3rd BoA shortsale florida... any insite

Today I found out that my realtors secretary is leaving the company. She has been the contact but she has a replacement. My huuby and I are now trying for the 3rd time to buy our 1st home and it seems every home for salw in our small town is a BoA shortsale. After loosing 2 homes we decided to get a new agent, went with the listing agent on this contract, signed 8/7/12 submitted to the bank 8/15/12 according to the realtor, thought we wouldcut out the middle man. From what I understand the sellers lender is BoA and it is an FHAloan. It has been 2 months and all we get is "the file is still in the home retention department." Twice in the last 3 weeks I have been told she is geting the file escalated but as of today it is still in the home retention dept. I am frustrated and I wto know if anyone has a suggestion or any adive. Iwe have been trying to buy a home since March. My husband abd I have gone through the whole process of being completely pre-approved for our loan through Wells Fargo's home buyer thing. All they need is a contract and appraisal and the will cut us a check! I thought we would be prime buyers in this kind of market. Basically we already have our loan and down payment money secured. Is there any way beyond our agent to find out what may be going on? All that is in the file in her office is hand written notes. Maybe I am just sceptical because we have been going through this so long but how long is this supposed to take. Everything I have read say aprox 90 days. If after 2 months the file has not moved I am concerned. My realitors assistant als told me today "oh, that's nothing, I have 1 here that is still in home retention and it'd 6months old" really?!.!! HELP

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Permalink Reply by Wendy Rulnick on October 3, 2012 at 1:54pm

Hi - Unfortunately, FHA short sales (called FHA PFS - pre foreclosure sales) CAN take longer at Bank of America. They have fewer negotiator assigned who can handle this process. If the seller wasn't already pre-approved, it might take you five months to complete.  It is not "bad" if the seller wasn't pre-approved (I won't go into technical labels), it just adds time. I am sorry you have gone through so much trouble trying to buy a home.  Ask for weekly updates.  Ask if there has been an appraisal done on the property yet. Good luck!

Permalink Reply by SS buyer BoA on October 4, 2012 at 1:35am
Thanks so much. I do feel bette knowing that it is "supposed" to take this long. I just feel completely helpless and I am a proactive person so it is driving me crazy. I wish there was a way to help. I am concerned about losing my finacing because it is taking so long or basically waiting, having our hopes up for nothing. Especially with her last comment yesterday about having a file in home retention still after 6 months. It makes me feel that maybe the real estate office is not so proactive. Is there anything hat can be done to "speed up" the process? Like I said, she stated she tried to escalate the file twice, not that I really understand what that does, but it is still in home retention? I thought that escalation moved the file to a new person?
Permalink Reply by Wendy Rulnick on October 4, 2012 at 1:40am

The seller needs to at first try for loan mod in an FHA short sale. The seller needs to specifically ask for the short sale.  I think you could ask the agent to join www.ShortSaleSuperstars.com for hints to escalate!

Permalink Reply by Kristy Hamilton on October 5, 2012 at 2:45am

I am encountering extended processing times on FHA loans with various lenders.

The real estate office doesn't have any control over how long BOA takes to process the short sale.

Escalation can only help so much when there are other files at BOA waiting on the same thing.

I suspect that the tax issue with the end of 2012 may also have prompted an increase in volume for BOA.

I hope that you are able to wait it out because I am confident that, in the end, you will be happy that you did.  :  )

P.S. We are located in Florida.

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