Bdorsey99, Renter in 91356

short sale process

Asked by Bdorsey99, 91356 Thu Aug 18, 2011

So i just made an offer on a short sale where the seller received a NOD almost 60 days ago. The seller agreed to the terms, so my question is how long do i have to typically wait to see if the seller's lender disapproves or approves the offer. Their lender is BofA and that is my lender as well does that help the process any.

Help the community by answering this question:


I had a short sale last year and my Realtor recommend for a home loan. I am very happy to be able to purchase again.
CFS Mortgage assists homeowners who have recently been through a foreclosure, short sale or have recently emerged from bankruptcy.
1 vote Thank Flag Link Sun Jun 23, 2013
Hi Bdorsey99,

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.

Good luck.

Shanna Rogers
SR Realty
1 vote Thank Flag Link Thu Aug 18, 2011
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0 votes Thank Flag Link Thu Oct 31, 2013
Each bank has their own pace. I would say B of A can take anywhere from a week to a month. If you have an attorney or good realtor, they should pursue it aggressively and speed up the decision time.

Call or email for a free pre-approval and free credit report.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (630) 639-1081.

Brad Neumann
Sr. Loan Officer
Mobile Phone: (630) 639-1081
3130 Finley Rd. Suite 510C
Downers Grove, IL 60515
0 votes Thank Flag Link Fri Oct 25, 2013
Bd -

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.

Good luck!
0 votes Thank Flag Link Fri Aug 19, 2011
How long it takes really varies. Does the seller only have 1 mortgage or are there 2? If they do not agree to your offer amount and terms, it could take longer. Unfortunately, I have not seen it help if you have B of A as your lender (buyer). It also depends on B of A as to when they decide to set the foreclosure sale date on the property. Good luck.

Sara Mehrpouyan CDPE
Specializing in Foreclosure & Short Sale
Rodeo Realty
Direct: 818-903-2040
Dre license #01712757
0 votes Thank Flag Link Thu Aug 18, 2011
Wow, lots of answers stating BofA is giving out short sale approvals in 30 days. I'd like proof of that. BofA on avg. is taking 55-60 days if the owner is trying for a traditional short sale. The great savior called the HAFA short sale is anything but & will take longer to close, mainly because BofA assigns a 3rd party "marketing specialist" who will Gross Up the list price to some stupid figure that does not match the comps at all.

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.
562-430-3053 c
Realtor Since 1996
Main Street Realtors
Short Sale Expert
0 votes Thank Flag Link Thu Aug 18, 2011
thanks guys all this information was very very helpful. I hope i can get an answer before next month comes and goes.... that would be need to move in before the holidays. I just hope the bank takes my offer.
0 votes Thank Flag Link Thu Aug 18, 2011
As long as the listing agent knows what they are doing, there should be an approval within 45-60 days for a traditional short sale with BofA now. If there is MI on the loan, expect another week or two. If it is hafa..... coin flip... could be 60 days, could be 6 months. BofA being your lender has no effect on the file.
0 votes Thank Flag Link Thu Aug 18, 2011
BofA is, in my opinion, the least effective lender when it comes to negotiating short sales. Your mortgage pre-approval from their bank doesn't mean that things will move ahead quicker - basically the left hand doesn't talk to the right hand in this types of situations. Your loan officer will have no say in how their loss mitigation department handles the case.
0 votes Thank Flag Link Thu Aug 18, 2011
It takes anywhere from 30 days to 6 months or even more to get an answer on a short sale. It really depends on many factors. The bank may come back with a counteroffer or reject your offer completely. In some instances you may not even hear back from the bank at all.

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.
0 votes Thank Flag Link Thu Aug 18, 2011
The is the golden question. The fact that you are using bofa as the lender might help a little but it is up the investor who holds the loan to decide how quick he wants to close. You are on their schedule. It can take 30 days or 6 months. Hard to give you that answer
0 votes Thank Flag Link Thu Aug 18, 2011
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