Home Buying in 22066>Question Details

Nan, Home Buyer in 22066

If a short sale has negotiator and BPO done and bank also have an approved price, does this mean that etting answer for your offer won't take

Asked by Nan, 22066 Wed Mar 3, 2010

lon? We put an offer on a short sale that has negotiator assigned and approved price by the bank. We are wondering how long does it ususally take to get answer from bank?

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George Creed’s answer
Good question. I have found that many third party approvals need 2 property valuations; often a BPO (which may or may not be worth much) and a second evaluation/opinion. In my experience, it is prudent for the agent to run a set of comps to send with the offer package to indicate where the market is at that moment. Once credible valuations are on hand, the negotiator can move the process along -- accept, or counter. Oftentimes with a good package - things can happen in 30 days; otherwise expect 45-60 days+. You need good agents who will stay on top of the process.
1 vote Thank Flag Link Mon Mar 8, 2010
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