Home Buying in 21227>Question Details

samschene, Home Buyer in 21227

What does it mean if the "processor" is looking over my short sale offer?

Asked by samschene, 21227 Tue Jan 29, 2013

Okay. Lots of details! I looked at a short sale listed at $165,000. We decided to put in a low ball offer of $140,000. We were not expecting it to be accepted, but we just wanted to get the ball rolling. The negotiator rejected that right away. Once we put in this offer, the bank ordered a BPO/appraisal and appraised the house at $180,000. They changed the list price from $165,000 to $178,000. The sellers agent then "created" an effort of $167,000 to appeal to the bank. They said that they picked this number because it would cover the banks fees, commission, etc. Anyway, we submitted it on December 19. My realtor checked in on January 17 and the sellers agent said that the offer is now being looked over by a processor at the bank and that they are back logged and it could take another 7-10 days. Anyway, I was just wondering if anyone could tell me if that is good news. Is this a good next step? This is our dream house and we absolutely love it! Any thoughts would be great. Thanks!! =)

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Answers

6
Based on everything you said, I'd anticipate a counter offer from the bank (as Akil pointed out). Especially if they're also taking backup offers, just in case your deal doesn't pan out. Hang in there. Short sales can take a while, but it's worth it if it's your dream home. Stay positive :)
1 vote Thank Flag Link Thu Jan 30, 2014
Hi Sam,

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.
0 votes Thank Flag Link Wed Jan 30, 2013
Hi Sam,

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.

Best wishes,

Bill
0 votes Thank Flag Link Wed Jan 30, 2013
Short sale can be a painstaking wait. But it can be worth the wait since this is your dream home. Nothing is certain on a short sale. That is why short sale is for the patient buyers.

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.

Best.
0 votes Thank Flag Link Wed Jan 30, 2013
Thanks so much for getting back to me! I am just so confused about the whole process. My realtor is great and she calls the sellers agent once a week to ask for updates. Last I heard was that they were backlogged and the processor said it was under review...this was on 1/17. The sellers agent said that she thinks it is good news because it has gone to the next person without being rejected. I hope that is good!!

The bank is North Star Bank. Have you ever heard of them? I can't seem to find anything online about them. Thanks!!
0 votes Thank Flag Link Tue Jan 29, 2013
Hello Samschene,

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.

Good luck
0 votes Thank Flag Link Tue Jan 29, 2013
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