Hello,

I am currently a buyer waiting for a short sale approval from Bank of America (we are buying in Brooklyn, NY). Our offer was accepted by the seller in October 2013, since then it has just been a long waiting process with no real updates from the listing agent or seller's attorney. The listing agent represents myself and the seller but has no real experience with Short Sales so he is not the one in communication with BofA for the short sale process. Apparently, the seller's lawyer is the one running the process with the seller.

It has been impossible to get any real updates on where the file is in the process or what type of loan the seller has (who the investors are, etc.). The seller's lawyer is either unresponsive to my lawyers request for info or just responds with "no real update"  or "all files have been submitted".

I just got a text from the listing agent saying that the seller just informed him that the "Short sale department submitted all papers and are now waiting for approval to close". What stage are we at now? Does this mean the file has been sent to the investors for final approval and if it is approved we will get an approval letter with a closing date? Is there a typical time frame on how long this approval takes? And if we get approved, what is the typical amount of time they give us to close? I know every situation is different but it is so frustrating to no know ANYTHING about what is happening. Any intell would be helpful.

FYI- We have not ordered an appraisal yet since we did not know if the short sale was going through or not.