Short Sale Approval

Hello all,

I have made an offer on a property since August, 2011 and I finally got an approval with a closing date of 8/10/2012.

Here are some of the details:

*There is one loan and 2 lines of credit with two different banks.

*The lendor is Bank of America  - They have approved the 1st loan

* I hired a negotiator and she told me that she is in the middle of the negotiation stage with the two companies that carries the lines of credit and she should have any answer very soon.

*Bank of America has already allocated funds to these companies to release the liens so I can close this deal.

Question:

Do you think I am near closing? It will be a year next month since I am waiting to close this deal.

Best Regards and thank you very much for your feeback.

 

 

 

 

 

Views: 101

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Comment by Vicky on July 5, 2012 at 7:04am

Thank you for the reply Harry.

The reason why the first took so long is beacuse the bank assigns negotiators a few times. I would say that they really started to work deligently on the file April of this year.

For some reason my negotiator told me that numerous times that she will start work on the second liens when the first issue approval.

The approval i received has a closing date of 8/10/12 so I'm not sure if I can close by this date.

I have extended my mortgage comittment likes three times already. Just getting tired and frustrated.

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