All the best.
There is no set answer, and depends on many things. It can take 30 days to 6 months and that is with a GOOD NEGOTIATOR. I have 2 designations: "SFR"= Short Sale Foreclosure Resource and
"CDPE" Certified Distressed Property Expert. Call me to discuss your options.
I can help you!
Coldwell Banker Beachside
short sales with any bank can take 30 days to 6 months average. How can I help you? Are you already doing a short sale? Contact me and I can answer your questions
Ingrid Ski Realtor
Mission Viejo Area
Renee Hamilton - Hoover, AL Realtor
I have had a lot of short sales with BofA and it is different every time. Some are very quick less then 30 days, some take months. It really matters what is going on in the background. Good luck to you!
Broker Lic 01245563
I specialize in selling short sales and do my own negotiating. It is diferrent every time. I have had some take 30 days and some take 6 months. It depends on who the investor is and what type of loan it is and if the deed is clear. I can get a pretty good idea when I look over the file and the deed.
Star Real Estate
Bank of America will tell you that their processess are set up to give you an approval letter or a counter offer in about 6 weeks. If there are no delays, this might happen. However, there are usually delays, so it usually takes longer. The most common delays are: collecting documentation from the homeowner, deciding if it will be a HAFA short sale or a regular short sale, negotiations with Jr. liens, BPO coming in over contract price, and finally the biggest delay..... losing your buyer because it took longer than 6 weeks.
Keller Williams Realty
We had one we did in our office start to finish 45 days. There are several thing to take in consideration. We had only one loan. There are so many things that can happen and can come up. The best thing is if you do not have an agent, is to interview several Short sale agents in your area. that can go over the process.
Ingrid Ski Realtor
It really all depends on the type of loan. I had one listing with Bank of America , they used the Equator system online for everything, and it seemed like it was only about 60 days with another 30 days for escrow.
I have another listing right now with Bank of America but the loan is FHA, and therefore they can't use the online system - AND it has now been 3 months, no BPO, nothing as of yet. They started a new process about 6 weeks ago, with new forms, new systems in place and I'm not sure if they have caught up with it. I did have a phone call today that they have put it into their system, but that means that we are looking at least another 8 weeks for approval and then 30 days to close after that if......and that's a big IF....it goes smooth. No BPO ordered yet, after 3 months.
I work a lot of short sales, both as the listing agent and buyers agent, and it really does depend on the type of loan, if the agent is very knowledgeable about short sales and if the seller cooperates in getting the information constantly needed by the lender to them quickly.
That timing, however, is the exception, not the rule, as typical short sales still take many months to complete.
By the way, this isn't a B of A problem, practically EVERY lender has the same set of variables.
A few lenders, including B of A are doing everything they can, to streamline the process, including having the transaction go through the "Equator" online processing system - Chase just joined B of A and Wells Fargo, in that regard, and moves like that ARE shortening the process. ( The improvement, though, can be measured in DAYS, not weeks, or months.
B. of A. is moving very fast on these now. The last couple of Short sales I have completed with B of A took about 5 weeks to get an answer. On my last SS deal the BPO was done within 2 weeks. Approval came about 3 weeks after and we closed 30 days after that. Let me know if I can help in anyway.