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Hi - Unfortunately, FHA short sales (called FHA PFS - pre foreclosure sales) CAN take longer at Bank of America. They have fewer negotiator assigned who can handle this process. If the seller wasn't already pre-approved, it might take you five months to complete. It is not "bad" if the seller wasn't pre-approved (I won't go into technical labels), it just adds time. I am sorry you have gone through so much trouble trying to buy a home. Ask for weekly updates. Ask if there has been an appraisal done on the property yet. Good luck!
The seller needs to at first try for loan mod in an FHA short sale. The seller needs to specifically ask for the short sale. I think you could ask the agent to join www.ShortSaleSuperstars.com for hints to escalate!
I am encountering extended processing times on FHA loans with various lenders.
The real estate office doesn't have any control over how long BOA takes to process the short sale.
Escalation can only help so much when there are other files at BOA waiting on the same thing.
I suspect that the tax issue with the end of 2012 may also have prompted an increase in volume for BOA.
I hope that you are able to wait it out because I am confident that, in the end, you will be happy that you did. : )
P.S. We are located in Florida.
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