Made an offer on an already approved short sale. Was told that it was fast tracked by B of A. What does that really mean in terms of approval time?

Asked by Jenny, Shreveport, LA Thu Apr 21, 2011

We offered at the already approved price. A negotiator has been assigned. Will it really be approved in 2-3 weeks?

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CJ Brasiel, Agent, San Jose, CA
Thu Apr 21, 2011
Jenny -

Two months ago, I closed a short sale and the approval process with BofA was 32 days! There was a second lien holder as well. When there is only one loan, they are moving faster. Another BofA file, where I represented the buyer was 70 days. Another buyer I represented with Wells Fargo, one loan, took 42 days.

In my opinion it is better with the bigger lenders and when there is only one lien. Condos seems to take longer if HOAs are behind. Countrywide originated loans seems to take awhile and Chase as a second lien holder seems to be challenging on certain notes.

Good luck!
1 vote
Jenny, Both Buyer And Seller, Shreveport, LA
Tue May 3, 2011
Here's an update:

The short sale was re-approved by B of A in 9 business days. There was a new negotiator, however, we offered the same as the previous approved offers. The seller's agent was on top of the process from day 1. We are now in escrow.

To be honest, I didn't think it was possible that the seller's agent could get an approval in the 2-3 weeks she talked about. I'm glad to be wrong this time.

Thanks everyone for your answers!
0 votes
Barry Shapiro, Agent, Camarillo, CA
Mon May 2, 2011
Hi Jenny ~ We're all pretty curious -- how did that fast-tracked offer go? Are you in escrow now?? We hope so!
0 votes
John Juarez, Agent, Fremont, CA
Thu Apr 21, 2011
I have a short sale listing that was approved by BofA and the buyer walked. We got a new buyer in contract right away and BofA fastracked it for an approval in about 30 days. Lost that one, too. Got a new buyer. Fast track again. Approval again in about 30 days. Same negotiator each time. No guarantee in your case. Good luck.
0 votes
Keith Geller, Agent, Camarillo, CA
Thu Apr 21, 2011
I would have to agree with the last response. The process is never the same due to different parties involved (Lender's, Buyer, Seller, Agent's, etc...)

Fast Track can mean different things. It is possible what you are being told with the term "Fast Track"; a past Buyer's Offer fell through? All the Lender might need to move forward and approve the short sale, is the new offer from you, the Buyer.

I would have your agent contact the Listing Broker and ask them what "Fast Track" means.

You should have your answer by a better source then us here speculating the meaning of "Fast Track" in your situation.

I hope this helps.

Keith Geller
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Darla Dennis, Agent, Camarillo, CA
Thu Apr 21, 2011
Hi Jenny, we have had BofA take 90 days to Two years. Most short sales are averaging 120-180 days for the approval. Good luck
0 votes
Barry Shapiro, Agent, Camarillo, CA
Thu Apr 21, 2011
You really never know with a short sale. You can definitely have 'expectations' -- but the fact of the matter is that it's up to the seller's lender and/or lenders. Good luck!
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