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please- need short sale help

Posted by greg on May 12, 2010 at 5:53am in Short Sale Discussions

Hi,

 

We are currently in the process of purchasing a short sale property from Bank of America.  It has been @60 days on the equator and was just notified yesterday that tthe file is waiting final approval from the investor.  I believe it is fannie may was lincoln mortgage co according to tile search and only one mortgage. Can anyone tell me approximately how long the wait is from this point and the odds of this being approved?

 

Any help would be greatly appreciated as we are becoming very nervous hearing all these horror stories regarding short sales.

 

Thank you.

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Replies

  • Bryant Tutas May 12, 2010 at 10:37am
    Greg. It sounds like things are moving right along. Equator is averaging about 90 days from submission to approval. BofA feels your deal will be accepted or they would not have submitted it to the investor. Instead they would have countered to get the price/terms and conditions where they felt they need to be. Of course we can only speculate but from the info you have provided it seems like you are on track. Hang in there!!
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