Replies to This Discussion

Permalink Reply by Sharona Byrnes on April 12, 2012 at 6:52am

Hi Myron,

Congratulations on your decision to buy a home! Everything on these short sales is in flux, so the answer is always "it depends". Usually it can take up to a few weeks to get an answer once they get a valuation. It all depends on who the investor is, (not Bank of America which is the servicer). The agents will not be given a copy of the valuation, but will be told by B of A if the investor wants more than you have offered. At some point, the listing agent will be told by Bank of America that they will either accept your offer or ask the seller to counter the offer. At that point, the seller should give you a written counter which you can accept or counter back.

It sounds like everything you are being told is true, but depending on the investor you may still have some time to wait. Good luck!

Permalink Reply by Myron Odum on April 12, 2012 at 7:11am

Sharona,

Thanks for your insight and quick response.  It seems as though the only thing to do in this process is wait. LOL!! The valuaton on the home was completed on March 18th. So it sounds like I am getting closer to a response, but its a good chance that response is a counter offer based on what the investor wants. Does it matter to the investor that the home is being sold by the Estate? The owners are both no longer living.  Was just wondering if that would persuade the investor to close the deal as opposed to potentially losing it and starting the process over.

Thanks again.

 

Myron

Permalink Reply by Kathleen Lordbock on April 12, 2012 at 7:55am

It probably does not matter to the investors about the estate issue for time frame of response. It does take time and patience is a must on your part- so hang in there.

Permalink Reply by Stephanie Hart CA 310-930-2342 on April 14, 2012 at 7:29am

Each and every BAC deal is different.Actually each and every short sale is different. I have one that went from submission to investor approval (step before final approval ) in under 40 days... another that is 60+ days out with no response on my counter for 12 days now... The negotiator makes a HUGE difference. Typically I'd say 3-6 months from beginning to end for BAC.  I did have one go 10 months though, due to MI on the 1st. Congrats and hold tight:) 

Permalink Reply by Myron Odum on April 22, 2012 at 2:51am

Stephanie and Kathleen thanks for your responses and encouraging words. I finally got an accepted offer from BOA this week after about 12 weeks. They didnt even counter like I thought they would and the funny part is they want to close by April 27. We've submitted and extension to close on May 15. Has anyone ever had issues getting an extension accepted after an accepted offer? I would think not.