Variance
Hi Superstars,
I received a verbal counter on an FHA short sale from bank of america over a month ago (im a buyer). Still waiting on the final approval from BOA however, first the negotiator needs to submit for a variance for requested seller help of 3% (I am doing a conventional loan). How long typically does HUD take to approve a variance, and once the variance is received is that normally the last piece of the pie they need to submit to BOA for final approval?
Thank you!!
Replies to This Discussion
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Permalink Reply by Rachael Babinchak on
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The variance is not the last piece, but it's getting closer to the final approval.
With the way Bank of America is running things right now, it could be several weeks. I'm listing agent on a short sale with BofA starting in June! (multiple issues on their end) Our latest issue was getting the variance 10/5, but it was only good thru 10/16, (which was not enough time to close FHA loan), had to go back for ANOTHER variance that extended to 11/2 (the pending foreclosure date), and here it is 11/7 still with no approval (we were promised yesterday). The only way I've kept BofA moving forward is escalating to FHA direct and opening 3 "Help Tickets" so far. Maybe your agent can ask the listing agent if that's been done?
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Permalink Reply by Katherine Wieboldt on
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Thank you Rachael for your advice and input!! Out of curiostiy- what is the final step before approval?
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more review of everything that's been reviewed, that everyone's done their job, nothing's changed, any other documents they want added - final underwriting stage...my rep told me 48-72 hrs but we're day 4 right now...so....
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