Short sale: How long after a verbal approval (from BoA) does it USUALLY take before you get a contract?

Asked by Vicbabs, Southampton, NY Tue Mar 16, 2010

The homeowner passed the word along that the bank approved our offer two weeks ago. The sellers agent says that the seller is waiting for written approval from Bank of America before they can go to contract. It has been two weeks and we still have no word of a contract.
I have a few questions....
How long after a verbal approval does it usually take before you can go to contract?
Is it the bank or the sellers attorney that draws up the contract?
Once we get a contract how long until a closing date?
---Stupid question...Do we get the keys at the closing?

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Vicbabs, Home Buyer, Southampton, NY
Wed Mar 17, 2010
BoA gave us a closing date today! April 25. The negotiator that we are dealing with works for countrywide. I thought that they were the same but apparently they still get two different paychecks. He said that we can maybe get an earlier closing date if we want.
The negotiator said that though we have a closing date to not hold our breath because there are no rules in a short sale.
He said that even though BoA gave a short sale we still have no contract with the seller and BoA STILL has not provided us with written approval!
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Sherri Gray, Agent, Payson, AZ
Tue Mar 16, 2010
I'm sorry to be the bearer of bad news but when BofA comes up as a short sale lender or note holder, our entire office groans. I can tell you it will be an exercise in frustration. I waited 42 days to get an approval for one client & when I called the loan officer, who, by the way is stationed in Oregon & I live in Arizona....(don't even ask), I was told that if my client wanted a REAL approval (what other kind would an agent need) it would cost my client $50. I have never heard of this EVER & discussed it with my client and we went to National Bank, had an approval in ONE day and are well on our way to closing, with excellent communication. You WILL NOT get this from BofA. Another co-worker couldn't get a response on her contract with BofA as the noteholder, on her sort sale and she represented the seller. She drove to Phoenix because no one would return her calls and said the office was comprised of 16 & 18 years olds in shorts, halters & flip flops texting away on their cell phones. She was horrified to see her seller at the mercy of an operation being run this way. I could tell you more, but I would go to another bank. If you live in New York I can't tell you who draws up the contract and again, in Arizona, we get the keys at closing from the listing agent. Good luck on your endeavor!!!
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Anna M Brocco, Agent, Williston Park, NY
Tue Mar 16, 2010
As for the actual written approval, it depends, there really are no set standards--however, do ask your agent and or attorney to stay in contact with all parties, in order to ensure the letter doesn't get lost in the shuffle.
The seller's attorney will draw up the contract, and send copies to your attorney-- the closing will depend on the bank and the attorneys involved --your attorney will best advise you regarding your closing date; the closing can take place within a week or two--yes, you will get the keys at closing once all the paperwork is signed over, unless otherwise stipulated in your contract.
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