Bank of America Short Sales are notorious for taking the longest, in many cases 6 to 9 months. Washington Post recently wrote that:
Still, the short-sale process is notoriously slow and cumbersome. Unlike normal sales, the seller’s lender must approve the deal and is often suspicious of lowball offers, potentially dragging out the process for months. About 60 percent of approved short sales do not ultimately close, largely because buyers walk away from the deals, according to Bank of America.
Bank of America DOES take a long time, but they are typically upfront about what they are doing and why you are waiting. The good news for homeowner still in their home during short sales IS that BofA takes so long. This could mean a “forebearance” in a sort of odd way.
We’ve closed several Bank of America deals and the key is keeping people in the loop and being aggressive when needed.
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{ 3 comments… read them below or add one }
Personally I have noticed BofA actually getting some processes in place and getting a little quicker with the approval process….Lets hope this trent continues but if not thats ok too…
i put a bid on a short sale in april 26,2010 and haven’t heard anything form BoA . Was wondering about how much longer i should wait? and any advice anyone has maybe hurrying things up so i could get the tax credit.
seller was asking 200,000
i offer 165,000
is that a good offer . this is my first time putting an offer on a house.
thank you
Dots,
It depends. You said you put a bid in, with who? In short sales, it’s all about who is negotiating the short sale. If you have the Jarvis Team or like our buddy Kevin, you’ll see quicker turn arounds and more feedback. However, I would send you back to your agent to ask them those questions. It’s not always the agents fault, in fact most of the time it is not, but you should at least have some feedback.
Good luck!
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