I list and negotiate short sales. They usually range from 3 months to a year to complete. The BPO being ordered is a good sign but it really depends on the bank and the people you are working with at the bank. Some negotiators are slow while others are on top of their game. The agent does not get to pick the negotiator nor does the agent have control over the negotiator for the bank. So many things can happen when it comes to a short sale. The agent could have had an approved amount from a previous offer and that will give them an idea of what the bank will accept but until the new offer is submitted to the bank, and approved, you won't know for sure. The best thing about a short sale is you can usually get a home under market value with a little bit of equity depending on the condition of the property. I agree with Annette, you should talk further with your agent about this since everyone could ultimately have different opinions about short sales. Hang in there and have a great day!
I listed a short sale (Bank of AMerica) with instructions from the bank rep to write 'Bank Approved" in the comments and to list at Market Value. So what Bank Approved depends on whose lips are moving.
No, if this home HAS had a previous offer that died just days prior, 'Bank Approved' may actually have meaning the is benefical to a buyer.
Since the bank has ordered the BPO, that is a good sign. As you have been repeated advised, time if a foreign concept in short sales. this process CAN be so slow that anohter BPO may be ordered before closing...so they can raise the price if the BPO supports that action.
Then there's the exterior BPO and the interior BPO. The latter suggest another threshold has been reached and progress is continuing.
Cindy, you really, really should be directing questions like this to your real estate professional. What they told you about the process is true. It's the Wild, Wild, West of REal Estate where anything can and does happen. Don't second guess your agent by soliciting the opinions of strangers on the internet. This will only add to your confusion since none of us can know your situaiont and the situation of the home you are attempting to buy.
Be prepared to wait though.
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