How to get Bank of America to say yes or no to an offier for a home that is a short sale?

Submitted by Penny from FL - 05/03/2010 - 10:35am

My husand and I are trying to buy a home under Bank of America short sales for our daugher who is a single mom with two children. We made an offer late Decemer 2009 and we still do not have an answer (May 2010). I have done and I sure my realtor has, everthing we know possible. I even submitted a letter begging them to make a decsion as my daughter needs a healty place for the kids. Does anyone know anything that can help us?

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Comments

Submitted by Michelle - 05/03/2010 - 1:29pm

If you need to close on a home within a certain time frame you want to avoid buying a short sale. Unfortunately there is nothing that you can do from the buyers side to push the short sale through. The ball rest squarely on the seller and the lender to negotiate the short sale. You need to carefully examine all of your options. Are there other homes available for your daughter to purchase in the area? You also need to understand that this could go on for several more months and in the end the bank could deny the short sale. Find out as much as you can about the sellers situation and the likelihood that the short sale will be approved. If there are no other houses that suit your needs you may want to hold onto this deal. You definitely need to make short term arrangements for your daughter. This is a complicated process and there is no way of knowing when or if it will close.

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