Hi,
I am first time home buyer and have submitted an offer for a short sale that has been accepted by the seller and sent to the bank.
The seller’s agent uploaded the document to the equator system on 3//27/2012, and he said that we should get a response from the bank within 30 to 45 days.
I have been asking my agent ( Buyer) to check with the selling agent for updates, but he all the response he are that “still under review”. Now, last night my agent called me and said the bank requires two more document, the short sale addendum and short sale certification. the documents were dated 5/3 and 5/17. So, I think the first document was sent but no one responded so the second reminder was sent
As I said before, I am a first time home buyer and Imay be reading too much on the progress and documents being requested. I only hope we are on the correct path. Any advice will be appreciated.
Has anyone experienced the same? And what should Ii expect? are there more document to be requested? Will we wait another 45 days before the bank responds? Can some please explain the steps/process to me?
Thank you
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Yep. This is the normal process. I tell all homebuyers to expect 90 days from the submission of the contract to the lender. Many sales can go LONGER.
So far this isn't super long at all.
Good luck.
This all sounds pretty standard and BofA has recently added and will continue to add documents as requirements to close. I know it's frustrating as a buyer but this is a transaction totally controlled by the seller's bank....keep hanging in there!