Home Buying in 55046>Question Details

Patrick Mill…, Home Buyer in Medford, MN

Im in love with a BOA short sale, how long do they generally take to close..and should I just keep looking?

Asked by Patrick Miller, Medford, MN Sun Feb 20, 2011

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Short sales can take months sometimes never go thru. Maybe look at foreclosed homes or other properties. http://www.mnhomescontractfordeed.com
0 votes Thank Flag Link Sun Jun 10, 2012
Hi, Patrick!
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!
0 votes Thank Flag Link Wed Feb 23, 2011
Till the keys are in your hand NEVER know if lender will accept your offer. keep looking

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
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Sun Feb 20, 2011
Patrick, short sales can take a long time. I would keep looking until you have an answer on your offer, you can pull your offer if you find something else. Have your realtor stay in regular contact with the listing agent. Good luck.
0 votes Thank Flag Link Sun Feb 20, 2011
Patrick, Pursue your dream home!!! You would be bummed if you didn't. While short sales can have lots of uncertainties with them such as when does the bank approve, will the bank approve, who actually holds the mortgage etc. Having an experienced short sale agent on both the buyer (your) side and the seller side will help. Just make sure your meeting the requests from the bank in a timely manner. BoA is one of the banks that is trying to speed things up. So stay in there and be sure to communicate frequently with your agent.

Wishing you the best!
0 votes Thank Flag Link Sun Feb 20, 2011
The normal amounts of time I have seen have been anywhere from 6 weeks to 4 months. In other words, it's very unpredictable.

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.

Bill Wallace
RE/MAX Results - Apple Valley
651-338-0355
0 votes Thank Flag Link Sun Feb 20, 2011
Patrick,

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.

Good luck,

Bill
0 votes Thank Flag Link Sun Feb 20, 2011
Patrick
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.
0 votes Thank Flag Link Sun Feb 20, 2011
Hi Patrick,
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.
Kyle
0 votes Thank Flag Link Sun Feb 20, 2011
Patrick,
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.
0 votes Thank Flag Link Sun Feb 20, 2011
I would say to never stop looking. A short sale can take a month, to get an answer of yes or no, or it could take 3-5 months, you just never know. If you "LOVE IT" then make an offer on it, I would suggest making your best offer and not fooling around low balling the bank in hopes of getting a better deal. Banks will ignore your offer and wait for a better one, so if it's what you want make a good offer and I suggest buyers offer more than the asking price to better insure a faster reply and an acceptance from the bank. Why offer more? Because banks don't dream up the listing price, the owner and agent do and they are hoping the bank will accept it and often they don't. Savvy buyers have learned to offer more in hopes of getting the bank to quickly agree. They are already loosing money, they don't wish to loose more so they will wait for better offers or just foreclose and sell it themselves.
0 votes Thank Flag Link Sun Feb 20, 2011
Hi, Shortsales themselves can take anywhere from 4-8 months to close if they even close. Add BOA into the equation and it could be a hair pulling process. I personally feel BOA is too big for its brityches and my experiences have always been long. This will also depend greatly on who is handling the transaction at the bank, you may get lucky. Just know that it is usually a lengthy process and I always recommend to keep looking.

Chris
0 votes Thank Flag Link Sun Feb 20, 2011
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