Home Buying in Saugus>Question Details

Dot, Home Buyer in Massachusetts

I made an offer on a home on march 9th which was excepted. The bpo was completed.My angent said that it is the processing stage with bank of america.

Asked by Dot, Massachusetts Thu Apr 22, 2010

When do you think i would be getting any information weather it was excepted or not.I'm hoping to move by june or july. Can anyone help me find the answers

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Hi Dot,

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.

Good luck.
1 vote Thank Flag Link Thu Apr 22, 2010

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.
Good luck!

Janet Spaulding
RE/MAX Paramount
0 votes Thank Flag Link Sun Apr 25, 2010
Hang in there Dot. These transactions take time. If a BPO was done thats a step in the right direction!
Web Reference: http://www.mdmrealtyinc.com
0 votes Thank Flag Link Fri Apr 23, 2010
Dot, everything can go right and this may happen within weeks. On the other hand it could take much longer, depending on what other leans there may be on the property.
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.
0 votes Thank Flag Link Thu Apr 22, 2010
The timing of the bpo to actual approval varies. If the offer was accepted the bank would have sent a short sale approval package with a demand for closing.
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!!
Web Reference: http://www.route495.com
0 votes Thank Flag Link Thu Apr 22, 2010
There really aren't any hard and fast rules when it comes to short sales & bank owned properties. Each lender makes up their own rules & policies. It could be 6 weeks or it could be 6 months. Depends upon the individual lender, the disposition of the property and any other financing issues. What is your agent telling you? They'd have more detailed information that us since they're in communication with the lender/servicer or other agent involved. They might be able to give you a more precise idea of what's left to do.

Good Luck, let us know how you make out,
Web Reference: http://www.MedfordHouse.com
0 votes Thank Flag Link Thu Apr 22, 2010

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.

0 votes Thank Flag Link Thu Apr 22, 2010
My bank of America Shorts have been taking about two weeks to get an acceptance.
good luck, Dot!
Web Reference: http://www.lynnforsale.com
0 votes Thank Flag Link Thu Apr 22, 2010
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