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Bank of America Time for Closing After Approval?

Posted by Richard Oreck on August 10, 2012 at 10:33am in Short Sale Discussions

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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Replies

  • TOP END Properties 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?

    • Richard Oreck > TOP END Properties August 16, 2012 at 8:17am

      Email will not work.

  • TOP END Properties 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 ;)

    • Richard Oreck > TOP END Properties 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.

      • Jeff Payne > Richard Oreck 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.

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