Waiting for clear to close?

I am a buyer of a short sale. So far the whole process is moving quicker than I thought. We filled out our initial offer November 6 and accepted the banks counter offer on December 13. Since I am the buyer I only get updates when the sellers agent gets back to us. How long does it normally take to get the clear to close? Does that come from BofA(sellers bank)?

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Permalink Reply by Kevin - Greenville, SC on December 21, 2011 at 7:42am

Quite honestly it depends on a variety of factors (i.e., level of delegation at BOA, Type of Loan, Fannie, Freddie, FHA, VA, etc., etc..etc...).

Permalink Reply by Eric Mieles on December 21, 2011 at 3:53pm

Are you a cash buyer or financing? I ask because typically clear to close comes from the buyers lender in order to proceed and fund the deal. You are waiting for a "Short Sale Approval Letter" and once this letter is issued to the seller they will review the terms and verbiage and agree or disagree.

Once they agree you can proceed to get ready to close. As long as the agent has taken care of all Jr liens and gets the final hud approved 24-48hrs before closing your good.

As for when you will get the approval letter, like Kevin said, it depends if there is MI on the loan, who the investor is, how good the sellers agent is at getting the correct hud uploaded to match the counter...lol and the negotiator. When the file is submitted for final review a message will be sent through equator (If non Govt loan) and you should ask the sellers agent to let you know when that is.

The approval letter will come directly from Boa to answer your question. Good luck!

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