Erika, if you mean the appraisal that Bank of America does, I would say that it can take anywhere from 1-2 weeks to a couple months depending on the situation with that particular house. There are so many things that come into play when it comes to short sales and the turn time for it to get done, that it's virtually impossible to say. The best people who can advice you on this would be the Realtors involved and/or your attorney. One of them is in direct communication with Bank of America and is handling the negotiation process, that would be the person who would receive the updates from Bank of America before anyone else. Good luck!
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Senior Loan Officer
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Sure - however what the lender will ultimately accept usually really depends on what the comparables are selling for and what the property is priced at. If the property is already priced below or at market value, which alot of REO's usually are, then the lender may not be willing to budge much.
With many of these properties, the price typically already reflects the condition - so although you might think it "needs a lot of work so I want a lower price" - that discount may already be factored into the list price in the seller's eyes. Additionally, these properties are generally sold "AS-IS" with no disclosures, so they are typically not going to fix or repair anything for you.
As with any home - It's critical to:
1. Make sure your research is done on comparable property values, making adjustments for the condition of the property. If a property is priced 100k below market value, and needs 30K worth of work, it might be a good deal at list price. If it's priced at market value, but needs 30K worth of work - it might not be a good deal. A comparative market analysis that takes into account any condition issues and the cost to repair them - would be a good place to start.
2. Make sure you get a thorough home inspection before committing to the purchase. Many of these properties haven't been maintained, and have been sitting vacant for a long period of time. Also, the previous owner might not have been too "happy" about losing their property to foreclosure - and as a result took the frustration out on the house.
Hope that helps!... more
FHA loans are acceptable. the majority of loans today are FHA loans. FHA is a goverment insured loan. FHA loans do work with short sale homes the only obsticle that I see is the closing costs. Adding closing costs in to the purchase price will make the offer less desirable to the bank. Closing cost are exactly the same regardless of short sale or not. There aren't really any special precausions you should take. When buying a short sale home the waiting time is longer than the conventional way. Applying for a loan at the same bank will probably have no effect on the short sale approval. This usually helps when purchasing a bank owned property (REO). I hope that I have answered all of your questions. Please feel free to contact me should you would like to ask additional questions.
On Your Team.
Irena Popilevsky... more
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Dear Ms. Preston,
While the mortgage loan may not appear on your credit report if you are not on the Promissory Note (the mortgage loan)... it may hinder your credit if you are ever asked on a future mortgage loan application: "Have you ever been indirectly involved in foreclosure OR have you ever owned a property that resulted in foreclosure?" While this may not seem fair since you did not promise to re-pay the loan...it is a reality.
Lic. Real Estate Broker | Realtor
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