I haven't completed short sales in awhile and I am helping my agent out.
From what I have read some say Countrywide has 3 phases and others 2 for short sales. Right now we are at phase 2 with verbal acceptance. Buyer already ordered inspections and appraisal which my agent told them to wait for bank approval in writing and closing date.
So I am calling phase 2 negotiator tomorrow but the issue is if this buyer wants to get the home buyer tax credit it might not close until after that date. Buyer will be pissed they did not get the credit but we don't represent their side. They would be getting a smoking deal on this property anyways. Foreclosure is set for December 1st.
Any experience with this bank on shorts would be appreciated. This is what I found off the internet.
Countrywide, now Bank of America, has three (3) phases--not two (2)-- in their short sale process. Each of the three phases takes between 30-45 days to complete. At present, Bank of America has over 500,000 short sales to process and each coordinator is assigned about 400 files each. Here are the three stages, as it was explained to me by a short sale representative:
Phase 1 - Requires scanning the file contents, determining if the file is complete
Phase 2 - Review price of home (BPO), preliminary review of file contents to determine if a short sale is warranted
Phase 3 - Final Review and Negotiations. This is where the lender appproves the Short Sale or provides a Counter Offer to Buyer. This is also when the Lender determines what conditions will apply to the sale.
Again, in the "best possible case", a short sale takes 90 days from offer to acceptance by the lender, which means 120 days from offer to close of escrow. However, in areas where there are proliferation of short sales, the time between Phases can be closer to 45 days just to get the file to the Phase 1 Negotiator and then 45 days at each phase--meaning that the process from offer to approval can be 180 days or about 6 months. That's extreme, of course, but it can happen.
Unfortunately, with the influx of Countrywide short sales into the B of A system, all representatives are understandably overwhelmed with jobs, and there is nothing that we as buyers, sellers or Realtors can do to speed up this process.
I hope this helps put the process into perspective for you. Good luck and hang in there!!