It sounds like you have a very good chance of getting your offer accepted. With an estimate of $830k, my guess is you might be in the Monterossa area??? Anyway, if the Listing agent is set-up and approved through Equator (B of A's) third party processor, your transaction will probably take 90 to 120+/- days. However, historically B of A has been one of the slowest to process, so keep your fingers crossed... If there's a second deed of trust, there's another layer of processing. Good luck with your transaction and let me know if I can answer any other questions. Danville's a great community and I'm sure you'll be happy with your new home.
Bank of America has revised their Short Sale process, which doesn't mean it has been shortened or streamlined, but are now managing all the paperwork online via the Equator system. Each step of the process may take several weeks. The listing agent must be vigilante about communicating with the Customer Service or Negotiator on a weekly basis. Bank of America is known for ordering appraisals on their short sale properties in lieu of a BPO. Also, BofA will order new BPOs/appraisals if the final review step is 60 days after the last value of the property has been made.
If I were the listing agent, I would follow up periodically with the Negotiator and send the latest comps for the property and the area. In this fast changing market, values could be different even within a 6-week period.
If you really like this house, I think you'll wait... But as someone else mentioned, have a Plan B or other options. Don't get discouraged as every bank has different processes and deadlines for their Short Sales. Bank of America may take as long as 3 to 4 months to approve your offer.
Good luck and hope you get this home -- Danville is a great place to live!
Now the true test is how long are you willing to wait it out. As you have already read, Bank of America is not the easiest bank to deal with when it comes to short sales. Pray that you get a BPO (broker's price opinion) done by a local expert who can fully justify the price based on current market values.
In the meantime, if I were you, I won't put all my hopes into just this one property. Keep looking -- if there's another property that comes up for sale that may meet your needs, is competitively priced, and can close sooner, explore that option.
In short sales, there are absolutely no guarantees. By the way, I hope you're not basing your valuation only on Zestimate. Your realtor may be able to give you a more accurate valuation.
The final decision for approval rests with the owner of the note. Bank of America owns some of their notes, but the majority of loans serviced by BofA are actually owned by investors. If BofA owns the note, they will make the final decision, and that process can be faster than an investor owned note. If the owner of the note for this short sale is an investor, it is this investor who will decide whether to accept or not. Bank of America will present the data and make a recommendation to an investor.
The time-line for a decison depends upon the package submitted, the individual loss mitigator's organizational skills, the bank's current priorities (which can change), and internal politics. If the seller has been diligent in their submission of all documents needed for the bank to review, that will help expedite the process. If the listing agent is experienced in short sales and strong in follow through, that will help. Your offer, as described in your post, seems that it would be attractive. Now, fingers crossed.
While BofA can take a long time, so can other banks. And, BofA has handled short sales efficiently and quickly......but one shouldn't expect that to be the case, for they will set themselves up for disappointment. Ask your agent to provide you frequent updates....and keep your fingers crossed.
Peter Kedzior, REALTOR
Arlington Heights, IL