Replies to This Discussion

Permalink Reply by Jeff Payne on March 1, 2010 at 10:18am

Yes, once the offer has been submitted, the next step is collecting all of the information and the documents, once they get everything, they can then move to evaluations.......

Permalink Reply by Joseph D. C. on March 1, 2010 at 10:20am

Thank you for your reply, my wife and I just want to get through this process.

Permalink Reply by Brian Garff on March 1, 2010 at 10:22am

Yeah. It means you might get paid on that deal in 8 to 18 months. Seller financial documents are all part of the setup process. Make sure you give them everything they ask for, exactly as they ask for it. Then follow up until they tell you they have it. One requried doc could be missing and they will never contact yo to let you know. The file will just collect dust. Also, BofA takes so long to process everything, you are probably going to have to update those financials one, or two (or more) times in the short sale process.

Permalink Reply by Darla Maddalone on March 1, 2010 at 10:24am

It may be helpful to go the the "home page" of this (BofA) discussion group and download the Seller required documentation for BofA short sale. The process will move faster if everything gets submitted ASAP...don't leave anything out - it just gives them a reason to put your file at the bottom of the pile if you do.

Good luck!

Permalink Reply by Steve Loynd on March 1, 2010 at 10:27am

This means the seller will have to come up with money at closing...if they have any money B of A will want it.

Permalink Reply by Steele V. Propp on March 1, 2010 at 10:51am

It doesn't necesarily mean more money from the seller. The bank requires current financials once an offer is submitted. Many times the info originally submitted is months old. That could also be the case.

Permalink Reply by Jim Hale on March 1, 2010 at 2:26pm

It means its a short sale.

These items are routine. The sellers and agents should have known this from the get go, else the blind are being led by the blind.