Is it possible to suggest to Bank of America that you need an answer? You've been fair and you've done what Bank of America asked. One of the agents or the hired negotiator should be able to reach them. You've all come this far. Be the squeaky wheel. You can get someone to look at the file and push it forward - it will just take some serious persistence.
Apart from that, your choices are to really move on or continue the waiting game...
What you are going through sounds fairly typical. I'm sure that's no consolation, but maybe if the parties involved felt like your patience was waning they would start pushing for action.
Good luck to you!
McGuire Urban Bay
Welcome to the world of short sales. I've taken on a few of them and they are not for the faint of heart. The lenders aren't really party to your purchase contract and national statistics say less than 20% ever close.
For sure they are heart stoppers right up to closing. Many times lenders will insist as a condition of the sale the seller accept a deficiency judgement before closing. We've recently heard of one where the seller decided to change their mind, staying in the property until it was foreclosed... That buyer's deal just went up in smoke and it's not likely they would get much satisfaction attempting to sue for performance of a contract on a property in foreclosure either. Ultimately anything can happen and your agent should be advising you. I wish you the best of luck!
On a short sale listing I'm representing, we have been waiting for the lender to approve a very good offer from some qualified buyers. It's been many weeks and more calls, faxes and emails than I can count since we submitted the offer. Thank goodness I have some in's with the lender - but we're still waiting too!!! There are no 'easy' answers as there is nothing 'short' about short sales.
Zephyr Real Estate
4040 24th Street, San Francisco, CA 94114
415-695-2715 mail to: ABZ@ZephyrSF.com
The statistics show that only 20% of short sales actually close escrow for a number of reasons. When the bank will approve your sale is hard to say. And then the seller can always change their mind and decide not to sell. I heard a story today in our sales meeting of a short sale that after the buyers loan had already funded (escrow usually closes the next day after funding) the bank came back and asked for an additional 40K even though the bank had already agreed to other terms in an email. I would say that nothing is certain until you have the deed recorded. Every short sale has a different story and some of them are good. Hang in there. Good luck!
Zephyr Real Estate
The bank would tell us, expect to hear from us today, nothing. Good news later today, nothing. Finally I realized that whatever day they accepted it would be the proverbial today they kept mentioning. Today to them is not the current 24 hour period it is whenever they get around to it.
Good luck and hope thay don't comeback and ask for another ten bucks.