Bank of America - Junior Lien Holder

Here as my story / question: 

First of you should know that I am the buyer.

 

August 2012:  Put in an offer on a SS in NJ.  First Bank is Cap One, Second Bank BofA (Offer 250,000)

December 2012:  Cap one comes back with a counter 94,000 higher.  I walked knowing that I could find something else, even though I loved this home.  (Counter 344,000)

 

Dec 2012, Jan/Feb: Home Search continues, and I find that I loved that original SS ... and the market has changed since Superstorm Sandy.

 

Feb 2013:  I have my agent call the agent of the original SS to see what was up.  They had just given up, so we asked if they would be willing to try again.  They called the banks, listed the property for us, and we went in with a strong offer of $330,000.

 

May 3, 2013: Cap One approves offer. They would take 295,392.26 giving BofA $5000.00.

 

A month later we are still waiting on BofA ... what is a realistic timeframe that you think I should hear back from BofA? How do I know the Sellers agents are really on top of them (she says they are!)  Is there anything I can do to speed this up.

 

Thanks for any advice.

 

Views: 127

Replies to This Discussion

Permalink Reply by Ann Howard on June 1, 2013 at 5:47am

There is nothing that you can do to speed things up unfortunately, if this is the house you want then hang in there.

Short sales take time and the Sellers agent will have to stay on top of them. Good news that the first has approved and hoping you get approval soon from the second.

The Sellers agent will just have to work at getting B of A to accept, better to take the $5000.00 than have the home go to foreclosure and get nothing. That is the key, the Sellers agent must stay on top of this.

Sometimes it takes time and I know it is stressful, hang in there and hope you get your approval soon.

Permalink Reply by Kathy Deal on June 1, 2013 at 9:46am

Good Afternoon Melissa,

 It will all depend on BofA and who the investor is on the loan.  All short sales are a little on the slow side but the agent likely started the process when they submitted to the first mortgage as well.  BofA has stream lined their process which helps alot compared to earlier years.  I would expect it will take 30-60 days on the second

Kathy Deal

RSS

Members

© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************