Providing you with the knowledge and tools needed to succeed with Short Sales
From what my realtor is stating, the short sale has been approved and was approved sometime last week. She is now freaking out because we do not have a closing date because the mortgage company is doing the some final processing. I asked her how long the bank was giving us and she said that she did not know, but stated approx 10 days. I don't believe that BOA would approve a short sale without giving a close by date. I asked her if she could send me or my lawyer a copy of the letter, but I have not heard from her.
How many days does BOA give for the parties to close upon receiving the approval?
Does BOA give an approval letter in each case?
As a buyer, do I have a right to see this letter?
It is highly unlikely that BofA would approve a short sale without stating a closing date. The approval letter (otherwise known as a short sale demand letter) will spell out the terms of the transaction. It usually states the purchase price, the amount they are to receive (net to bank), the commissions paid in the transaction, and all details including where to wire the funds.
This discussion board has an example copy of an approval letter that BofA supplies with each approval - see this link
In answer to several other of your questions:
Bank of America usually provides 30 days from approval until closing. This timeframe can vary and is all part of the negotiations.
As a purchaser you have a right to see the letter and I would demand that it be produced
Good luck in your purchase and I hope it all works out for you.