Foreclosure in San Ramon>Question Details

Sam, Real Estate Pro in Fremont, CA

Looking for advice on short sales timings processed by bofa in recent times in bay area .

Asked by Sam, Fremont, CA Thu Jun 30, 2011

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It really depends on the circumstances. Since B of A uses a new program to track their short sale transactions it has become a lot easier to communicate and get an approval or denial. As long as all parties are contributing the information requested and need in the timeframes required it is taking on average 3-6 months, but that is with all parties meeting all their obligations. These obligations also include your real estate professional doing their part, and following up with B of A.

- Ramon
0 votes Thank Flag Link Thu Jun 30, 2011
I generally carry about 25-30 short sales, of which maybe a third involve a BofA loan so I do a lot with BofA. Short sales with BofA are running an average of 1-2 months right now ( assuming it can go through Equator - their new online system, and you are not attempting a HAFA short sale)
Some are a little faster, some a little longer but overall 1-2 ms is pretty average.
If there are junior liens you can expect a little longer of a time frame.
Web Reference: http://www.homesbyminna.com
1 vote Thank Flag Link Mon Jul 4, 2011
Hi Sam,

Each lender works differently.

it is important to have your agent know what the process is and know what is going on.

I have brought buyers to short sale listings only to find out the owner does not intend to sell their property.

You want to know if their is a nod or nos on the property and if their is a sale date to worry about.

I highly suggest using a buyers agent when considering this.

also there have been big changes recently about short sale negotiation. With the new MARS rulling I belive only attorneys can now do short sale negotiating. Check FTC,marsrulling attorney exception.

JoAnna Jensen
Legal Assistant - Realtor
925 699 5041
joanna@vololaw.com
Web Reference: http://www.vololaw.com
0 votes Thank Flag Link Fri Jul 1, 2011
Hi Sam,

The time it takes for a short sale is differnt in every situation. It depends on how many loans there are on the property and who they are with. If there is more than one loan it could take up to 6 months easily to be approved. But if there is only one loan with B of A, it can be between 2-4 months. There are still no guarantees and if you get a negotiator that has too many files or if he/she is not very responsive, it can take a lot longer.

I am representing a seller right now who has one loan with B of A . We are just getting started on marketing the home. The short sale process will be started once I get an offer on the property and I am sure we can get it closed soon. Make sure the agent you go with has experience with short sales. They have to call the bank at least 2wice a week if not more to follow up. If they don't do that, the process will be very long.

Meena Gujral
925-425-9491

Meena Gujral
0 votes Thank Flag Link Thu Jun 30, 2011
There really is no set time frame there are a lot factors to consider how many loans, the neog. just to name a few. Patience is a must, but if you really love the property it will be worth the wait.
0 votes Thank Flag Link Thu Jun 30, 2011
3-6 months.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com
Serving all 50 states

MARS Disclosure for General Commercial Communications
IMPORTANT NOTICE:
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
0 votes Thank Flag Link Thu Jun 30, 2011
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