Hi everyone. I'm buying a short sale and getting a bit frustrated at this point. We've been at this for almost eight months now and I'm worried we'll never close. This is an FHA sale with BofA. Our offer was accepted by the seller 10/13. The seller received the ATP 2/25/14. In april we were given verbal approval, pending the discharge of the sellers large IRS lien. It took just over 30 days to get that from the IRS....and here we are, still waiting for the approval letter to be issued. The IRS agreed to remove the lien last Monday the 19th. I was told BofA would issue the letter right away, but had a feeling that wouldn't be the case. I Twittered BofA last Thursday and the gentleman was so nice. He said if the lien release was truly all we needed, we will have our letter in 3 business days. From what I understand he was going to bring the issue directly to the negotiators attention as the lien discharge is probably just sitting there waiting to be verified, and he/she has 3 days to rectify the tweet. With the holiday weekend that makes today the 3rd day. I hope we get the letter!! My concerns are:
1. I've heard the lien discharge is valid for 30 days, if this is true will we have to wait for that to get extended as it will expire before we close?
2. The ATP expires in 3 weeks, will that cause problems or an extended closing?
3. If so, what about the aporoval letter? If we have to jump through hoops to get the above expirations handled (which seem to take weeks, hopefully thats not the case), I worry that our approval will then have to be extende
We'd love a quick close once we get this letter. Is that possible? Its been a long wait and it would be heart breaking to wait months more. Am I just freaking out over nothing?? Any info/insight is greatly appreciated!!
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