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Tara Ross, Home Buyer in Georgia

How long does it take bank of america to approve a short sale?

Asked by Tara Ross, Georgia Wed Apr 4, 2012

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5
Rodney Mason’s answer
There is no set time that any mortgage lender takes to approve a short sale. A variety of factors ultimately make up that length. A lot will also depend on how far along the seller is in the process when you submit your offer. If they have just started the process, you can expect it to take longer. You should expect at least 4-6 months as a minimum.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Sat Apr 7, 2012
Good Morning Tara.

I am so sorry that many answers you were provided were less then helpful. Unfortunately most people answer through emotion and personal experience and as with anything in life being it banking or buying a burger at McDonalds, we can have good experiences and bad.

The most challenging issue with Short Sales is the "unknown". Who the negotiator is that is assigned by the bank has a lot to do with how smooth and/or quickly the process goes. I have closed Bank of America short sales recently in 45 days and I have seen some take as long as 4 months.

Another huge factor is WHO you have negotiating with the bank. If it is the Realtor, this may not be the most effective choice. The process takes substantial follow up, detail and literally being on top of the file on a daily basis. Make sure you have someone who has the resources in place to get that done on your behalf.

If on the other hand, you are trying to purchase a short sale, all these factors still come into play and your Realtor should be able to establish some basic information from the start to determine how the transaction will go (is it an approved short sale, have the sellers already submitted the short sale pack, how many lenders are involved, have they completed a BPO, etc...).

Please feel free to contact me if you have any other questions or require any additional information. I am happy to be of assistance.

Best of Luck to you,
Regards,
Charlene Weston
Realtor/Team Leader
Weston Group
http://www.westongrouponline.com
813-846-4538
0 votes Thank Flag Link Fri Apr 6, 2012
We advise our buyer clients to avoid short sales (pre-foreclosure), and the lengthy buying process is only one reason. Buyers negotiation leverage is reduced in these transactions and we would rather see our clients look at bank owned properties (post-foreclosure). http://www.naplesrealestateguys.com/
0 votes Thank Flag Link Fri Apr 6, 2012
Since they have no concern about anything or anyone, the answer is as long as they want. BOA and Wells Fargo are despicable with how they operate. I also do a ton of foreclosure appraisal work and even though I'm "inside the process" they are the two worst companies to deal with by a wide margin.

If you chase a shorty with them, keep your expectations as low as possible - set the goal of wasting time and getting frustrated and you be successful....

Hank
0 votes Thank Flag Link Thu Apr 5, 2012
Tara, there is no set timeframe all sales are different. Bank of America is supposed to have a Twitter Q&A answer system set up to help with questions such as yours.
0 votes Thank Flag Link Wed Apr 4, 2012
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