Buyer waiting on a BOA shortsale . Typically how long does an appraisal take? I have been waiting on a month. Is that normal? What's the next

Asked by Darnell2, Ramblewood, Coral Springs, FL Sun Dec 11, 2011

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Maria Morton, Agent, Kansas City, MO
Sun Dec 11, 2011
BoA has a reputation of being difficult to work with and slow as molasses. If your agent has submitted your offer to the seller's agent, and the seller has accepted your offer (evidenced by signatures of all parties), then the bank will need to put the offer through their processes. Are you at this point? Is that the appraisal you're referring to? Or have you passed this point and are waiting on your lender's appraisal? Please ask your buyer's agent to explain the process and tell you where you are.
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Anna M Brocco, Agent, Williston Park, NY
Sun Dec 11, 2011
Your agent can best guide you, therefore consider a consultation; keep in mind that short sales are by no means fast sales, much will depend on who is negotiating on behalf the seller, the number of liens, was the necessary paperwork submitted by the seller, etc.; ask your agent for an update on the status...
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Scott Godzyk, Agent, Manchester, NH
Sun Dec 11, 2011
If you are the buyer, are you waiting for your bank to appraise of the sellers bank to appraise the home to see if the short sale gets approved? If you are waiting for short sale approval, the offer needs to be submitted with teh complete short sale package, it could take 4-8 weeks for them to order the appraisal and get it back. you should ask the listing agent for an update.
Web Reference:  http://www.ScottSellsNH.com
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