Short sale process is constantly evolving. I want to share couple short sale demand/approval letters. These are all fresh. First one was received on 8/31/09 and the second one was received on 9/10/09. I'm representing the buyers on the first one. The second one, I'm representing the seller. First one states "the bank will release the lien and charge off the remaining debt as a collectible balance." The second letter say "Bank will report the account to the credit bureaus as 'settled.'" If you want to know the time frame, first one took little over 4 months. We wrote the contract on 4/18/09 and got the approval on 8/30/09. There was only 1 lien.
The second letter on this post show a short sale where I'm representing the seller. The contract was ratified on 8/12/09 and the bank sent the approval on 9/10/09. There were 2 liens.
Hopefully this gives you an idea of why short sales can be confusing or frustrating. Each case is different even when it's the same bank. There are things you can do to ensure quicker response but sometimes you're at the bank's mercy. If you have any questions concerning BOA / Bank of America short sales, contact me. I've been doing BOA short sales since 2007 and this is probably my 10th one with BOA. If you are considering doing a short sale, contact me for a confidential consultation.
In the second situation where there were 2 loans... was BOA the first or second lender ? Did you receive approval letter from the first lender prior ?
I ask because I am in the process and have received verbal approval from both banks but each one wants the other one to write their approval letter first.
This seems ridiculous, what difference does it make .
Posted by: Susan | May 21, 2010 at 01:53 PM