If the bank has ordered the broker price opinion (BPO) that's a step in the right direction. It's a less formal appraisal done by a realtor to determine fair market value. Then once that's back in, the negotiator can start to review the file and either do a counter offer or accept your offer. Hang in there! Sounds like the house is worth the wait to you. Best of luck!
I do have time on my side luckily and if it takes a while to get this house then so be it. So far its the best one I've looked at. Thank you all for the input. It is very much appreciated!
Let me know if I can help you in any way!
Joan Wilson (Realtor, SRES, Ecobroker)
California Cool 4 Sale
Prudential California Realty
Direct Phone: 760-757-3468
License # 01341483
You've received some pretty good responses here and some not so good.
In a short sale the seller DOES accept the offer that is best for them AND the banks. The bank/investor then decides whether or not to agree to the reduced amount. Short sales, while challenging in some instances, are a much better option right now due to the amount of competition for REO's, as long as your time frame is realistic.
Some banks do take longer than others but we've had very successful, quick closings on the majority of our short sales listings. So keep at it regardless of what the naysayers may want you to believe.
All my best,
My advice? Honestly, pull the offer and run. Go buy a foreclosed bank owned property.
If you insist this is a dream home and your willing to wait it out, do yourself one favor....check and see if the owner is still living there. If yes, run...they will milk the free mortgage for months. if they have left already thats a better sign they wont hold it up.
For all of those other buyers out there who do NOT have an agent search on http://www.HomesAroundPoway.com or call me to set you up on auto emails like the one I just got in my inbox I am running out to go show.
26 days seems to be a long time for an executed sales agreement. I believe 7 - 10 working days if I don't have a contract our buyers are moving forward with another search than wait.
Banks do take their time
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