Hi,

 

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? 

 

Thank you!

 

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Replies to This Discussion

Monica

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
"http://api.ning.com/files/w9TBY1fuvSIiTUTl41GyeLMKAwYBocEWxsbZh29Og..."

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.

Sam
Hi Sam,

Thank you for your response. You have definitely helped me with confirmation. I thought that I was crazy for a minute. Since I did not hear from my realtor, I contacted my attorney and asked him to find out this information. He responded to me with a date, which will give the mortgage company time for updating and processing. I did not see the letter. I am now taking a sigh of relief, but I am confused as to why my realtor would act this way and make me go to extremes to get the information that I believe she should have furnished upfront. What was the big deal in making me panic? By the way, my realtor is the realtor for the sellers as well. Something seems a little "fishy", but I am keeping my mouth shut and believing by faith that "this too shall pass" and will be over soon with a favorable outcome for us. This is our first home, we are hardworkers and are only trying to live the american dream. I have learned a lot in this game, the rules seem to change everyday. Thank you so much and God Bless You!

Sam Purtle said:
Monica

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
"http://api.ning.com/files/w9TBY1fuvSIiTUTl41GyeLMKAwYBocEWxsbZh29Og..."

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.

Sam

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