That means that representative at the bank is assessing your offer but that is usually a longer process than 7 - 10 days unfortunately. The bank likely has an investor that also needs to approve the offer and they will do that on their pre-determine criteria. Best of luck.
Having your file in front of a "processor" is a good thing. It is part of the normal short sale process and when the purchase information is reviewed and a recommendation made. There are no assurances, however, that your offer will be accepted as presented.
For now you can continue with the waiting game, hoping your anticipated news, will be good news.
Anyway, the good news is that your short sale is moving. The fact that it it is being reviewed, the process is moving along. How far it will move along is the question.
Hang in there if indeed you are in love with the house. Just be prepared for any setback.
The bank is North Star Bank. Have you ever heard of them? I can't seem to find anything online about them. Thanks!!
A short sale offer will touch many hands from a processor, negotiator, asset manager, etc. Essentially, these are middle men to the investor. The investor will make the final call as to what they will accept and reject in terms of your offer.
A BPO is not an appraisal but a Broker Price Opinion on what they believe the house will sell for under certain conditions in the current market as a distressed and standard sale utilizing recent sales of homes nearby .
if your short sale is moving along quickly and your getting response things are going well. if the BPO came back at 178k anticipate a counter offer from the bank.