Replies to This Discussion

Permalink Reply by Wendy Rulnick on October 14, 2012 at 5:44am

Dear Short Sale Buyer, depending on the seller's type of loan, the Bank of America short sale process could take two - three more months for final approval.  

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Permalink Reply by SS buyer BoA on October 14, 2012 at 6:41am

Sorry, I guss that would be helpful. The sellers loan was an fha loan

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Permalink Reply by Wendy Rulnick on October 14, 2012 at 7:34am

I think you are on the longer side for approval then :)

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Permalink Reply by Diane Gish on October 15, 2012 at 2:34pm

If the sellers loan is FHA I hope whom ever is negotiating it is aware the rules for FHA deals are different.  It has been a while, but if I remember FHA "qualifies" the seller for a short sale.  This can be done even before the house is up for sale.  FHA also sends out an FHA appraiser that will set the value of the property.  If the seller can sell the property within a certain timeframe, at the appraised value, the seller will get a relocation allowance.  Bottom line, the seller will get paperwork indicating they are approved to participate in the short sale and xxx is the appraised price. 

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Permalink Reply by Kevin - Greenville, SC on October 15, 2012 at 8:32pm

Check out the following attachements.

Attachments:

• ss_FHA_QRG_10Tips.pdf, 934 KB
• ss_FHApreforeclosureQRG.pdf, 769 KB
• SS_FHApreforeclosurewebinar.pdf, 1.8 MB

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Permalink Reply by SS buyer BoA on October 15, 2012 at 10:06pm

Thanks, looks like I have some reading ahead.

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