Lots of wiggle room in this answer. I just did a BOA short sale representing the buyer and the deal was done and closed in less than 90 days. BUT, I've done other BOA short sale deals that never closed or took almost 6 months. So, short answer is, nobody knows. I would say, if you want to, keep looking, but be prepared that when BOA is ready for you to move forward, be READY to do just that. If this is the house for you, hang in there. It can be tough, but it can also be well worth it.
Good luck, Patrick!
Closing can take 30 - 60 days OR MORE
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
Wishing you the best!
If you situation allows you to be patient they typically are a very good financial opportunity. In addition, you always have the ability to keep an eye open for other opportunities while you are waiting for approval.
If you love the house, are getting a good deal and have flexibility with your current living arrangements you should go for it!
If you need any assistance from a Realtor who's helped clients both buy and sell short sale homes in the Souther Twin Cities let me know.
RE/MAX Results - Apple Valley
There is no shortage of disappointment in the "short sale" market. If you've found the perfect home, go for it and make it your best run.....
On the other hand, depending on your urgency for finding a home, you may want to consider continuing to investigate other opportunities. Our recommendation: persue your dream but remain current and active.
You should not consider a short sale if you need the certainty of a closing date. Short sales can be a good deal, but only if you have the patience to wait them out and can live with the fact that in the end you may not get your offer approved by the lender. Dealing with B of A can especially be frustrating, but their short sales can still get approved. If you like the home and can have patience make your best offer and see what happens. Best of Luck.
I closed a BoA short sale file last week. I had all of my prelim work done with the seller and turned into BoA. We got the offer just after Christmas. We closed in about a month and a half. What you need to watch for is the experience of the agent handling the listing. BoA is becoming increasingly easier to work with. Plus, if your in love with the home, why wouldn't you at least attempt the transaction? Just make sure you have an buyer agent that is willing to work for you. He/She is your link to the listing agent to prod the process along. Good luck and email me if I can help with any questions.
It really depends on many issues
1. Does Bank of America own the mortgage.
2. Does an investor or investor group own the mortgage
3. Is this the only loan on the property
4. At what stage has the foreclosure progressed
5. Who is spearheading the negotions with the bank?
6. Will current owner be able to litigate for improper loan orginination, fradulent foreclosure process, Title/note separation, robo signing or even active duty foreclosue violation.
7. The series of bank processors assigned to the process.
Unfortuneately, falling in love with a short sale is to often a painful experience. Of all the short sales on the market here in Fl, only 30% will close. Those 30% that do close, only 11% are with the original purchase offer. I've heard of BofA closing in 3 months and others over 18 months. I currently have Bank of America refusing to close on a short sale becuase of a $2,000 difference that I am willing to pay out of my pocket.
Put on a good suit of patience, lock your emotions in a vault, and keep your options open when you enter the 'wild, wild west' of short sales...especially with BAnk of America.