Sounds like you have a bit of a problem. Bank of America is a very large bank and is currently inundated with short sales and foreclosures. I specialize in these two areas and have worked with BOA on many occasions. Getting a response from them can be a difficult task. Whoever is the listing agent working with the bank should be contacting BOA and letting them know what happened ASAP. Even if your offer is accepted, the property is still being actively listed on the MLS in most cases. Clearing your financing contingency is the most important thing!! Contact your daughter’s lender immediately and have them expedite the rural home loan. Is the home in the rural limits of doing a rural home loan? Your lender can answer this question. As far as loosing your deposit, it sounds like the agent was at fault for processing the wrong type of contract. Was it stated in the contract that was submitted that the loan was for FHA or Rural housing? Let me know if you have any further questions?

Ok you have a long laundry list of concerns that is hard to answer in an email or blog - but i will try my best. 1) It does not always save money or take less time using the same bank - always seek a second opinion before choosing one bank. 2) Rural home loans will take longer than a conventional loan - always has - there are more guidelines and takes longer to underwrite 3) Yes in foreclosures and short sales settlement dates are mostly always adjusted. 4) The loan officer should have provided a truth and lending statement but it would have only been preliminary - in short sales and foreclosures the HUD form is always changing and dates are pushed back - it comes down to the last week or so before you get accurate costs and figures - also because of the push back in settlement dates her loan could have changed and her lock terms could have expired, thus changing the HUD one more time 5) Are you the only bidder on the house? If not you could loose the house - the decision is completly left to the banks not the agent or the seller...the buyer unfortuanlty has no control over the process...good news is that you will not loose your deposit if you do not get the house or financing...you will lose the investment in your inspections but those should have been held off until you received a true approval from the bank. 6) The more calls you make the less you will hear from them - really the best bet is to have patience...one call a week is sufficent. And remember, Bank of America has bought many other banks over the last year or so...they are the biggest and therefore will take the longest. 7) My suggesstion is that you are into 5th week in the process. The industry norm is 8weeks - i have some deals going into their 12th....have patience and always work with someone who has experience in Salisbury, MD foreclosures and short sale properties.


Sincerely,

Adam Roop
V.P. of operations http://www.TheRoopGroup.com
410-912-0310