they tend to be the slowest.
 
  • March 07 2012
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Profile picture for lookoviedo
Update: almost a year, still waiting.
  • March 07 2012
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Follow up regularly to make sure the bank has everything they need and be patient because it really does take some time for the negotiator to review your file.
  • July 06 2011
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Profile picture for jal74
There is one guaranteed way to speed up the process

Wait for it.............

Agree to increase the purchase price to in excess of the loan.

Of course that would be stupid.  So no, there is no realistic way to speed up a decision to be made by some faceless bureaucrat at BOFA.  And by the way, since BOFA is currently in settlement negotiations regarding improperly putting loans into securitization trusts, you may not be able to get a decision until after the settlement is completed.  You may be on hold for a very specific reason

Regards
  • July 01 2011
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The single most important thing is to have all you paper work turned at one time from the very get-go and all pages initialed and signed, bank statement, taxes, addendums, arms length....EVERYTHING!  Double check twice every page before sending it in.  Put them in some logical order...the way the bank wants them.  Think about it, these folkks are swamped, your package has only a few minutes infront of a processor before it goes to a negotiator, you want your package to make it to phase 2 the first time around, so getting past the gate keeper is KEY!  A bad sign: if your agent keeps having you sign addendums and affidavits that could mean a longer time just to get to phase 2. You want to be in phase 2, in front of negotiator within the first two - three weeks of the submittal.
  • July 01 2011
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Consistent follow up is really the only thing that can be done.  Ensure they have all of the documentation requested.  Your realtor probably can't do much because the seller's side typically has more "control" over the process than the buyer's side.  The seller's agent (the party that submitted the offer to the bank/has the authorization to speak to the bank) should be calling, or emailing (with BofA they use the equator system) on a weekly basis.  This way you can be sure nothing is slipping through the cracks and should lead to a smoother closing.

  • July 01 2011
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Profile picture for ParlarRealty
Acceptance is a good thing. Most short sale hunters wait so long without an acceptance so sit and relax :)
  • June 29 2011
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Profile picture for 1loddie
There is not much you can do. It is really the bank that own's the property or has the mortage that determine's whether it is a go or not. This is in fact a process that travels through several hands. You best bet is to try to stay patient. I bought a short sale property in 2009 and I thought it would never come to a close. It will! So hang tight and in the meantime try to get your mind on something else.
  • June 29 2011
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haha hahaha ! that said....has the property been registered at the BOA site ...
once a rep has been assigned, it can move things along
 
  • June 29 2011
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No and best of luck to you!

A short sale is a bidding process where the seller can accept as many offers as they like subject to the lender and/or mortgage insurance company approving of the transaction. It's not too unlike me offering my neighbors home for sale subject to him accepting one of the offers that I collect. For the buyer and their agent, it's a miserable and frustrating process that will most likely take months to find out the final outcome.

Even if you, the buyer, offer full price, cash with absolutely no contingencies, there's still a good chance that your offer won't be approved by the lender and/or mortgage insurance company. In the not too distant past, that would have been enough to satisfy the MLS listing agreement condition for the broker to earn his commission. Even if you're one of the lucky ones whose offer is accepted and approved, it's fairly likely that your broker will receive a commission split less then what was being offered in MLS.
  • June 29 2011
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LOL...hurry the lenders/banks.....patience my friend patience.  When the lender are ready they will provide an approval or not...best of luck
  • June 28 2011
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Profile picture for lookoviedo
How would I find out who my bank negotiator is?  I have only been in contact with my realtor.
  • June 28 2011
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Profile picture for katzdo
3 months is not that long if you think about the average conventional sale taking between 2 and 3 months.  As B Mike West said, just make sure that you give them whatever paperwork they need form you. If you do find something else you would like to buy while waiting for this deal to come through, make sure you speak to your attorney to find out if you can get out of the current contract with no penalty.
  • May 23 2011
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Keep looking at other properties and offering on others if one comes up that you like as much or more. Then you will figure out where the short sale process is going and can cancel that first deal if you like the other one more.

No need to stop searching for a great property.....and if you find nothing else and the short sale comes through.....even better because you will have proven to yourself that the short sale was your first and best choice. Good luck.
  • May 23 2011
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Profile picture for B Mike West
In a word NO.  The best thing you can do to expedite the process is to provide any requested documentation as quickly as possible. Other than that you will have to wait for the process to take it's course. 

Remember that the loan servicer, on behalf of the investor, is deciding if they are going to give part of their investment away and they are slow and careful about doing so.  There are two prices you must pay in a short sale.  The agreed upon sales price and LOTS OF PATIENCE.  Good luck with your purchase.
  • May 23 2011
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