Another Bank of America Short Sale Stalled After Receiving Approval

Another Bank of America Short Sale Stalled After Receiving Approval

I have been working a Bank of America short sale for almost a year.  Being an FHA loan, we have had the seller approved for the short sale for over 4 months.  Unfortunately, the short sale was approved for over market value.

The approval was based on an appraisal that did not take into consideration past short sales or foreclosures.  The first offer was lower than the appraisal,and the buyer refused to meet the terms, so they walked. 

Four months later, we now have another offer.  The bank orders another appraisal that came in lower than the first appraisal.  Bank of America says they are requesting a variance to the short sale letter in order to approve the sale.

Over a month ago, I receive a call from the negotiator letting me know the appraisal came in lower and they would be issuing a variance within a week.  I've been waiting for over a month for the investors to approve this short sale and issue a variance so we can close.  I thought with the new guidelines that Bank of America would speed up this process so we don't lose the buyer and hopefully close this contract. 

Interesting isn't it, that some short sales take less time than others, while these FHA short sales are already approved, ready to go and for some unknown reason they're stalled after receiving approval.

 

 

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 I am a Certified Distressed Property Expert specializing in short sales.

 

I service the following towns in the Springfield area:  Springfield, Ozark, Nixa, Rogersville, Republic, Clever, Billings, Willard, Battlefield, Sparta, Highlandville, Spokane, Marshfield, Ash Grove, Strafford, Fordland, and Greene, Christian and Webster Counties in Missouri.

 

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