Buyer stuck in a BOA short sale.
Hello!
My wife and I are purchasing our first home. Had a bad experience with our first place, due to sellers issues he did not disclose. We now have an offer on a short sale home, which is the house we originally fell in love with, but stayed away from because of the short sale status.
It is a BofA lender short sale, so trouble right up front.
Here is the deal, it just got to 2nd level negotiator when we made our offer, and ours is the only one currently. We offered 95% of listed price (still a killer deal for the place, and location). It has been 2 weeks now, and the 2nd level negotiator has still not been properly assigned. Seller is an agent herself, and tells me BofA has a deadline of Nov. 3rd (3 days away) to assign a negotiator.
So:
Questions, does the bank have ANY obligation to follow this timeline? Once it is assigned, how long are we looking at to actually get an acceptance or denial? Also, how fast can we close? (we were 5 weeks into escrow on the place that feel through, all documentation is with the loan agent already, and we were not just pre-approved, but funded, how long to change it over?)
This is not an investment home, this is our family home, which makes it that much more stressful. Can anyone guess how much longer we have to wait?
Tell you what, we are first-tiome homebuyers, and I can honestly say, in this market it is a stressful thing. So many homes, but all our favorites happened to be short sales. What can one do?
Any tips would be appreciated...
-chris
My wife and I are purchasing our first home. Had a bad experience with our first place, due to sellers issues he did not disclose. We now have an offer on a short sale home, which is the house we originally fell in love with, but stayed away from because of the short sale status.
It is a BofA lender short sale, so trouble right up front.
Here is the deal, it just got to 2nd level negotiator when we made our offer, and ours is the only one currently. We offered 95% of listed price (still a killer deal for the place, and location). It has been 2 weeks now, and the 2nd level negotiator has still not been properly assigned. Seller is an agent herself, and tells me BofA has a deadline of Nov. 3rd (3 days away) to assign a negotiator.
So:
Questions, does the bank have ANY obligation to follow this timeline? Once it is assigned, how long are we looking at to actually get an acceptance or denial? Also, how fast can we close? (we were 5 weeks into escrow on the place that feel through, all documentation is with the loan agent already, and we were not just pre-approved, but funded, how long to change it over?)
This is not an investment home, this is our family home, which makes it that much more stressful. Can anyone guess how much longer we have to wait?
Tell you what, we are first-tiome homebuyers, and I can honestly say, in this market it is a stressful thing. So many homes, but all our favorites happened to be short sales. What can one do?
Any tips would be appreciated...
-chris
Replies to This Discussion
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Permalink Reply by Jeff Payne on
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I hate to be negative but most likely you are looking at 4 to 5 months for approval. each phase of negotiators are allowed 30 business days to review the file and if there is something that they need, they will not necessarily call and ask for it. Your agents should be making regular calls to BofA but that does not mean BofA will work any faster.
On a positive note, patience sounds like you will get a great deal -
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Permalink Reply by Bryant Tutas on
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Chris, Yes I'm afraid Jeff is correct. You are in for a long haul. To answer your questions the banks DO NOT have to honor any time lines. Yours or theirs.
The only advice I can give is that if you really want the property then be prepared to wait. Also, be sure that you have a fully signed and accepted contract and the property has been removed from the market. Keep the contract enforceable by having both parties sign closing date extensions as needed.
Invite the agents involved to join this site so they can be kept abreast of any changes with BofA short sales.
As one of this sites founders I'd be curious to know how you found it. And have you found it helpful. Any feedback would be greatly appreciated. Thanks -
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Permalink Reply by C. Tedone on
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Thanks Bryant,
We have found this site helpful, especially having the open forum format, and the separate 'groups' devoted to certain lenders or loan types, but unfortunately its also crushing our hopes a little bit. We really need to get into a home. If I was reasonably sure we would get the place, I could go about 2 months tops to get a deal (can go a little longer to close, not a big deal), so maybe it is time to start looking again. One glimmer of hope, is the recent number of posts about BofA short sales actually starting to work. The BPO was done (not sure if they will do another) and the bank has a new HUD, and I figure the first offer sat around since June. Is it possible they were the guinea pigs, and we might be in a better position now?
If its any help, the title company has a foreclose date scheduled for the place in early December. Anything to that?
As far as finding the site, I don't remember exactly how we found it, but we have been Googleing every day since we have nothing but time right now, and have a hard time getting this out of our heads. We also do not want to miss an opportunity to make it happen.
-Chris -
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Hi Chris. I truly wish there was something I could do to make the process go quicker for you. I think all of on this site spend a lot of time banging our heads against the wall due to BofA!! I hope this all works out for you.
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