Short Sale with Bank of America?I have placed a offer on a town home in district heights MD. The homes in the area have sold for the same amount I placed my offer at. The owner has accepted my offer. The owner is set that she plans to buy another home soon so she is ready to make some moves. Has anyone had Bank of America process their Short... | |
BofA must respond to your offer within 60 days ( a yes or no answer) if it is conventional loan.....Most likely the seller will not be able to purchase a new home any time soon unless she has changed jobs and the new job is over 50 miles away from her current home.....but that is not your problem.
I have helped many buyers and many sellers with short sales over the years- smooth was never a term I would use. Once you really understand the process and why it works the way it does- I would not expect it to ever be smooth or stress free. A short sale involves an owner that can not pay their loan back as agreed- and they are asking the mortgage company to allow the sale of the home and allow the buyer to get a clear title even though the sale will not produce enough money to pay them back the loan.
The mortgage company has to decide if there is any fraud going on or if fraud went on when the owner bought the home- they have to decide if they would be better off foreclosing or working with this short sale- they have to decide if the price is the best price they can hope for under the circumstances- and they are usually not willing to be open about their thoughts on any of these issues. The clerks that your agent speaks with are all concerned about their jobs and possible future raises- not about this transaction- so if it falls thru or if you miss out on a good interest rate or whatever they do not care.
The seller is hurting their credit in much the same way a foreclosure would- so they won't be able to buy a home for a while.
