I have an offer for a buyer waiting on acceptance with Bank of America/Countrywide. All docs from seller have been submitted and there is only one lien on the property. BofA said it would take 60-120 days for them to respond on the full price cash offer to close in 15 days with no inspections.
I don't know why BofA would take this long to respond to the offer. They must be understaffed. They do have to order a BPO and check with attorneys involved to see if court proceedings are currently involved but this, in my opinion, should not take longer than 2 weeks.
I miss the days back in the late 1980's when the term "short sale" had not been invented yet. I contacted the seller and got the offer signed; I made an appointment to meet with the bank at their office; the seller came with me; everybody negotiated and signed everything; and I left the table with an agreed upon, signed contract and we closed in 30 days. This was when loan companies used common sense and weren't playing games with the public.
Brenda Gravitt CRS, GRI
Amalya Realty Group, LLC
I am curious to know if you had any response, I'd like to know also how the offer was submitted, and what kind of responses have you received so far. Maybe I can assist you but I need all the informaton you have on hand.
I suggest that you ask your Realtor to ask the listing agent what you can do to expedite the process. I would also find out how many short sales the L/A has done, who the lender is, and if there is a first only, or are their more liens, like a second, perhaps unpaid property taxes.
Read the preliminary title report, see what it says regarding liens.
If the process takes the normal 60-90 days, then read the article below. In a declining market it is likely that the value will drop below the agreed sale price. Strategize how you will/can respond if that occurs.
60-90 is a short average. Some banks can take 5-6 months. You never know what can pop up in a transaction with the bank, They could have surprise expenses they will not pay for, there could be mulitple liens to negotiate. There is no statistical evidence that a third party speeds up the process, it is merely so the listing agent does not have to deal with all of the time and work that goes in to a short sale. If you are not on a time crunch to move these homes are usually worth it.. The only thing that speeds up the process is that the listing agent has a full complete package sent into the bank.
Hearing from the bank is one thing. Getting to the settlement table is another!
I have experienced short sales being completed in 45 to 60 days. Not too bad actually.
However, the more common experience is to wait four to seven months. Remember, you could get to the settlement table and the powers that be can still cancel the transaction. What's more, the current owner could come up with the funds and pay down the mortgage.
I would advise against becoming too emotionally attached to a pre-foreclosure property. The odds are stacked against you.
You should have better luck with a REO/bank owned/foreclosure.
I hope this helps.
Your Realtor can give you the day to day on your offer. You personally can't speed things up. The contract will be handled by your Realtor and the Bank.
Don't expect a Pre-Foreclosed home offer to move quickly. Read some of the posts on Short Sales in this forum and you'll see what I'm talking about.
These can take forever. Or they can move fast.
WIth REO and the like, don't fall in love with the home. Once your offer has expired, go looking. If they like you, they will come back. Then you are in control, and not dependant on them.