I've been working with a very patient couple who are buying a home in Barre, VT. They found a short sale that they just outright loved. Cute house, good shape, plenty of space, safe neighborhood, and a good price.
They're pre-approved, they're good buyers.
Except that the lender--Bank of America--has just told us that they're running six months out to close! Six months! That's once it's under contract.
I've always been pretty good at seeing the issue from the other person's side, but I'm trying to figure out what might take our friends at BOA half of a year to accept a contract, push it through their company, and get it off the books. I get that there is a lot of paperwork. I get that there is a lot of regulation. I get that no one there really has a personal stake in the successful sale.
But six months? How many people have to sign off? Where are those people? How long is everyone given to make their mark?
I'm not sure what's going to happen. If it were me, I'm pretty sure I'd rescind my offer and continue looking. If I were the seller, I'd be bummed too. Here's the seller trying to avoid foreclosure, and the bank, who presumably is also trying to avoid foreclosure is actually forcing foreclosure.
Sorry for the rant. It's not really my style.