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I would just like to hear some opinions. I am looking to buy a condo for short sale. The seller and I have finalized a contract on October 13th. They owe about $140,000 to the bank. They asked for $110,000. We agreed on $105,000. Their bank is Bank of America, only 1 lender. My bank is also Bank of America. Similar homes in the same complex as well as complexes next door are selling in the 95,000-130,000 range. What are the odds that the bank approves my offer, and how long do you think it will take? Thanks!
Bank of America? UGGGHHH!! Just be patient, and don't be surprised if a month or two pass and you haven't heard a meaningful update. The entire process will probably take 45-90 days. Hopefully knowing that will make it easier for you to wait. You'll get a good deal and you'll help save someone from foreclosure at the same time. Also, when BoA notifies everyone that they're ready to close, don't be caught with your pants down lol. If for any reason, even a death in the family, you can't meet their closing deadline, it's highly improbable that they'll grant an extension. If you're financing your purchase, make sure your lender stays on the ball....the buyer's lender is how my last BoA transaction went down the tubes.
Your number seems good, and I don't see why it wouldn't be approved...but it will depend on the BPOs (broker price opinions - banks higher agents to give opinons of value on certain properties in their portfolios) and/or the appraisal (banks send appraisers out to give opinions of value on short sale properties). Also, if you're asking for concessions, that affects the seller net and increases the likelihood that BoA will counter your offer.
Thank you for your response. Well I'm kinda hoping that it takes at least 4 months, because it will save me money living at home. But I still want to know if it will be approved, because I'd be pretty disappointed if I waited 4 months to find out it got rejected. I'm ready to move in right now, but I can also move in months from now. I'm not asking for any concessions.
Thank you for your response. Well I'm kinda hoping that it takes at least 4 months, because it will save me money living at home. But I still want to know if it will be approved, because I'd be pretty disappointed if I waited 4 months to find out it got rejected. I'm ready to move in right now, but I can also move in months from now. I'm not asking for any concessions.
I suggest that you keep looking for others that you may want to consider for an offer as a backup plan. The odds that a short sale will actually close are low. Only 1 lender improves your odds. But, the bank may determine the seller does not qualify for a short sale, or the price is not acceptable, or if there is PMI, the PMI company may not approve.... Is a foreclosure sale scheduled? If so, will the bank postpone it if no decision in time?
The first thing you need to ask is if the bank has already approved a short sale. The sellers should have filled out a financial packet that is submitted to the bank, which should be done already to help speed things up. It won't take 4 mths. to find out if the offer is accepted, but when it is accepted it can take 3,4,5 mths. to complete the process. And you are usually responsible for the CO inspection. I know of a rep that works for BOA in the short sale dept. and she has 500 files. Good luck; as long as you have a persistent agent you should be ok.
Two short stories, for what they're worth to you.....
Broker's been trying to get short sale approval from Wells Fargo on a listing for three months with no luck. Everytime he finds a human to talk to they claim they don't have all the paperwork, or, none of it at all. Fax, fax, fax. To this day he's never been able to get approval. He has fax confirmations out the rear but nobody has the paperwork. Finally it's off the market as we can do nothing with it at all. The bank can have it back.
A year ago we had tentative short sale approval on another listing, paperwork was good, ready to go. Came in with an offer within specs, $85k or so.....turned down at the last minute. "We need to get $114K after reviewing the files". No sale, killed the listing stone cold dead. The only thing that makes my day is seeing it on active status on the MLS day after day after day. Price now is $25K after a potential buyer did a septic test and it failed.
Nothing, nothing, nothing, is set in stone on a short sale until you're at the closing table and get the keys.
But anyways, what does a "court ordered/bank sale" mean? That is what my short sale home I want is. Does it help at all, that it is court ordered?
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