I do agree, you need a back up plan. BoA is slow, a lot of the loans are from Countrywide and they have been moving at snails speed but possibly due to a huge back log. I am in the same situation (seller side) as the other agents experience, it took almost two month just to get it assigned. It does not appear that pressure is working.

I have been counceling my first time home buyers not to buy a short sale.if they want the tax credit - It takes too long to hear from the banks.
The seller has to have his paperwork all in order before he sends it to the bank.
If it is not in order it might be sent back until they get it right.
If you haven't heard anything by now it probably is too late for you to get the tax credit.
In order for the banks to close on the mortgage applications they have now, we have been told that they are not accepting anymore applications for a November 30th closing.
Hopefully they will continue this tax credit into next year. Contact your congressman and tell him to vote for the continuation of the tax credit.

My buyer put in a contract on a short sale property in mid-June. This is mid-October and we still have not heard from BOA! Lots of pressure and deadlines were put into place and still no resolution. A foreclosure was stopped on this property so the short sale would have a chance. Nothing!!! My suggestion would be to wait until the house is foreclosed upon. Then go for it!!

What does your agent say? I hope you have a back-up plan, because the odds of you closing a short sale in 45 -50 more days may be very iffy, in my humble opinion. Unless the Congress (both houses) votes to extend the deadline, you may have a problem. Good Luck!

Unfortunately, there's not much you can do when dealing with big banks (especially BOA, as they seem to be the worst). Their process takes entirely too long, and it's unexplainable why. The only thing I would suggest is to put a deadline on the seller, so that they can apply pressure to the bank. I'd suggest setting the deadline to be such that you would have time to buy another home if the current seller doesn't meet the deadline. If I can be of any assistance with the process, please let me know. Good luck!