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buying a BoA shortsale florida...what does this mean?

Posted by SS buyer BoA on October 14, 2012 at 1:46am in Short Sale Discussions
Friday my realtor has my hubby and I sign an addendum to extend our contract to FEBRUARY bc after 2 months the house we are trying to buy is now supposed to be coming out of the Home Retention Dept and the file is SUPPOSED to be getting an assigned negotator next week. What does that even mean? How long does it normally take from this point? Our origonal contract wasn't even scheduled to expire till the beginning of January. Should I even allow myself to get excited?

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Tags: BoA, Negotiator, buyer, sale, short
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Replies

  • Kevin - Greenville, SC October 15, 2012 at 8:32pm

    Check out the following attachements.

    ss_FHA_QRG_10Tips.pdf

    ss_FHApreforeclosureQRG.pdf

    SS_FHApreforeclosurewebinar.pdf

    • SS buyer BoA > Kevin - Greenville, SC October 15, 2012 at 10:06pm
      Thanks, looks like I have some reading ahead.
  • Diane Gish October 15, 2012 at 2:34pm

    If the sellers loan is FHA I hope whom ever is negotiating it is aware the rules for FHA deals are different.  It has been a while, but if I remember FHA "qualifies" the seller for a short sale.  This can be done even before the house is up for sale.  FHA also sends out an FHA appraiser that will set the value of the property.  If the seller can sell the property within a certain timeframe, at the appraised value, the seller will get a relocation allowance.  Bottom line, the seller will get paperwork indicating they are approved to participate in the short sale and xxx is the appraised price. 

  • Wendy Rulnick October 14, 2012 at 5:44am

    Dear Short Sale Buyer, depending on the seller's type of loan, the Bank of America short sale process could take two - three more months for final approval.  

    • SS buyer BoA > Wendy Rulnick October 14, 2012 at 6:41am
      Sorry, I guss that would be helpful. The sellers loan was an fha loan
      • Wendy Rulnick > SS buyer BoA October 14, 2012 at 7:34am

        I think you are on the longer side for approval then :)

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