Home Buying in Muskegon>Question Details

Mark, Home Buyer in Muskegon, MI

I am a buyer of a short sale. A BPO was completed four days ago. How long from now till we get an answer from the bank?

Asked by Mark, Muskegon, MI Thu Feb 23, 2012

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5
the bank is 5th 3rd. The selling agent has co-authored a book on short sales.
0 votes Thank Flag Link Thu Feb 23, 2012
Good Afternoon Mark,

Getting a BPO on a short sale doesn't necessarily mean anything. The lender is gathering information on value. They may have ordered several BPO's and possibly an appraisal. I've had completed BPO's an a property for well over 30 days and still have received an answer. Some lenders are faster than others. It would depend one which one in handling this property. Short sales can take up to a year to get completed. If you really like the house then the wait is worth it.

Good Luck,

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
0 votes Thank Flag Link Thu Feb 23, 2012
We don’t know, it depends on you and the seller. If your offer was reasonable and the seller is weak then the bank will clip along, if either of those are not the case, keep looking, good luck,
0 votes Thank Flag Link Thu Feb 23, 2012
Unfortunately, there isn't a clear cut answer to your question. With short sales, and sometimes foreclosures as well - the answer is......."The bank will answer when they answer". This could be a week, 2 weeks, a month, or never. I would make sure the listing agent representing the bank has closed a few SS transactions, and they he/she is well-versed in negotiating/communicating with the asset managers who handle these transactions for the bank. Hope that helps!
0 votes Thank Flag Link Thu Feb 23, 2012
There's no way to know for sure. It depends on several factors. Was the BPO completed satisfactorily? How many BPO's did the bank require? Did they also have a full appraisal ordered? Which bank is it? (Larger banks take longer to give answers, than a smaller local bank)

If it was an Interior BPO then you can feel good that it was due to the short sale, but if it was just an exterior then it could have been for a number of reasons (short sale, missed payments that trigger a bpo, the bank is packaging your loan to sell and they need an estimate of value....)

Your best bet is to contact the person handling your short sale and get their input.

David GAssman
Apple REalty West
0 votes Thank Flag Link Thu Feb 23, 2012
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