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.
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.
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
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
First Look: http://youtu.be/PumYpkgybXE