Home Buying in Montclair>Question Details

Kungfugeisha, Home Buyer in Cherry Hill, NJ

Short sale counter offer

Asked by Kungfugeisha, Cherry Hill, NJ Fri Dec 10, 2010

I received a counter offer on a BoA short sale after waiting for 3 months are so. I have place a counter offer to their counter and wonder how long it usually takes for them to respond? Will it be another few months?

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B of A could well be the servicer and not the owner of the mortgage. That means they need to communicate with the investor/owner which could stretch out the time. Even so, since the lender has already countered the offer you should expect a reply to your latest counter fairly quickly (within 2 weeks). Of course there are no guarantees, but a wait of a month or more would seem excessive at this point.
0 votes Thank Flag Link Sun Dec 12, 2010
My colleagues are being kind. Predicting what BofA will do is absolutely impossible. What should happen is one thing. You can be helpful to all by keeping us posted as to what happens in your case. All answers are correct, with Jerry barker's comment being most relevant, at least in my opinion. I live in Montclair and wish you luck. We are having our 32nd year toy drive for kids this Christmas. Our tree can always use one more under it. Carl - 973 632 9593
0 votes Thank Flag Link Mon Dec 13, 2010
Unfortunately when it comes to short sales, one never knows--this time around it should be quicker, therefore keep that patience going......what is your agent advising.
0 votes Thank Flag Link Fri Dec 10, 2010
It sounds like they were considering your original offer so they must have ordered an appraisal and it must have been higher then your offer so they probably asked you to pay more money now based on the appraisal. It shouldn't take as long as it did the first time for them to get back to you. Stick to your guns though, even if they want you to come up in price, make sure in your mind that the house is worth what your paying for it, forget what the appraisal says or how much they want for it. Just make sure that in your mind its worth what your paying for it and make sure your happy paying what ever it is your going to pay for it.
Web Reference: http://www.sjrates.com
0 votes Thank Flag Link Fri Dec 10, 2010
Good Afternoon Kungfugeisha;
It may take another 5-7 business days for the negotiator to respond to the counter-offer Hopefully it will be less time; but patience is the key.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Fri Dec 10, 2010
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