Just because the homeowner accepted your offer, doesn't necessarily mean the lender will. Bank of America has one of the worst reputations in the short sale industry, and I don't say it to scare you, just arm you with information. Hopefully this home doesn't have a second note on it or that lender too could be ordering a BPO. Short sales are tough to wade through but well worth it if you don't mind the wait. Hopefully you will hear soon considering the BPO was completed.
Stay on your agent for information and have them make sure the seller's agent is keeping in weekly contact with Bank of America. Bank of America has an entirely new system now that Realtors need to adjust too, so there could be a few snags, but the sheer fact the BPO was completed is great news. Hopefully you'll hear in the next 30 days.
Make sure your agent and the listing agent are using the internet based short sale approval process with Bank Of America. It is super quick and easy for all involved.
Of the last two short sales through my office, one was done in 4 weeks, the other fell apart completely and the buyer found another home. Don't blame your agent for lack of informatioin. Banks can be stingey with information. If you are getting a good deal hang in there, but be prepared for some big bumps.
The new short sale guidelines indicate that you should hear something quickly if your offer was close to the value the bpo came in at.
Reality is that with Bank of America it can take 8 weeks or more to get a response.
Your agent is most likely correct, it's in process but not yet approved.
The best advice I can give you as someone who frequently works on short sales is to stay in touch with your agent and let them know you would like them to stay in touch with the listing agent.
From there it's a chain of contacts.
Best of luck!!
Good Luck, let us know how you make out,
I assume the property in question is a short-sale? If so, this process could take up to 9 months. Your agent may not hear back for months. Lenders don't communicate well with short-sales. At least that's been my experience.