Long story short. I was in the process of buying a short sale. The agent was being greedy and never showed the seller my offer to buy at asking price because he was looking for his own buyer. Seller found out and fired the agent(not really sure how she did). Now she says she has to resubmit the short sale paper work to bank of america. Anyone know the time frame on approval for this so it can return to the market?
Unfortunately the tale you have been told is not likely the whole truth. Pretty much all short sales do not allow the agents to double end the deal. So it is extremely unlikely the first agent did what was relayed to you.
As for the length of time, it could be anywhere from immediate to over a year, or might not get approved at all.
I take it the property was not under contract? If not she needs to hire a new agent first. Her short sale package will not change. Your contract along with POF or prequal, and a proposed closing statement will have to be submitted. Best case, after Complete submittal, 30 days for them to get a bpo and decide on price. After that, 30 days to close. This assumes there are no junior mtgs/debts to be negotiated.
@Tuan Dang I negotiated a short sale as a seller for a premarital property my wife financed through BB&T a few years back. Long story short, they expected you to fill out a new packet any time an offer was rejected. They flat out rejected any offer that didn’t meet the criteria for automatic approval even when the servicing contract called for manual review. In our case there was a bond agency that had contracted BB&T to service the debt and BB&T stood to make a larger profit by forcing foreclosure than by accommodating the sale. Ultimately I located the bond agency, negotiated a deal directly, located a buyer at the pre-negotiated terms, and then got the bond agency to strong arm the bank into processing the sale. Needless to say the bank fought us every step of the way to close costing me several thousand extra in out of pocket cash along the way. Short sales are tough unless you can find a way to motivate or force the bank to play ball. Good luck.
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