not sure what type of car it is and how hard a time you have had selling it but I would wait for a better less risk deal. How do you know he will be approved for the loan, tell him to come up with the cash or cashiers check through cash advance on a credit card, relative, or a home equity line loan or something and then he can figure out getting reimbursed from the bank once he has the title himself...
a week to get your money, no wire transfer option, fedex overnight mail- sounds fishy to me... BOA=bank of america- never would have guessed.