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Answers (9)
- Kristin McKeeth, "thepremiergroup"
- Contributions:37
Another thing to consider is whether the seller is going to have to go through HAFA approval- that can add 30-45 days onto the process. If they have already submitted an offer and/or have been through the HAFA pre-approval process, that may be eliminated however. Every file I have put through lately has automatically gone to the HAFA dept for review without my having any influence.
- Karen Wagner, "karen.wagner.remax"
- Contributions:210
I have a short sale listing with Bank of America they said their time frame is approximately 75 days from the time all completed paperwork is submitted to closing. Not too bad!
- Aaron Glassman, "Aaron Glassman"
- Contributions:46
First off, there's a lot to consider, especially if there is more than one loan, or if the property was the seller's primary residence or an investment property.
I have a short sale listing with BOA, and I must say, they have done a pretty good job in getting the deal approved...three times!
The first go around took around 45 days, WOW!, but he buyer walked. The next buyer came in, and beacuse the BPO was recently done, BOA approved the second deal in 2 weeks! WOW, WOW!. But can you believe it, the buyer walked again! By the time the third contract came in, the BPO was too old, so we had to start over. Almost to the day, it took 60 days for the next approval. Needless to say we are very close to closing, but now the house did not appraise. We may have to approach the bank with a deal change. Ugh!
Either way, I'm happy with the way BOA is doing short sales these days. The Equator system seems to have helped. Response times between tasks have been around a week to ten days
Overall, I'd say that 60 -90 days is a suitable amount of time to wait for any short sale. You should be able to extend the approval time if you need or want to. Just keep your eye on that deadline. The Florida short sale addendum, by default, gives the seller 45 days for approval, unless specified otherwise. Be sure to go over the contract and addendum with your Realtor or hire a real estate attorney if you feel you need to.
A quick bit of advise,it's important that you and your Realtor have a good relationship with the listing agent. They are the ones who are mostly in control of the deal. Without their cooperation your deal may go nowhere fast.
Good luck! and stick it out.
Aaron Glassman, Broker/Owner
A-1 Realty Group, Inc.
I have a short sale listing with BOA, and I must say, they have done a pretty good job in getting the deal approved...three times!
The first go around took around 45 days, WOW!, but he buyer walked. The next buyer came in, and beacuse the BPO was recently done, BOA approved the second deal in 2 weeks! WOW, WOW!. But can you believe it, the buyer walked again! By the time the third contract came in, the BPO was too old, so we had to start over. Almost to the day, it took 60 days for the next approval. Needless to say we are very close to closing, but now the house did not appraise. We may have to approach the bank with a deal change. Ugh!
Either way, I'm happy with the way BOA is doing short sales these days. The Equator system seems to have helped. Response times between tasks have been around a week to ten days
Overall, I'd say that 60 -90 days is a suitable amount of time to wait for any short sale. You should be able to extend the approval time if you need or want to. Just keep your eye on that deadline. The Florida short sale addendum, by default, gives the seller 45 days for approval, unless specified otherwise. Be sure to go over the contract and addendum with your Realtor or hire a real estate attorney if you feel you need to.
A quick bit of advise,it's important that you and your Realtor have a good relationship with the listing agent. They are the ones who are mostly in control of the deal. Without their cooperation your deal may go nowhere fast.
Good luck! and stick it out.
Aaron Glassman, Broker/Owner
A-1 Realty Group, Inc.
- Karen Miller, "kmiller_1"
- Contributions:23
It's been my experience that Bank of America has been taking 60 days on average to respond to offers. They say that they will do it faster but so far that hasn't happened.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
From the purchase loans I have funded, I see no advantage in attempting a short sale purchase. You will be far better off with a regular listing or a distressed property REO.
Although, many REOs leave a lot to be desired. It's like buying your new summer wardrobe at a Salvation Army Thrift Store's discount rack.
Regardless of the "deal," you will not receive financing beyond recent comparable sales for that area. So, every home that is listed will turn out to be a great value. Why put up with the aggravation of a short sale? .... Happy funding, Rudi
Although, many REOs leave a lot to be desired. It's like buying your new summer wardrobe at a Salvation Army Thrift Store's discount rack.
Regardless of the "deal," you will not receive financing beyond recent comparable sales for that area. So, every home that is listed will turn out to be a great value. Why put up with the aggravation of a short sale? .... Happy funding, Rudi
- Shea Bunch, "sheabunch"
- Contributions:2
As already mentioned in the other responses, the length of time for a short sale transaction is never short. After submitting an offer on a property that is a short sale, you can typically expect 45-60 days for a response from the lender and another 45-60 days after that before closing. Hope this helps.
www.ViewAugustaHomes.com
www.ViewAugustaHomes.com
- Janet Asman, "Janet Asman"
- Contributions:56
Yes it is certainly a process buying a short sale home. Also, it is a process for the bank to go through that takes a few months at best. Short sales are for the patient buyer, and I would continue to shop. Good Luck!
- Jason Gillis, "Jason Gillis"
- Contributions:61
Good response Kelly. I would also make sure your agent is following up. I have found that polite persistence is best. As an agent I call the bank, or banks representative almost daily and ask sweetly if they have an answer for us.
- Kelly Witmer, "agentbeantown"
- Contributions:2
The length of short sales can vary greatly, and rarely are they "short". Hopefully your agent can get a rough idea for you. Unless you only want this particular house and are in no hurry, I would suggest continuing your search for back up properties.
how long should i wait for on a short sale if I put a bid on one. the bank is Bank of America?
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