Hello. We began the short sale process back in the beginning of July. The seller's realtor has been dealing with SLS, Specialized Loan Servicing, up until yesterday. We just received word that SLS has submitted everything to Bank of America for final approval. According to the negotiator at Bank of America, the file meets all criteria and all necessary paperwork has been submitted. My question is, does anyone have a similar experience and can give me an estimated time frame for how long it will take Bank of America to do the final approval? Days? Weeks? Months? Thank you.
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My realtor described it as SLS was doing all the leg work for the short sale and then handing it off to BOA for their final stamp of approval (I know SLS ordered the appraisal). We had a negotiator with SLS and now we have a new negotiator with BOA. There is a second loan with the Department of MD Housing but the sellers signed a promissory note agreeing to pay off that $15000 - something about a Bridge to Hope progam (Dept. of MD board of trustees will have to meet and agree to release the loan once they receive an approval letter from BOA). I'm a little confused as nobody seems to have a simliar situation?
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