Home Buying in 02904>Question Details

Khoa, Home Buyer in Seekonk, MA

how long it will take to buy a bank of america shortsale house?

Asked by Khoa, Seekonk, MA Mon May 17, 2010

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Depends on the bank and where the home is in the process - If the Short Sales has not been approved by the bank, then I have seen this portion take as long as 17 weeks and as short as 6 weeks. If the bank has already approved the short sale, then the process is much shorter on the bank response end of the offer.
Working with a Realtor who knows the process and can stay on top of things does help the buyer to remain infomed ont he process. If we can help, please feel free to contact us.
0 votes Thank Flag Link Tue Nov 16, 2010
In most cases it is 3 to 6 months however BOA has switched to anewer system to manage their short sales which has sped up teh processing. Unfortanately delays by listing agnet and negotiators for the seller often hold up teh sale withoiut them even knowing. In brief the seller first has to be quailifies to even do a short sale, often times this is skipped. Once an offer is placed, the negotiator and the listing agent need to gather the offer, a bpo showing teh true value in todays market, a list of any repairs, all teh sellers financials and short sale paperwork, a preliminary hud from the title compnay and a nbet sheet showing what the bank will end up with aif this closes. The key is communication. That listing broker and or negotiator for teh seller needs to contact them daily for updates and to see if anything else is needed. it is a long and stressfull process for all. good luck with your short sale and i hope things work out for you
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue May 18, 2010
On average it takes about 3 months at the least and can take 6 months. It depends on how busy the processer is. Second mortgages and other liens can slow down the process as well. Plan on being patient regarding any short sale with any bank. Some will tell you they can get them through quicker or that the new HAFA programs will speed things up. Not alot of evidence to support that at this time.
0 votes Thank Flag Link Mon May 17, 2010
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