Home Buying in 07307>Question Details

Chris.brook, Home Buyer in Jersey City, NJ

Timeline for Short Sale with Bank of America as only lienholder in New Jersey?

Asked by Chris.brook, Jersey City, NJ Tue Aug 23, 2011

I am trying to buy a short sale condo in New Jersey - not sure how long it will take?

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Hi Chris,

BOA is one of the fasted in processing short sales. They are one of the top banks and they are a little more organized than some others. I always counsel my short sale buyers to expect a 120 wait and another 30 days to settle but depending on where the seller is in the approval process when you put in your contract it could be approved (or disapproved) in as little as 30 days witha nother 30 days to close.
0 votes Thank Flag Link Sat Nov 17, 2012
Chris the time line is totally dependent on the selller & the person providing the information to the bank and negotiating the short sale transaction for the seller, usually the listing agent The transaction is smoothest if a Title report is pulled up front (making sure their are no other judgements & or liens) & if the person Negotiating with Bof A is experienced with Short Sales
0 votes Thank Flag Link Fri Apr 27, 2012
Hi Chris.brook,

Short Sales can take anywhere from 30 days to 6 months (or more).

Good luck!

Shanna Rogers
SR Realty
0 votes Thank Flag Link Tue Aug 23, 2011
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