I am representing a buyer for this short sale with Bank of America.  only FHA loan and no second, in Southern Calif.  About 12 days ago, I was told that BOA 2nd negotiator has submitted the file to FHA to get an approval. it's been over 9 weeks since the listing agent submitted the offer/PFS to BOA.

 

Could some one tell me what is the avg days to wait to get an acceptance ?

 

Tags: America, Bank, FHA, Sale, Short, of

Views: 1278

Replies to This Discussion

Hi Noel - In my experience, if the offer meets the amounts and terms specified in the HUD Approval to Participate document, then BOFA can  approve it.  It does not have to go to FHA.  I would say if you meet the requirements, you should be approved any day.  If the Approval to Participate has not been issued yet, it could be longer.

Thanks Wendy.  How long does it take to get ATP once you submitted the offer?  According to the Listing agent, the negotiator is waiting to get an approval from FHA. that was the last conversation I had and that agent is not responding to my calls/email about the status whether my buyer's offer is still in or out even though he was telling me that our offer is the only one submitted to BOA.  We did offer full listed price and which is also at market value.

Thanks Wendy.  How long does it take to get ATP once you submitted the
offer?  According to the Listing agent, the negotiator is waiting to get
an approval from FHA. that was the last conversation I had and that
agent is not responding to my calls/email about the status whether my
buyer's offer is still in or out even though he was telling me that our
offer is the only one submitted to BOA.  We did offer full listed price
and which is also at market value.
Wendy Rulnick said:

Hi Noel - In my experience, if the offer meets the amounts and terms specified in the HUD Approval to Participate document, then BOFA can  approve it.  It does not have to go to FHA.  I would say if you meet the requirements, you should be approved any day.  If the Approval to Participate has not been issued yet, it could be longer.

Hi Noel - The seller can get ATP before submitting an offer.  It can take two months or more, mostly depending on how long BOFA takes to assign the file to an FHA specialist.  I have a feeling this seller does not have ATP, and the agent is confusing his terminology when he provides information.  The big clue is if the home had the HUD appraisal yet.  If he doesn't return  your calls, maybe you should try his broker.

Noel Hagen said:
Thanks Wendy.  How long does it take to get ATP once you submitted the offer?  According to the Listing agent, the negotiator is waiting to get an approval from FHA. that was the last conversation I had and that agent is not responding to my calls/email about the status whether my buyer's offer is still in or out even though he was telling me that our offer is the only one submitted to BOA.  We did offer full listed price and which is also at market value.

Hi Wendy,  the agent is the broker who is working alone!  some agents do communicate very poorly and he is one of them.  my client is almost walking away and luckily he contacted me that the FHA has sent back the file to BOA short sale dept and this supposedly a good news?!  So far, I have not heard about HUD ordered appraisal unless they do internally?  BOA reassigned a new negotiator in early Dec after the prev. negotiator was ordering the appraisal.  with this new negotiator - he just sent out the file to FHA to review/approval?  no words about appraisal so far..  I am very confused with BOA/FHA short sale process. they assign a negotiator and then reassign another and most do not know what they are doing .   I wish BOA and (other lenders) set up a system which show clearly about the whole process in detail. 

I am so glad to find this board and I thank you for your response especially during the holidays.

Noel  

I am having a terrible time with a BOA FHA short sale, ATP received in mid May - had offer for amt. 10K over the FHA value, first negotiator finally told me we were close to approval on July 28, he left BOA on July 29, got assigned to another negotiator on Aug. 15, she then asked for all new financials and another financial worksheet!!!  I called FHA and they told me to send them the facts of the case and they would assign a HUD investigator...I have returned all the docs asked for by BOA except the seller's bank statement since they changed banks and are trying to get them for me, just a mess:(  Buyer is walking Aug. 31 without an answer.  Sent all information to FHA and now have to call them Monday to follow up but probably too late for this buyer:(  VERY disappointed in BOA FHA short sale dept!!!

Been working a BOA FHA short sale since (hang on to your hat) January 8, 2012!  Here it is January 17, 2013 (over a year later.)  I'm representing the buyer so my hands are basically tied, but we were assigned to BOA's Presidential Escalation Team (several months ago) after numerous contacts with BOA on their Twitter page.  I have no words.

Update:  We have approval after a year and 3 weeks!  We are heading towards a closing.  I have one very happy buyer but we are still holding our breath until the papers are signed and closing is over.

They are supposed to have an offer approved within 10 days, but right now its about 3 weeks.

I've been told by BOA several times (even after an 'approved' ATP) that the file was 'submitted for approval' .. yet they ended up just sitting on the file for a month only to come back and tell me they needed updated financials.  My guess is that the documentation may still be in review.

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