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#442823 - 01/27/15 07:01 AM Bank of America... How Long for approval??
916Realtor Offline
Member

Registered: 04/10/06
Posts: 80
Loc: Sacramento, CA
Anyone done a short sale with B of A lately? How long is it taking to get approval?

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#448677 - 11/06/15 12:07 AM Re: Bank of America... How Long for approval?? [Re: 916Realtor]
AlexJ Offline
Junior Member

Registered: 11/05/15
Posts: 1
Loc: Agoura Hills CA
Hi 916realtor,
I hope I'm not too late. I realize you posted this in January but I wanted to respond just in case you still were interested in knowing. I am working a few BofA short sales currently. I am not sure if you know this but Bank of America uses a short sale portal called Equator for agents to submit and process their short sales. You must have an offer, the HUD, the third party authorization and the BofA addenda (short sale addendum and Real Estate licensee certification form). Once those items are submitted it take about 24-48 hours to hear back from a processor. If all the forms are filled out properly they will initiate tasks for you to complete. The sooner they are completed the sooner you get your next task assigned. A BPO is then ordered and once that returns,the offer is reviewed and an offer task is initiated and that will let the bank know the minimum net they will get. They usually give you the 30 day time frame but I have seen it done in less time and sometimes in more time. It depends on a few different factors as not all loans are the same. Is it an FHA loan? conventional? There is no set timeline really but the general window of time if everything is smooth could be anywhere from 30 -45 days. Please let me know if you have any questions, I would love to help.
Alex

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#448741 - 11/08/15 11:42 AM Re: Bank of America... How Long for approval?? [Re: 916Realtor]
John_Myers Offline
Member

Registered: 08/09/12
Posts: 43
Loc: NM, USA
A lot of the time will depend on you and your seller. Submit their requests fast, they will give you a limited time to respond. If you don't respond in a timely manner, they will cancel your short sale and you must start over.

One of the most important steps in the process is the BPO or Appraisal. If you get an value that is too high and you will never sell the home.

If you do everything right and stay on top of things, 60 day approval.

Let things slide and you may never get an approval.
_________________________
Myers & Myers Real Estate






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