Forum

We are trying to purchase a SW florida short sale home that is through BOA and owned by Fannie Mae.  They listed the home low but we offered fair market value and the sellers accepted.  We are wondering what we can maybe expect based on others experiences … approx how long, will they make a high counter offer and/or make the sellers promise to pay something back?  We have read good and bad about BOA and Fannie Mae but the more recent postings seem to say they are taking less time and not making sellers sign a promise note … is this true?  The sellers are really cooperative and I think are ready to get this done because they are moving out of the home and they also had other buyers back out after waiting 2+ months with no approval.  I worry that maybe they will just let it go to foreclosure if they don’t want to wait anymore or the bank requires them to sign a note.  We are early in the process and willing to wait but don’t know if we’ll say the same if it gets to 5+ months.