Six Months for Short Sale Turnaround

By
Real Estate Broker/Owner with Green Light Real Estate

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. 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Location:
Vermont Washington County Barre
Groups:
Montpelier, Barre, U-32, and Northfield, Vermont
Tags:
buying in barre
barre short sales
montpelier short sales

Spam prevention
Show All Comments
Rainmaker
1,133,001
Claude Cross
Homes By Cross, Inc. - Charlotte, NC
Charlotte NC Homes For Sale

My goodness. Is there a listing agent? There are ways (I hope) that should mke this fastertrack. 6 months is absurd. Whip craching time or on to the next..you are burning daylight

Dec 10, 2009 02:00 PM #1
Anonymous
Anonymous

Claude--I'll take the course that my buyers want, but it sure is frustrating.  They've done everything right, and they just want to buy a house.  However...we did look at another house yesterday.

Dec 11, 2009 11:59 PM #2
Anonymous
Mike Scarborough

6 months? Is that all? We are at almost 8 months on a property in Stuart, Fl. And we are cash buyers. It is absurd...

Jan 11, 2010 01:47 PM #3
Rainer
125,162
Ray Mikus
Green Light Real Estate - Montpelier, VT
Green Means Go!

Mike--maybe in 8 months the market will rebound and it won't be short anymore.  Good strategy, BOA.

Jan 11, 2010 11:39 PM #4
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
125,162

Ray Mikus

Green Means Go!
Ask me a question
*
*
*
*

Additional Information