CFS Mortgage assists homeowners who have recently been through a foreclosure, short sale or have recently emerged from bankruptcy.
B of A is one of the worst lenders to deal with on a short sale. However, they will possibly approve the short sale at some point - be patient. Now, since an NOD has already been filed, hopefully when the listing agent submitted your offer, they talked to the lender's negotiator to have the Trustee Sale postponed. Have your Realtor check with the Listing Agent to confirm this has been done so the property isn't sold at Auction while you're waiting for approval of your offer.
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Mobile Phone: (630) 639-1081
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There is no way of predicting short sale timing.
1.) Is it HAFA pre-approved? With an agreed upon list price? Or was this the list price the agent/seller chose?
2.) Is it one lender or more? Are there other liens? (HOA, garbage, mechanics?)
3.) Is the loan(s) being short sold portfolio loans (owned by initiating bank) or by investors?
4.) Is there mortgage insurance attached to the loan?
5.) How does the offer price compare to other neighborhood sales? Will the bank believe the offer price is a fair price based on recent sales or will they counter at a higher price?
6.) How on top-of-it is the agent? Do they call weekly (sometimes more)? Is the file complete? Does the agent provide a weekly update to buyer's agent?
7.) Did the seller provide all the appropriate paperwork? Are the working well with bank and agent to answer any request in a timely manner?
I have had BofA short sales with two loans approved in less than 45 days - non HAFA. 60-90 days when it is HAFA (Strange as HAFA was suppose to shorten timelines.).
The one thing that I would try to get some word on is the NOD and whether or not the short sale negotiator has actually been assigned and has placed the foreclosure process on hold. The next notice to the seller will be a Notice of Trustee Sale (the actual foreclosure sale at the court house steps). Sometimes banks will not allow this to be postponed until 2 or 3 days before the sale. No rhyme or reason to all that they do but with short sales, anything can happen and the more you prepare yourself for the "speed bumps" that are possible the better you will be able deal withe the process.
Sara Mehrpouyan CDPE
Specializing in Foreclosure & Short Sale
Dre license #01712757
If you counter BofA when they come back with their 1st offer, you CAN counter back on price or to get more closing costs paid & you may get the bank to come down a bit further, but it will take an extra 3wks & possibly a 2nd appraiser to go out.
It will come down to how experienced the listing agent is with negotiating short sales. Make darn sure that the MLS listing is in a "B"=Back up offer or Pending status, while you wait for short sale approval. On offers I make with buyers on short sales I cross out the entire paragraph in the Short Sale Addendum which says the listing agent CAN submit other Higher offers to the bank OVER yours.
I hope this info helps.
Realtor Since 1996
Main Street Realtors
Short Sale Expert
Short sales take a long time because the bank has to review it and they are back logged with many short sales and don't have enough coverage to complete them in a timely manner. The bank typically is willing to work with the seller and buyer on short sales to help avoid foreclosure.