Bank of America Time for Closing After Approval?

Hi All!

Is there a standard time period that Bank of America gives to close escrow from the date of their short sale approval?

If not, what is the longest they would normally give?

I have a situation where the buyer will not be reachable or able to act on the escrow for a couple of months and we, of course, have no idea when B of A will approve the short sale price once the transaction is submitted to them.

Thanks for your help!

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Permalink Reply by Richard Oreck on August 10, 2012 at 1:06pm

If there is not a sale pending, what is the longest they tend to go irrespective of the BofA program or investor?

Permalink Reply by TOP END Properties on August 12, 2012 at 4:40pm

Typically they allow 45 days, but you can probably get another 45 day extension.  If your buyer can not get financing in 60 days or less .. I would look for a new buyer ;)

Permalink Reply by Richard Oreck on August 13, 2012 at 9:24am

The problem is not financing - he is a cash buyer. It is that he will be unavailable for a couple months and we do not know when the short sale approval will come through.

Permalink Reply by Jeff Payne on August 13, 2012 at 9:39am

RIchard Oreck, can you get a power of attorney or do a mail away closing?  We mailed a package to Baghdad once.

Permalink Reply by TOP END Properties on August 14, 2012 at 12:41am

Figure a minimum 2 months for the short sale.. BUT how long is this buyer going to be gone? .. They wont have email contact?

Permalink Reply by Richard Oreck on August 16, 2012 at 8:17am

Email will not work.

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