How long for a BofA short sale? (appraisal, foreclosed, agents)
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My husband and I put an offer in on a short sale today. We should hear back from the seller in the next couple of days. If they accept our offer, how long should we anticipate waiting to hear back from the bank? Our realtor said that it would be up to 90 days.
I just read somewhere that BofA was trying to speed up their process on short sales. Have they started doing this yet?
How long should I anticipate waiting on BofA if my offer is accepted by the seller?
There is a 2nd on the home, but our realtor said that the company with the 2nd is one that is very cooperative and usually signs off if the company with the first throws them a couple thousand bucks.
Our ss purchase took 1 day short of 5 months. Offer on February 11th, closed on July 10th. Though through our tenure with dealing with it, this is when they did the integration between BW and B of A so there were a lot of delays. Hope yours goes quicker!
The streamline process was suppose to be effective September 1.
Could just be another way to get their name in the news.
I expect there will be a lot of backlash from furious consumers in the next few years.
Do you know exactly what the new process is supposed to be? I just read that they were supposed to be making the process "better" but not sure what timeline they are now giving.
Hahaha 90 days...I don't want to burst your bubble, but you definitely deserve a fair expectation. Agents are really bad about this, I've found.
We, as buyers, just got bank approval for our B of A short sale. It has been 4 months from time of package submission, almost to the day. Here's the thing. Ours was pretty cut and dry, no second mortgage, no HELOC, no anything. He already had a foreclosure date but our realtor convinced him to short sell - house wasn't on the MLS.
The longest part was from time of package submission to getting interior appraisal done...that was about 3 months. After that, things went pretty fast - turnaround time for B of A and investor approval after the appraisal was about 2 weeks.
If there is a second on this house, you are looking at at least 4 months, if not longer. Agents will tell you anything to get you to be patient and hang on. It doesn't matter how streamlined the process is, the short sale negotiators making 8 bucks an hour have hundreds of files on their desk, and they aren't going to get to yours faster than anyone else's.
If you can be patient, short sales can be a great deal. It will take quite a while, and there will be seemingly no progress for about 2-3 months. Good luck!
Thank you for the information. Our offer, while higher and with better terms, was accepted as 2nd place back up offer because the offer that was accepted had buyers who were able to put down $260K down instead of the 20% down that we had (on a $340K house).
We now have an offer on a short sale accepted by the seller and submitted to the bank about a week ago. It is with Indymac and has a 2nd with Citi. I am not optimistic, but we'll see what happens. I've heard Indymac (OneWest) is actually worse than BofA.
There are nothing but short sales in my local market, otherwise I would absolutely be putting offers in on traditional sales. If a traditional sale does happen to pop up in my area, it is extremely overpriced because the sellers know that the buyers don't want to have to deal with short sales and there are way more buyers than properties in my area.
How long should I anticipate waiting on BofA if my offer is accepted by the seller?
We made multiple offers on different short-sell homes 9 months ago and still haven't heard back on the offers!
We moved forward with an offer the day a foreclosed home came on the market. We closed in 28 days. If I were to do it all over again - I wouldn't have even looked at short sales.
We made multiple offers on different short-sell homes 9 months ago and still haven't heard back on the offers!
We moved forward with an offer the day a foreclosed home came on the market. We closed in 28 days. If I were to do it all over again - I wouldn't have even looked at short sales.
I wish I had that option. We have not had any REOs come up in our area for a long time, and the one or two traditional sales have been extraordinarily overpriced because of the fact that they are not REOs or short sales. This basically leaves us only the short sale option for now. If and when the opportunity for non-short sale properties comes up, we will be ready to jump on it.
I absolutely hate the current market in my area. Very little inventory, almost all short sales, and a lot of buyers - which makes it very competitive for the opportunity to wait months and months to maybe buy a house. It is very frustrating.
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