Home Buying in Saugus>Question Details

Dot, Home Buyer in Massachusetts

I put an offer on a short sale in march. bpo was completed April 1st. I signed a closing & finacing extention doc. My agent said bank of america

Asked by Dot, Massachusetts Tue Jun 29, 2010

is still reviewing it. She says it's in the last stage. How much longer

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Many agents have had problems with bank of america. The buyers wait and wait and don't hear anything.Then bank closes the file and says the "buyer walked "and they have to start all over again. This is probably one of those things that isn't illegal now, but will be in the future. Let me know if it does work out for you. I havn't seen many that have.
1 vote Thank Flag Link Wed Jun 30, 2010
Dot,

That is a very good question. How long do you have to wait. It could be months. BofA holds all of the cards and you get to sit and wait. When you do get the green light to close from BofA you only have so many days to close. If you miss the closing window you get to sit back and wait until they (BofA) get around again to approve the short sale. I had a client in GA that waited 6 months before we could close on the home that they put an offer on, and we had the only offer on the table. The banks are not really in a big hurry to close on a short sale. It is my opinion that the bank is waiting to see if they can bring anymore offers to the table with a higher sale price. It has been my experience when the bank sends an appraiser out to the property to get the appraisal for the bank selling the property you could be about 60 days out from approval.

Good Luck,
Darrell Swope
1 vote Thank Flag Link Tue Jun 29, 2010
Unfortunately as may already know, short sales are by no means fast sales and much patience is needed--as to the wait--there really are no set standards--your agent can best advise as it relates to your specific situation.
0 votes Thank Flag Link Tue Jun 29, 2010
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