We obtained our ATP and had an accepted offer. Buyer walked due to the length of time it was taking for approval.
We now have a great offer and B of A is saying that the seller no longer qualifies for a short sale as of 10/1/14 because the ATP expired. He said we cannot move back into a short sale, but only forward to a DIL.
The seller does not want to do the DIL.
Is there any alternative?
Marcy Spieker
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do you have a contract? if not get one submit and request BOA request a variance from FHA to extend the ATP. i've done this countless times.
I've had this happen before. Bank of America took too long to approve the buyer's offer and then the ATP expires. I've been lucky enough to get them extended but I've also had a situation in which they started over because there was a mistake on the ATP, which, given it's Bank of America, that's somewhat easy to make, LOL. You might try escalation.
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