Home Buying in Cleveland>Question Details

Nvgp22, Home Buyer in Cleveland, OH

How long doesit take to get lender approval on a preapproved short sale where the buyer offers full list price. Its BOA by the way.

Asked by Nvgp22, Cleveland, OH Wed Jun 20, 2012

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James, HAFA does not take 60-90 days from when they are pre approved... that is one of the benefits of the program. The work is done up front so the acceptance comes much more quickly.... There can be delays but if they were told it was "pre approved" then if it really was the response should be pretty quick...
1 vote Thank Flag Link Wed Jun 20, 2012
Thats what I thought but it hasn't been the case. 90 days in now and I haven't done any inspection appraisal etc. Just been waiting on the approval letter.
Flag Wed Jun 20, 2012
I really depends on what the "pre approved" means... if it is a HAFA or a co op short sale with BOA where it REALLY is pre approved then Catherine is right... if the agent just "said" it was pre approved then Shannon could be right.

I would check with you buyer agent and ask them to find out how pre approved the deal REALLY is and go from there.

Hope that hleps some?
1 vote Thank Flag Link Wed Jun 20, 2012
HAFA shorts are 60-90 days.
0 votes Thank Flag Link Wed Jun 20, 2012
I list cooperative short sales with BOA. Right now becaue of the time of the year and the Federal settlement which included an expanded outrach program it could take 60-90 days. I have a listing now where the seller accepted 3 weeks ago and I have let the negotiator know. we are still waiting to upload the offer in their online system because they have not opened that task.
0 votes Thank Flag Link Wed Jun 20, 2012
It can take 48 hours or 2 weeks. Generally (not all the time), when a short sale is "preapproved," it usually means that Bank of America has given their "net proceeds number" - meaning the money amount they need to net from the sale of the property. A HUD statement needs to be run (the list agent takes care of this) and supplied to Bank of America along with the offer to purchase in order to receive the actual approval letter. The approval letter is very specific with terms and conditions and a definite closing date - it also includes wiring instructions. Even after the seller receives this letter, BofA still needs to "approve" the final HUD statement right before close -- which sometimes goes very quickly and other times, they make numerous verbiage changes that only delay the closing process.

Always remember though - whenever you are dealing with a bank ... they literally have the control and you are basically "at their mercy." But patience and persistance does pay off!

Hope that answered your question and good luck with your purchase!
0 votes Thank Flag Link Wed Jun 20, 2012
Its a HAFA sale and tomorrow is day 90 on what was supposed to be a 45 day close and it still feels like the only thing accomplished was writing an offer and a check for earnest money. My closing date has come and gone, but I'm going to hang in there until the end of August. Hopefully something happens before the end of this month.
Flag Wed Jun 20, 2012
There is no set time time frame. Bank of America can take anywhere from one week to several months.
0 votes Thank Flag Link Wed Jun 20, 2012
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