Our offer was accepted by the seller on 1-27-10. The offer was submitted on equator in the end of March. We got a "verbal" counter offer on May 3rd, which we accepted. We have been waiting for a written approval since then. We are trying to meet the June 30th deadline to receive the tax credit. Our realtor continually emails the listing agent who emails the negotiator. Bank of America has requested updated financial documents from the seller two weeks ago. We haven't heard anything yet. We have been living in my father's house a for a year now and need to move on!!! My husband is ready to give up on the house and look for a place to rent. Has anyone heard of it taking this long from the time of verbal approval to receiving written approval? Our lender wants us to fill out the loan packet so they can start the underwriting and have a chance of closing by the end of June.
We are so frustrated and any helpful information would be greatly appreciated!!!!!

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Comment by Jill on June 9, 2010 at 7:18am
Could the bank be reconsidering whether the seller still qualifies for a short sale? It was almost two years ago that it was originally listed as a short sale. Have you ever heard of it taking 5 plus weeks to get the written approval after receiving verbal approval?
Comment by Bryant Tutas on June 8, 2010 at 6:29am
Jill. It sounds like the file may be with the investor (FannieMae or FreddieMac). Once BofA gives an approval it almost always has to go to the investor first before they can issue the written approval. This process takes several weeks. I truly hope you make your deadline.

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