Hello! I'm wondering if anyone has recently purchased a Bank of America Short Sale home and if they could tell me how long the process took? I put an offer on a home in Lusby and the sellers accepted on 3/20. So far I haven't heard a thing from the sellers agent or the bank. I know short sales can be very timely but I have read that Bank of America has gotten better with the short sale process. I did contact my realtor and ask him if he could could perhaps get weekly updates from the sellers agent. Hopefully I will hear something soon. I would really appreciate any feedback from anyone that has gone through the short sale process before, particularly through Bank of America. Thanks!
Bank of America Short Sales
- Thread starter Katie723
- Start date
red_explorer
Well-Known Member
Everyone I know of that have purchased, or tried to purchase, short sales or foreclosures...its taken three to four months. One took six. One took four months for the paperwork to clear, then found out within a week of closing....Good luck!!!!!!
Yikes! I'm sorry to hear that. How long ago was it and was BoA the bank you were dealing with?
voodoochil3
New Member
We were going to put an offer in on one in Waldorf, but the agent we worked with told us we could expect around 6 months.
baileydog
I wanna be a SMIB
glhs837
Power with Control
Short sales are different than foreclosures,, or mostly are. I bought a foreclosure, and if I hadnt been playing hardball with the numbers to get a super good deal, and using an FHA203K repair loan,I could have closed in less than a month. Took me seven months, but none of that was it being a foreclosure. Short sales, from all my reading on them, have a different process, with most places having a board that meets, at whatever intervals, and if they dont approve, and it's "thier" money they are giving away in the short sale, in their mind,not like the homeowner, who is giving away the banks money
If you come in with a full price on a foreclosure, it shouldn't take long, since the bank sets that price. Short sale prices are not set by the bank. So that approval process can be and usually is long and tedious. Offer and counter takes a while due to the board process.
If you come in with a full price on a foreclosure, it shouldn't take long, since the bank sets that price. Short sale prices are not set by the bank. So that approval process can be and usually is long and tedious. Offer and counter takes a while due to the board process.
Short sales are different than foreclosures,, or mostly are. I bought a foreclosure, and if I hadnt been playing hardball with the numbers to get a super good deal, and using an FHA203K repair loan,I could have closed in less than a month. Took me seven months, but none of that was it being a foreclosure. Short sales, from all my reading on them, have a different process, with most places having a board that meets, at whatever intervals, and if they dont approve, and it's "thier" money they are giving away in the short sale, in their mind,not like the homeowner, who is giving away the banks money
If you come in with a full price on a foreclosure, it shouldn't take long, since the bank sets that price. Short sale prices are not set by the bank. So that approval process can be and usually is long and tedious. Offer and counter takes a while due to the board process.
Thank you! After pulling all of the comparables, I offered a little over asking price and asked the bank to pay 3% closing. We shall see... I'm still looking at other homes, so if I find something I like I can always back out. I just wish it didn't take so long to get an answer...
b23hqb
Well-Known Member
My daughter and her husband had a short sale purchase through BOA here in Tampa. Took them about 8 months, but they hung in there. Fortunately, they were not in a real pressure situation concerning housing.
It was obvious BOA was stringing them along, hoping for a higher price, but they, along with their agent and real estate attorney, persevered and outlasted BOA.
It was obvious BOA was stringing them along, hoping for a higher price, but they, along with their agent and real estate attorney, persevered and outlasted BOA.
Sula
WDF. So worth the wait.
I have seen short sales take a few months to a year. It really is dependant on the state of the title. How many liens were on the property? Do the sellers have outstanding tax debt? Is the mortgage backed by Fannie or Freddie? Back child support due by the sellers?
The price is set by the seller and approved by the bank. But the bank has their number in mind and wont go below it. Other mortgages, tax debt and some other debt that is attached to the will all come in to play because those lenders are all standing in line with their hands out. If that information comes out after the contract is signed (which it usually does) then it makes the process that much longer.
Patience is the only way to go through the process. You just have to remember that once you have signed the contract there are multiple people on the other end trying to get as most out of that contracted price as possible
Chasey_Lane
Salt Life
On average, short sales take 6-12 months. They are very exhausting and lengthy. Just remember, the bank has their best interest at heart, not yours. If you're not ready to play tough and wait it out, don't bother pursuing a short sale.
Thank you!
Not BoA but we helped our son sell his house as a short sale. Timeline as follows:
house went up for sale 30 Dec 2011 with several investors waiting to see it.
First offer: 2 Jan 2012
He accepted offer: 12 Jan 2012
Closed: 30 Jan 2012
30 days, start to finish.
We had a great realtor who really worked with us and his financial institute. VDHA. I've never seen such a smooth house sale.
house went up for sale 30 Dec 2011 with several investors waiting to see it.
First offer: 2 Jan 2012
He accepted offer: 12 Jan 2012
Closed: 30 Jan 2012
30 days, start to finish.
We had a great realtor who really worked with us and his financial institute. VDHA. I've never seen such a smooth house sale.
WOW! That's wonderful! I usually on hear horror stories about short sales. LOL It's nice to hear something positive! Thanks, hopefully my purchase will go smooth as well
We jsut sold our house that was on a short sale due to being transferred by the military and we had offers in several times and then several backouts but I will say when the bank wants to get rid of the home then they speed the process up so it seems. We had several offers we chose the best one and once that went through we had the home sold within 2 weeks. So I wish you luck!! If you love the home and can wait it out then do it!!!
Thank you! I did get a little update today. They told me that the bank was requesting more paper work from the sellers and that the bank was setting up their own appraisal for the home. So hopefully that's a good sign!