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File in Quality Assurance

Posted by Erin Eddy on February 3, 2012 at 2:19am in Short Sale Discussions
We are in the process of purchasing a short sale and the lender is Bank of America. The seller accepted our offer on Nov 23rd and we know they did the BPO in mid-December. We were told by the title company that the file had been sent to "QA". Yesterday they asked for our updated pre-approval letter (which we gave them) and bank statements from the seller. Just wondering if there are any opinions out there as to where we are in the process or how much longer until we get an answer. This process is really taking its toll!! I've heard great things about this site and am really hoping for some direction and advice. Thanks!!!

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Replies

  • Bryant Tutas February 3, 2012 at 8:24am

    Erin. My BofA short sales average 3-4 months from time of contract to closing. Some happen quicker and some take longer. Realistically you are looking at a late March, early April closing. Assuming there are no difficulties and everyone is doing what they are supposed to do. Being in QA means they are moving forward. Just getting the file ready to submit to the investor. It sounds like this is a FHA short sale. That's usually when QA comes into play.

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