Home Buying in Wadsworth>Question Details

Frustrated In…, Home Buyer in Columbus, OH

Short sale: Sellers accepted, all paperwork supposedly in, bpo & appraisal done. Still no word from BOA at all...4 months has gone by. Any ideas?

Asked by Frustrated In Oh, Columbus, OH Sun Oct 24, 2010

We noticed a house looking unkempt, our realtor knocked on door, and owners said "Yes we are in foreclosure." A similar house two doors down just sold and we offered the same selling price. Sellers accepted our offer, all was sent to BOfA. It took over 2 months for bank for get a bop. As it turns out our offer was within 10% of the bop. BofA asked if we could close by 10/31, we said no problem. A month ago an appraisal was ordered and done. (The house is empty, owners divorced and both have moved out of state.) Two weeks ago we were told the seller now applied for HAFA which will speed things up.....but we have heard nothing else. The sherriff's auction was set for October 21, and it was cancelled. It has been over 4 months since our offer was submitted with no answer, counter offer - nothing. What can we expect next?

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Unfortunately no one knows what to expect next with the BOA short sales. I've seen the process take 9 months, and other times it was done in 2. The only control you have is making sure the Realtor is staying in contact with BOA to keep things moving along, but there is only so much the Realtor can do. With the situation, they can pull the plug anytime they want to, and since the sherriff's auction was cancelled that's better news than what most people get, however this could be because of the halt to foreclosures currently going on. I know you've been patient to this point, but the situation will require more patience on your part. If a few more months go by, another BPO will have to be ordered because the last one will be too old. These things are complicated, and there is no "normal" process to them.
1 vote Thank Flag Link Sun Oct 24, 2010
Unfortunately, short sales are by no means fast sales, and some lenders are quicker than others--what is your agent advising--ask your agent and or attorney to keep following up with the lender on a regular basis and check on the status--unfortunately, not much can be done to speed up the process.
0 votes Thank Flag Link Sun Oct 24, 2010
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