First, your agent needs to talk to the listing agent to find the status of your short sale. Five months is a very long time, so that indicates some tasks have not been done on the listing agent side of the short sale.
Broker's Price Opinions are done for many reasons. One is that the lenders need to continually know the value of their inventory. They are also done as part of the short sale process for the bank to get a third party opinion of the value and to determine the "striek price" at the auction.
It is best for the listing agent or short sale negotiator to request an interior BPO, because if there is a lot of work that needs doing, the lender needs to know as this greatly affects the value. also, if an interior BPO is requested, and the listing agent has the BPO agent contact them for entry into the house, the listing agent then knows when the agent doing the BPO was there.
Per the Deed of Trust, lenders have the right to secure a property if it is sitting vacant, to protect the property. Your agent should check to see if the property is scheduled for a foreclosure sale. Your agent can look up to see if there is a Notice of Trustee Sale and that will have the date of the sale and list the judgments, late fees, interest owed, etc. against the property.
Your agent or the listing agent, or even you, if you know how to use the county web site, can find the above information. You can also find out what company or attorney is handling the sale and can check the trustee's web site.
If the listing agent is savvy, they can have their seller contact the company who changed the locks and if the property is being actively marketed, the listing agent can get access to the keys and continue marketing the property. This is what I did recently. I was then able to continue marketing the property, generate a purchase and sale agreement, get a short sale approved and get the auction date postponed - all within one week of the auction.
Good luck and feel free to contact me with any more questions you may have.
You should make sure that your agent follows up with the listing agent to find out where they are in the process. Hopefully the listing agent has been keeping up with the bank and it doesn't get sold by the bank. Sometimes the left hand at the bank doesn't know what the right hand is doing.
It could be a government backed loan that could be taking the long turnaround. Hopefully your selling agent and listing agent are working together to be sure the bank is aware of the condition inside. I have a short sale listing exactly as you described and it does take continual acknowledgement of the condition from the bank - we have forwarded our own pictures to the bank as well due to the BPO that was done neglected to capture all the interior damage. You should be closer to finding out what the bank will approve. Best of luck!
The lockbox is often removed after the property is under contract.
Noone, other than the seller or his agent, is supposed to come in. If the property is empty, there could be theft of appliances etc. - and the lockbox could be a sign for intruders to come in into a vacant property. BPO agent should really see the property accompanied by the listing agent also - to point out problems, to see if the bpo agent knows the area...so not having a lock box there does not serve any good purpose.
BPO is supposed to do both interior and exterior evaluation of the property.
The worse property looks on the inside, the better it is for you - it will support your offer.
However, sometimes evaluations ordered are not bpo - they are external evaluations only.
This could be found out by your agent - from the listing agent/negotiator on the deal.
Hope this helps,
Beachfront Realty, Inc.
I tend to ask her because my agent's answers are neither convincing nor helpful.
The updates that he forwards to me from the listing agent contradict whats going on. First, i was told that a BPO was assigned 22 days ago, and i will be hearing back no later than a week. Of course nothing happened yet. When i called my agent, asking if the BPO did the valuation, he simply said "i have no idea. And we will never know when it is going to happen!"
2 days ago, he sent another update saying the lock box was removed. Again,when i asked him to explain what does that mean, he simply said that the bank removed the locks so the BPO could enter the property. It sounds misleading to me. Also, i am sick of this process. I made the bid 5 months ago and it was accepted and signed the same night by the seller. The bank received the hardship package of the seller within 3 days of the original bid.
After 4 and a half months of waiting, my agent finally got a call saying that a BPO was ordered. We were supposed to hear back 22 days ago, but nothing.
I prefer to get a third opinion from the community here(Thank you) because you seem more knowledgeable than my agent . And , you tell me the truth, unlike my agent who just provides me with wrong info every time i ask a question.
The lock box was probably removed by the listing agent in anticipation of the sale being successful.
And, it is safe to say, that you are getting closer to a decision from the sellers bank.
Congratulaions for hanging in there! I wish you success!