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Old 10-14-2011, 09:38 AM
 
Location: Colorado
154 posts, read 237,783 times
Reputation: 80
Question Short Sale with Bank of America

We are interested in making an offer on a short sale house...lender is BofA. The house has been on the market for about 45 days or so - the sellers will miss their first payment this month. The original listing price was $265k, now it's at $254k. Our realtor gave us comps that ranged from $235k-$240k, so we want to make an offer of $240k. I guess what my question is...give me the smack down of your experiences with your short sale...good/bad/ugly, the length of time the bank took to respond to your offer, and the overall length of the whole process. We really don't know much about short sales...
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Old 10-14-2011, 09:57 AM
 
Location: Tempe, Arizona
4,511 posts, read 7,019,755 times
Reputation: 2099
If you have not already checked, there are several threads here that already describe short sale experience with BofA and other banks. Here's a few:

Question on Making Offer on Short Sale

Bofa counter offer!

What are the chances BofA will grant us a short sale extension?

lower offering price for short sale after inspection

First time home buyer trying to buy a short sale

Short Sale Purchase Questions

Short Sale buyer needs help!

Hopefully you are working with an agent experienced with short sales that can guide you.
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Old 10-14-2011, 10:48 AM
 
Location: The Milky Way Galaxy
2,239 posts, read 3,568,596 times
Reputation: 1430
In a nutshell at your stage, basically if you're not prepared to wait a long time (>3 months minimum) short sales are not for you. It took my wife and I 9 months to complete our short sale transaction on a condo that was 5 yrs old and the holdup was always with the bank who coincidentally was BoA. As a buyer be prepared to wait long periods of time with no activity.

If I were you and you want to pursue it still, definitely read up more on short sales not just on here but articles, etc. A good agent is key especially someone who is knowledge and has had several successful short sales closings under their belt.
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Old 10-14-2011, 02:32 PM
 
Location: Colorado
154 posts, read 237,783 times
Reputation: 80
Well I sure hope my realtor isn't lying, but he said he is familiar with them. The listing agent of that house I guess specializes in short sales. As far as timeframe, we just closed on our house yesterday and moved in with relatives in the meantime until we find our next house!

Reading everyone's posts is interesting. Was hoping more lurkers would share their stories as well. Thanks again.
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Old 10-14-2011, 07:50 PM
 
65 posts, read 88,126 times
Reputation: 17
July 26th made our offer (listing agent sent it to the title company right away even before the sellers signed it)

Aug 12th -Seller accepted the offer

BPO was done at some point they never told us when just told us that it was completed..

Sept 16th - Verbal acceptance

Sept 19th - Signed the counter offer

Sept 20th- Let the waiting begin for the Written Approval Letter..

Oct 12th- Got Written approval

Oct 14th- We did our home inspection and everything looked great!

We are set to close on Oct 31st could be earlier just depends on when the appraisal comes back!
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Old 10-15-2011, 02:07 AM
 
Location: Las Vegas
85 posts, read 92,223 times
Reputation: 50
Quote:
Originally Posted by Nelly1996 View Post
Well I sure hope my realtor isn't lying, but he said he is familiar with them. The listing agent of that house I guess specializes in short sales. As far as timeframe, we just closed on our house yesterday and moved in with relatives in the meantime until we find our next house!

Reading everyone's posts is interesting. Was hoping more lurkers would share their stories as well. Thanks again.
The most important thing you need to know about short sales is that the process is continuously changing/evolving...

Some lenders/servicers such as Bank of America have improved significantly in the past year....

Others have become worse.

Been listing them for over three years... started working with buyers again this year which involves screening all of the short sale listings before putting in offers for a buyer to begin with.

Just Got a Bank of America SS approval in only 10 days after my buyers offer was turned in.

Over the years... there have been plenty of complaints about Bank of America (and I had several complaints) ... but nowadays.... they've been the best for me in the past six months.
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Old 10-15-2011, 07:44 PM
 
Location: Snellville, GA
468 posts, read 718,229 times
Reputation: 151
I've got a buyer whose deal is clipping right along - I credit a lot of that to a good, persistent, knowledgeable Listing Agent who is staying on top of things, and has done a gazillion BofA through Equator.

We put in the offer, did some negotiating, etc - total of one month and just got the FINAL approval letter - inspection next week - should close Nov 5.

This one has been the most pleasant S/S so far - hope I didn't just jinx it all!
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Old 10-18-2011, 06:15 AM
 
Location: Colorado
154 posts, read 237,783 times
Reputation: 80
3 months or less?!?! WOW!!! That's great! Thanks for the uplifting lol.
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Old 10-18-2011, 03:26 PM
 
50 posts, read 72,265 times
Reputation: 14
Things seem to be going painfully slow for us.
9 Aug 11: Placed offer
22 Aug 11: Seller accepted offer and we went under contract
21 Sept 11: BOA ordered full apprasial and it was completed.
4 Oct 11: Update from BOA- "evaluation was complete and we should see counteroffer within the next 7 to 10 days."
18 Oct 11: It has been 10 days and still no counteroffer.
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Old 10-19-2011, 03:52 PM
 
Location: Colorado
154 posts, read 237,783 times
Reputation: 80
Michial...any word on your counter offer?

We decided to move forward. The offer was officially submitted to the bank today. Now the waiting begins... thanks everyone!
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