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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