For those wondering just how long their short sale might take, here’s the timeframes straight from the mouths of Bank of America (click for the larger version):
If you have an FHA or VA loan, or if you’re applying through the Home Affordable Foreclosure Alternative (HAFA) program, the above timeline isn’t going to apply to your particular situation. If you have two loans and B of A is the primary, there also can be some deviation as there’s a second lender to take into consideration.
For the most part, however, the time involved is going to depend on two factors:
- How quick you are in providing the necessary documentation to your agent.
- How competent your agent is with short sales; if they don’t know what to ask for, how to submit or the little quirks that comes with working with Bank of America, it’s going to take a bit longer than necessary.
While finding an agent with a Certified Distressed Property Expert (CDPE) designation helps, that tends to be a bit less important in my mind than finding someone who’s learned the necessities in a more practical, real-world environment. Think of it as the difference between someone who’s an MBA and someone who’s worked their way up from the mail room and knows the ins and outs of the process better than anyone.
If you’re struggling to make your payments, whether B of A or another lender has your loan, we ought to talk. Help is out there.