First time short sale buyer and waiting for HSBC authrization

I am a first time buyer. We submitted our offer in Mid June, 2011, and seller recently got BOA HAFA (just one loan) approval; however,we are still waiting for the HSBC (Investor Bank) authorization. Listing agent saying it will be any day.

Our agent said that listing agent constantly talking with BOA but no access to HSBC. But BOA assured him that HSBC agreed on the price we offered. HSBC will approve it any time and BOA will send the apprvoal letter.Our File moved to HSBC from BOA end of August. We are offering cash. Do you think is it possible to get assurance on price before approval? Can you tell how long it might take?

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Permalink Reply by Kristy Hamilton on September 9, 2011 at 11:41pm

Can't tell you how ling it will take, but it sounds like your offer price is sufficient. By now, you should have been approached with a counter-offer, if the lender had an issue with your offer. I have learned that each lender has their own timeline and each loan has it own timeline. As we discuss in our office, I think that the lenders are simply busy and working them as fast as they can, too. Please be patient. I know it has to be difficult, but I have found that most of my files that take so long are not the result of the offer, but just everyone trying to get all of the correct paperwork to everyone involved.

Best of luck!!

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Permalink Reply by Home buyer on September 19, 2011 at 12:24am

I am still waiting for the HSBC investor 's approval. BOA did not make any counter offer. I was wondreing whether HSBC can make any counter offer? From previous experience, can any body tell me how long usually it takes?

Seller has one loan, no second loan.

thanks in advance.