In short sale situations in Lake County, I have seen where the listing agent sets an artificially low asking price to get offers, and then after an offer comes in, bank orders a distressed BPO appraisal and the bank counters with a higher number than original asking price. Unless of course, the short sale house is pre-approved at the asking price. You have no right to know the basis of their counter offer or approval process. If the house is pre-approved at the asking price, going in close to that number is the best way to know where you stand quicker. The banks have a sophisticated non emotional model and it is a committee decision.
A lot of short sales stall or fall apart because of the seller's attorney trying to get a zero deficiency satisfaction letter from the bank. There are two things the bank has to approve. First the release letter to permit the short sale to take place and 2nd, the satisfaction letter to take less than what the short amount actually is. Often the bank will want 50% of the shortage repaid over ten years in a non collateralized loan and the seller attorney is trying to get the seller 100% Scot free of the deficiency.
Many times I think banks are blamed unfairly about response time, when in fact the seller doesn't have a legitimate hardship or is unwilling to carry forward any of the shortage. Remember, the bank is doing the seller a favor in agreeing to allow a short sale to take place and to take less than what is owed!
You do have a right to know what the seller's hardship is and can ask for a copy of the hardship letter given to the bank. Also, a local attorney can run a pro-forma title policy to figure out how big is the deficiency. Attorney's are title company agents and can run a "free" title search for you. If it is a big number the bank might just let it go to foreclosure and you are wasting your time.
Call me if you care to discuss further
Are you asking your agent for this information?
Technically, you will not know which BPO or appraisal is being done or when, until it's over. But, if the listing agent is contacting the banks regularly, and your agent, asks for the information, the Listing agent should be able to supply that information to you, because they should know where the short sale is in the process, and whether or not there is a counter on the table. But, technically, since you did not pay for it, you should not have access to that information. And the banks may not issue that information.
May I ask who's expectation it was to have an answer yet? You can always ask for status, so that you know where you are in the process, but whether or not the banks will let you know price points is a matter of standard operating procedure for the bank.
As long as your short sale is approved, your value should be irrelevent to you. What would be relevent is your appraisal value from your appraisal in connection with your mortgage.
If your offer was reasonably close to list price (95-97%), and the comps you have sold in the general range of your offer, it's reasonable to assume it was now priced right . If there was a feeding frenzy with multiple offers, an independent bpo might show it was priced too low, but multiple offers also drive the price back up, often to the top (or more) of what the market will bear anyway.
In the end, it doesn't matter what the bpo came in at as long as the negotiator (and lender) can make their case as to why your offer will net more to the lender than a subsequent foreclosure.
There are any number of parameters the lenders need to meet before approving a short sale, but if a negotiator has been assigned to the loan, you're better off than most!