In a short sale, how long does it usually take for BofA to accept or counter an offer after the appraisal is done?

Asked by Erika, Staten Island, NY Fri Oct 25, 2013

Purchasing a short sale in New York (supposedly short sale is already approved by bank). Offer was submitted to the bank on 9/17/13.

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Yanoska Diaz, Agent, Miami, FL
Fri Oct 25, 2013
If BOA is still in the process of valuation the short sale is not approved. Agent tend to advertise a short sale as approved after the have spoken to a processor and the processor has said: OK, great send me an offer. That is not the approval of the short sale!! When you are delivered a short sale approval letter from BOA that contains all of their terms and conditions including an expiration date for the approval, only then, the short sale is approved. Being as familiar as I am with BOA that can take a good number of months.
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Deborah Brac…, Agent, STATEN ISLAND, NY
Fri Oct 25, 2013
It varies with each case. From my experience, an offer was made back in February 15,2013, & we're under contract since April 11, 2013 and still wtg for bank approval. Last I heard we MAY get bank approval next Thursday, but not the first time I heard this.....speak to your attorney and/or realtor.
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Anna M Brocco, Agent, Williston Park, NY
Fri Oct 25, 2013
Depends....Unfortunately none of us can accurately answer the question nor speak for the lender; what is your attorney suggesting...
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Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Fri Oct 25, 2013
Erika, if you mean the appraisal that Bank of America does, I would say that it can take anywhere from 1-2 weeks to a couple months depending on the situation with that particular house. There are so many things that come into play when it comes to short sales and the turn time for it to get done, that it's virtually impossible to say. The best people who can advice you on this would be the Realtors involved and/or your attorney. One of them is in direct communication with Bank of America and is handling the negotiation process, that would be the person who would receive the updates from Bank of America before anyone else. Good luck!

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Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
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