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Debbie L, Home Buyer in Holtsville, NY

buying a short sale bank is doing bpo on house its been done a week ago how much longer does it take to get

Asked by Debbie L, Holtsville, NY Wed Jul 1, 2009

answer from bank if its approved or not bank is wells fargo been in contract since march

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Typically, I will ask the listing agent if they have worked with a particular bank before, regarding time frame and ease. Some of the banks get their stuff done quickly, where others just seem to go about the day-to-day aspects of their business.
When a bank is large, like Wells Fargo, you may have to do a little digging to find out who the actual contact person is regarding your short sale. It may be that they are also engaged in checking out the "clear" title...finding any leans and such on the current property, prior to going forward with an accepted price from a buyer.
Four to six weeks would be a conservative estimate.
Good luck with it. Short sales are known to be difficult.
Web Reference: http://www.homesbycross.com
0 votes Thank Flag Link Wed Jul 1, 2009
Hi Debbie,
I'm an Evanston Realtor and am just finishing up a short sale (I represent the seller) with Wells Fargo as lender on mortgage and home equity loan. The BPO agent has 10-13 business days to get the BPO to WF. Then WF does the analysis and presents it to whoever holds the loan (usually investors.) Then a decision is made. My best advice is to have your agent ask the sellers agent to call the Status Update phone number daily to see what's happening, and keep track of how long it's been since the BPO was done and inform the status person if it's taking too long.

Hope this helps.

Theo Shaw
Realtor
Baird & Warner Evanston
(847) 905-5204
0 votes Thank Flag Link Wed Jul 1, 2009
There's no definite time frame. My experience dealing with Short Sales with the larger banks, like Wells Fargo and B of A, is that it could take a few weeks before you'll hear back from them. Anytime you're working with a short sale transacation, have patience! They seem to take an eternity to get responses back from them.
0 votes Thank Flag Link Wed Jul 1, 2009
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