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I was wondering if anyone had any experience with an approved short sale, especially with Bank of America.
I submitted an offer for a condo of $14000 over asking price and it was accepted by the seller and then submitted to Bank of America for their acceptance. We found out that the purchase price will cover almost all of what the seller owes the bank. Also, the bank had already had the property appraised and set the list price. So I'm wondering if all that means that the process might not take an eternity. I hope not! I really hope to close by the end of the year.
I was wondering if anyone had any experience with an approved short sale, especially with Bank of America.
I submitted an offer for a condo of $14000 over asking price and it was accepted by the seller and then submitted to Bank of America for their acceptance. We found out that the purchase price will cover almost all of what the seller owes the bank. Also, the bank had already had the property appraised and set the list price. So I'm wondering if all that means that the process might not take an eternity. I hope not! I really hope to close by the end of the year.
Any thoughts? Thanks!!!
Typically it goes faster because most of the time the "lender" is the loan servicer and often the investors have authorized them to take a certain net loss in advance. If it falls within that, the servicer can make the decision right then and there rather than having to send everything to the investors for evaluation.
If BAC has already approved the short sale and set the list price, then most of the process has been completed. If you had offered less than their set listing price then it would have to be reviewed again, but since you offered more all they have to review is your offer. You should be able to close in 30-45 days.
Thank you both for your replies! We were confirmed yesterday that all the paperwork was received the week before and it would take 2-3 weeks to review. So hopefully it won't take much longer. Thanks again!!!
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Thanks again!!! 
