Home Buying in Chicago>Question Details

Dane Selio, Home Buyer in Morris, IL

How long does it take bank of america to accept an offer on a short sale? We submitted our offer on Oct 1

Asked by Dane Selio, Morris, IL Thu Oct 11, 2012

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Unfortuantely and sad to say - but it takes as long as they want. Typically I have seen up to 2 months for them to get back to you on your offer and then 3-4 more months to close. The waiting game is why so few of these go through. Only 30-40% - but if you are patient and if you have time, it can be a good deal. Keep looking around - either on the internet or if your agent is game - touring some.

Don't bump a short sale for a short sale, but if this falls out, you may have passed up something really good while waiting.
0 votes Thank Flag Link Fri Oct 12, 2012
Every situation is different with short sales. There is no set time and it can sometimes take 6 months or longer. Best of luck with your offer!
0 votes Thank Flag Link Fri Oct 12, 2012
Bank of America has been one of the best at responding to short sales. In many cases they are responding with a month, but there are a lot of additional details you need to know. Is there 1 loan or 2? Is it an FHA loan? Did they have a pre-approved listing price? Each detail will effect the amount of time it takes them to respond.

Key indicators that will tell you how fast the process is moving:
1. BPO or broker price opinion. This is the 1st step and once completed BofA will have an idea of what the home is worth.
2. Request for additional documentation. Again tells you they are gathering all the details.
3. Counter offer. They are ready to accept, but you will most likely have to meet their price.

Having a competent listing agent and attorney are CRUCIAL in this process. Not submitting complete or correct paper work can set the time line back indefinitely.
0 votes Thank Flag Link Fri Oct 12, 2012
Thanks for the detailed info...if you accept the counter offer at their price, how long does it typically take to receive a contract?
Flag Fri Feb 22, 2013
Effective January 13, 2012, the Illinois Mortgage Foreclosure Law was amended to add new Section 15-1401.1, which requires the mortgagee in a foreclosure of residential real estate to respond to the mortgagor's written request for a short sale within 90 days after receipt of a bona fide written offer to purchase the property that is the subject of the foreclosure proceeding and written request from mortgagor to approve the sale on the terms of the offer to purchase. See 735 ILCS 5/15-1401.1(b).

Presumably, if a lender fails to respond within this 90-day period, the borrower could bring a motion before the judge hearing the foreclosure case to compel a response from the lender regarding the request for a short sale. Under Section 15-1401.1(c), however, the mortgagee shall determine whether to accept the mortgagor's short sale offer, and failure to accept the offer shall not impair, abrogate, or affect the status of the foreclosure proceedings, and the 90-day period shall not operate as a stay of the foreclosure proceedings. See 735 ILCS 5/15-1401.1(c). The full text Section 15-1401.1
0 votes Thank Flag Link Fri Oct 12, 2012
Dane,

Be ready to wait at least 3 months and many times it can take over 6 months.\

Best of luck,
Ivan Sagel
312-515-7823
0 votes Thank Flag Link Fri Oct 12, 2012
8 months or so then more negotiating
0 votes Thank Flag Link Fri Oct 12, 2012
Diane,
Time constraints and sort sales are incompatible.
If time is an issue in ANY way, you should reconsider pursuing a short sale.

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
727.420.4041
http://RealEstateMadeEZ.us

First Look: http://youtu.be/PumYpkgybXE
0 votes Thank Flag Link Fri Oct 12, 2012
Depends who is negotiating, their experience, and the investor who holds the note. But from experience, the fastest could be 35 days and the longest could be about a year.

Good luck!
0 votes Thank Flag Link Fri Oct 12, 2012
Anywhere from 2-5 months based on past history and if you put a low ball offer that the seller accepoted be sure that it will be rejected.
0 votes Thank Flag Link Fri Oct 12, 2012
Hopefully 3-4 months, but my longest with B of A took 14 months! If you love the home and it's a good deal, wait it out. Best of luck to you!
0 votes Thank Flag Link Thu Oct 11, 2012
Don't hold your breath - 3-4 months minimum.
0 votes Thank Flag Link Thu Oct 11, 2012
3months-1 year. Theres no set time frame. I have seen them take a month, and I have one still pending from 8 months ago.
0 votes Thank Flag Link Thu Oct 11, 2012
Hard to say. Supposedly the banks are speeding up the process but I won't believe it until I see it. I have yet to see an approval come back in less than 3 - 4 months unless for some reason the process has already been substantially completed by a previous buyer.
Web Reference: http://LucidRealty.com
0 votes Thank Flag Link Thu Oct 11, 2012
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