I have a question I signed a contract to buy a short sale everything was in going we'll untill I met a guy in front of the house I'm buying and were both in contact at the same time . who has rights to this house. If anyone has any advice please give it ...

Allison
You have some very good responses here. I agree that a BPO is matter of days, so it is very likely there are other issues. You need to actively follow up (Actually, your Realtor should be the one following up). Short sales are very time-sensitive transactions and you need to make sure that al parties to the transaction have a sense of urgency.

We have a saying in real estate "Time is of the essence".

Good luck

Hi Alison. I have a suspicion that it's not the BPO that is holding up the short sale approval. I have done many BPOs and rarely ask for more time. Typically, I only have 3-5 days to complete the BPO (if it's an iterior BPO) and 2 days for exterior BPOs. A fellow agent of mine recently heard the same excuse from the lender and I told her about the relatively short time frames for completing BPOs. She called the bank and told them that the BPO had been submitted weeks ago and sure enough, the lender acted promptly thereafter and she received her approval within days after that phone call. It's easy to blame delays on someone else. It is usually the seller's agent who has to make the phone calls and try to move things along. I would recommend that your agent call the listing agent and make sure that the listing agent make the necessary calls to move this along. I know this can be very frustrating for buyers. Good luck to you.

A BPO is not an appraisal, but a Brokers Price Opinion - the mortgage company/bank have probably contacted a Realtor they know in the area to do this - and they are very bad about paying for these services, so many Realtors take their time doing the job - when I have a Pre-foreclosure under contract, I find out who they have ordered the BPO from, and take my comps to that Realtor, to make their job as easy as possible, and we get them done a whole lot quicker! Some require inside and outside photos, which I do and email to the Realtor or direct to the bank - your agent should be getting very pro active! Or maybe they have, but push them to contact the right persons at the bank/mortgage company. Many times we are dealing with a servicing company, not the real mortgage company, so its a two step system, unbeknown to us Realtors!
Good Luck!

Bill Wootan - Leader of Team One at Century 21 H T Brown

Appraisers are looking for business just like anyone else in this market. Sounds like something else is holding up the loan you are not being told about. If I were you I would start asking questions....

Yes it can. What's your Realtor say about this? Does the agent representing you have experience with short sales?