Home Buying in 46544>Question Details

Bulls23, Home Buyer in South Bend, IN

An appraisal by bank of America was done last Friday when will we hear something on the offer we submitted to buy the house will be?

Asked by Bulls23, South Bend, IN Mon May 9, 2011

We are the only offer and the house has been on the MLS listing for 4.5 months.

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Answers

3
It depends. Probably not what you want to hear but BOA (Bank of America) handles all their short sales through a third party, Equator. I have had them answer in as little as a month and as long as eight months. It is also very common for BOA to order a second appraisal before approving a purchase amount. Further if BOA is servicing the loan they may approve your offer and the settlement statement, give the OK to close and the investor or whoever holds the note may reject it. I have had this happen. Short sales with BOA are difficult. The good news is they are getting better... Good luck!

Matthew Parker

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Realty Results

55807 Currant Road Ste. 101

Mishawaka, IN 46545

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0 votes Thank Flag Link Tue Nov 15, 2011
Yes it is a short sale property
0 votes Thank Flag Link Mon May 9, 2011
What does your agent say? Is the property a short sale? Sometimes it can take a long time to get an answer from the bank. Contact your agent and get an update.
Web Reference: http://www.sallygrenier.com
0 votes Thank Flag Link Mon May 9, 2011
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