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Kim, Home Buyer in Los Angeles, CA

I am trying to buy Bank of America Short Sale property. I made an offer and got the counter offer from the negotiator. I accepted all terms to the

Asked by Kim, Los Angeles, CA Thu Apr 29, 2010

counter offer on April 12, 2010. The escrow closing date is May 31, 2010 on the counter offer, so I already started to process my loan. However, I have not received the written approval letter from the B of A yet. It has been passed over 2wks now. How long it takes to receive the written approval letter after accepting the counter offer? Do I need to close the escrow before May 31, 2010 even though I receive the written approval letter late?

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Thank you for question about Bank America Short Sales. Since I am not familiar with this deal specifically I recommend checking out Bank America's guidelines for short sales. This is a PDF document on their website to guide agents through the online short sale processing system that has streamlined the process for the company.

http://bankofamerica.reo.com/shortsaletraining/default.aspx
0 votes Thank Flag Link Wed Jul 21, 2010
Pebble Singha
Head Of Short Sale department keller Williams Northridge
Certified Distressed Property Expert

Hello Kim,
1. I suppose the counter was verbal by the listing agent on behalf of the bank.
2. How did you come up with the closing date .... who gave it to you?
3.The approval letter will have that closing date the purchase price and the name of seller and Buyer on it.
4. Ask your agent to contact the listing agent t get more details like the agents below have told you.

Until u get the approval letter with all that info do not bring your deposit in. BofA is its own entity and the approval letter time frame will depend uponWHERE THIS INVESTOR IS.THIS COULD BE A LOAN SEVICED BY BOF A bt held by any other bank in US or outside of U.S.
What 9-% of the short sale agents don't know is that your time frame depends a lot on this factor. be patient and ensure that the listing Agent knows what he is doing.
Good Luck with your transaction.
for more info on Short Sales,buying a home,selling a home g to http://www.pebblesingha.com
Web Reference: http://www.pebblesingha.com
0 votes Thank Flag Link Thu Apr 29, 2010
Your agent can advise you best as far as timing and if any extensions are/will be needed--keep in mind that with short sales patience is needed and some banks are quicker than others--have your agent periodically check in for an update on the status.
0 votes Thank Flag Link Thu Apr 29, 2010
I am currently representing a seller on a short sale transaction with Bank of America. I hired an outside short sale negotiator who got me a verbal approval within 4 weeks, and received the written approval 3 weeks after...In my opinion, waiting time was decent compared to the nightmarish stories we all hear about short sales. I was advised to open escrow upon receipt of the BofA written short sale approval. So as soon as we received the written approval, we opened escrow immediately and buyer proceeded with the loan process.

in your case, i am hoping you receive a written approval within 7 days. Ask the listing agent to follow up with the short sale negotiator. Good luck with the purchase.

Myrna Averia
REALTOR
Keller Williams Realty
1660 Hillhurst Ave
Los Angeles, CA 90027
323 300 1143
Lic 01269474
http://www.JustListedMyHome.com
Web Reference: http://www.MyrnaAveria.com
0 votes Thank Flag Link Thu Apr 29, 2010
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