Hello Everyone,
The wife and I have put an offer on a short sale home that is with Bank of America. We realize that it is going to be a long process, but have no idea how long until we get an answer. Have any of you here put an offer on a Bank of America short sale and if so, how long did it take and what was your offer accepted?
I had a home I was trying to short sale with BoA. Unfortunately the answer for me was never. They now own the home (more than 2 years later, they still own the home - GREAT deal for them :rolleyes:).
Sorry.
This isn’t short sale related, but it’s BofA related:
Banf of America to reduce principal
Well, great! I’m underwater, so they can reduce the amount of my principal. Cool!
-except-
“Underwater homeowners are eligible if they have a loan serviced by Bank of America and were at least 60 days delinquent on their mortgages as of Jan. 31.”
Damn. I’ve always paid on time.
Since the OP is asking for personal experiences, this is best suited to IMHO.
Colibri
General Questions Moderator
Our current home was a BOA short sale. Supposedly, when we put in the offer, the price we offered had already been approved by BOA. It still took 3 months to close, and that was with our excellent realtor on their ass every single day. Good luck.
Hope your deal is closed by now and in your favor. I put a 80K (per my realtors suggestion) offer on a BofA ss on june 26. Got counter offer of 134K 2 months later. I countered at 110K and they would not budge a cent on their initial offer so I accepted it. Two months later I get written approval and get the mortgage process going. My bank gets an independent appraisal of 92K. That was 2 weeks ago. My agent sent appraisal, Hud statement and price change addendum to investor. All I can say is that ss are not for the faint of heart. I am hoping that this deal goes through but if not I will never look at a ss property, my nerves cant take it! Best of luck to you!
I sold a home with a short sale and the whole thing only took about 6 weeks. I’m not sure why everyone says this is a long process. I did do everything in advance that was possible and the mortage company was really helpful by assigning a short sale specialist to my case. I used Wells Fargo.
I am going through one right now. The seller has an attorney dealing directly with BOA for the short sale though. I put my offer in at the beginning of September at $10k under the asking price and $15k under what their appraiser came back with, still within 90% of the appraisal level. They sat on their asses for 3 months and suddenly want to try and close before the end of the year, which would be fantastic. It’s going to be a busy December.
In many cases it takes several months of waiting for the bank to even look at an offer, let alone continue to claim that they deserve more money for the home. Your short sale offer may not have been substantially below what was owed on the note, making it more likely for the bank to accept a deal which didn’t result in them losing a lot of money. Also BOA is notoriously bad at, well, everything really.
I did a short sale with BofA. They gave us permission to proceed within 90-120 days. IIRC, it took at least 9 months for everything to get wrapped up. That’s counting from my first meeting with the realtor all the way to when the new buyers signed the lease.
I remember having to download a call blocking app for my phone, because BofA kept calling for their money even after they approved the short sale.
It was a titanic pain in the ass, but we got through it with our credit mostly intact.
And not by accident; forgiven debt in a short sale is currently not taxed as income, due to the Mortgage Forgiveness Debt Relief Act of 2007. However, that law expires at the end of the year. It should be extended (no lawmakers seem to be opposed to an extension, anyway), but with Congress I guess you never know.
Oh yeah, I’m aware of why they want to close before the end of the year. It’s just that repairs have to be done to the house before my loan will go through, repairs that could have been done in say October or November instead of ticking down to the very end of the year.
Ah, gotcha.
Yeah, so like I said, it’ll be an interesting December 