ayeggs, Home Buyer in Los Angeles, CA

What is the average wait time for a offer to be approved by Fannie Mae?

Asked by ayeggs, Los Angeles, CA Wed Feb 6, 2013

I put in an offer on a house back in August. Recently I was told that BOA approved the offer but now it needs to be approved by the investor, which is Fannie Mae. I have already waited 5 months for the bank to approve the offer and was wondering how long I could expect to wait for Fannie now. They have already had the paperwork for over 2 weeks...

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Answers

5
Short sales may never be approved.
You knew that going in.
You should be hearing the good or bad news within a few more weeks.
0 votes Thank Flag Link Wed Mar 27, 2013
I just did a deal with BOA.
You are at a good point and you should be getting close to them accepting the offer.
Next it will be sent to a closer once the offer is excepted.
With BOA it can be excepted in 1 week or 1 day.
Hang in there it sounds like your are almost there.
Probably 30-45 days once they agree to the price.
Hope this helps a little.
Thanks
Joy Jacoby
Remax Suburban
JJacoby100@aol.com
847-338-5554
http://www.joyjacoby.com
0 votes Thank Flag Link Wed Mar 27, 2013
The Short Sale process gets frustrating to say the least. Could be that Bank of America has had the file for 5 months and the investor is asking for recent documents. Many times with an older file the investor will start asking for updated financials/paperwork from the seller...bank statements, pay stubs, etc. to see if the seller's financial situation has changed. There is tons of paperwork requested throughout the process. If there is more than 1 lien the process can take even longer.

Make sure you are getting updates from the attorneys and agents on the file's progress. I just had one that took 8 months to close.

I hope this helps!
0 votes Thank Flag Link Thu Feb 7, 2013
This is a short sale. And like I said, I have already waited 5 months for Bank of America to approve..
0 votes Thank Flag Link Wed Feb 6, 2013
Is is a short sale? In our market foreclosures that are listed with Realtors usually get an answer back within a few days. Short sales on the other hand can take as little as 2-3 months or as long as the bank wants to drag it out (over a year in some cases). Good luck!
0 votes Thank Flag Link Wed Feb 6, 2013
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