Home Buying in Stratford>Question Details

Geniebeni, Home Buyer in Stratford, CT

Is there a maximum amount a time a bank can take to get back to the buyers if it approved or not? I have been waiting over a 120 days to get an answer

Asked by Geniebeni, Stratford, CT Wed Oct 7, 2009

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5
Don't hold your breath. It may still be awhile. Bank of America is a total trainwreck.
Web Reference: http://www.homesbyminna.com
0 votes Thank Flag Link Thu Oct 8, 2009
Yes, Bank of America! Its been over 5 months now.
0 votes Thank Flag Link Thu Oct 8, 2009
Let me guess - Bank of America?
Unfortunately there is no maximum time allotment.
Web Reference: http://www.homesbyminna.com
0 votes Thank Flag Link Thu Oct 8, 2009
Don is correct, no max time.
0 votes Thank Flag Link Wed Oct 7, 2009
No. There's no maximum amount of time.

Regarding short sales, I've heard of them taking 12-14 months. More typical is 2-4 months. But 120 days is nothing. Entirely standard.

Foreclosures tend to move quicker--maybe a month or two, in many cases.

If you're dealing with a short sale, have your agent contact the listing agent to make sure that the short sale package was submitted properly. And the listing agent should be in contact with the lender(s) regularly.
0 votes Thank Flag Link Wed Oct 7, 2009
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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