I am very impressed with how quickly Bank of America is processing a current short sale which I have listed. My sellers just accepted an offer 11 days ago, and all documents have already been given to BOA, the valuation has been completed, and we are now waiting for a response from Bank of America on it's acceptance. I really don't think it will be more than 4-5 days to receive that. The short sale specialist and negotiator have been amazing! They have contacted me on a daily basis to up date me on the status. If I sent them an inquiry via email, it is always answered that very same day.
I have recently been told by a reliable source at Bank of America that they are no longer allowing homeowners to stay in their homes for lengthly periods of times and if they are 4 or more months delinguent and a foreclosure sale date has been set, there will be no more extensions........no exceptions, Period!!!!
With that being said, my current seller's home is scheduled to go to a Foreclosure Sale on Nov. 30th, so I am especially pleased with how rapidly this deal is going........time is REALLY of the essence on this one, given that extensions are no longer given for foreclosure sale dates.
If you or you know of someone contemplating a short sale, act soon, as time may be running out in which to pursue it. It doesn't hurt to at least check it out for a possible option.