Home Buying in Fort Myers>Question Details

Michelle, Home Buyer in Fort Myers, FL

Any recent Ft. Myers area short sale experience with Bank of America and Fannie Mae???

Asked by Michelle, Fort Myers, FL Thu May 26, 2011

We are trying to purchase a short sale home that is through BOA and owned by Fannie Mae. We offered fair market value. We are wondering what we can maybe expect based on others experiences in the Ft. Myers area … approx how long, will the bank make a high counter offer and/or make the sellers promise to pay something back? We have read good and bad about BOA and Fannie Mae but the more recent postings seem to say they are taking less time and not making sellers sign a promise note … is this true? The sellers are cooperative and I think are ready to get this done and move on.

Help the community by answering this question:


I have handled numerous BoA short sales - the earlier ones took months for approval but recently I have been getting much quicker responses as well as debt forgiven in most cases. Best of luck to you with your purchase.

Terry McCarley, Jones & Co Realty
0 votes Thank Flag Link Wed Sep 21, 2011
0 votes Thank Flag Link Wed Aug 10, 2011
Good Luck Michelle!
One short sale I put in an offer on august 15, 2010 and it closed on May 27th. Listing agent was in my office so I knew all the hurdles he was being made to jump over. My buyer wanted to walk on several occasions. So I wish you all the very best. I hope yours is a lot faster.
Genevieve Ramachandran
0 votes Thank Flag Link Wed Jun 1, 2011

I have more experience with BOA than you would believe. BOA stands for something quite different to me.

Every deal is different because some negotiators are good and some quite bad.

If you don't get anywhere with this call me and I will work for you on the next one.

Feel free to email me directly.


Kevin Cloutier, Realtor
Southern Premier Realty
0 votes Thank Flag Link Thu May 26, 2011
Have your agent check with the selling agent to find out what stage of the short sale are they in and if there are any other offers on the table. Each agent works their short sales differently. Some agents call for a highest and best and some agents just submit one offer at a time. How is this agent working the short sale? This will determine if you are up against other offers or if you are the only buyer the bank is looking at. If the short sale has been approved already than BOA is taking 5 - 7 business days to respond to offers. If the short sale hasn't been approved than it is still in the beginning stages and could take 30-90 days for an approval to participate. The most important thing to know as a buyer is to make sure your agent understands short sales and has experience with them. If they do then they will lead you in the right direction! I have a series of 15 questions I ask listing agents prior to even taking my buyers to their listings. Short Sales are the most difficult transaction to close in real estate and I want to make sure my buyers are protected and if they like the short sale and want to submit and offer I will know in advance that the listing agent knows exactly what they are doing! Good Luck!
0 votes Thank Flag Link Thu May 26, 2011
Hi Michelle: You have many good questions. I would suggest you meet with the agent who represented you as they can best assist you. Your buyers agent can make the necessary inquiries to determine the status of the sale and report back to you. Good luck in your purchase. Regards, Chris Spina
0 votes Thank Flag Link Thu May 26, 2011
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