How long does it typically take for a lender to get a BPO done? And do they need to gain access to the home to do the BPO...?

Asked by Msbuckeye2u, Dayton, OH Sun Aug 18, 2013

We put an offer in over a month ago and our agent just called the sellers agent and she said the BPO has not been done. Since our offer, we have had communication about once a week, mainly the sellers lender asking us for documents etc. so we figured that the lender really was looking at our offer and wanted to react but now we are feeling discouraged. Should we be concerned about the BPO not being done? Do they always do a BPO in a Short Sale situation? And yes we already know that Short Sales can be a drawn out headache!

Help the community by answering this question:

+ web reference
Web reference:

Answers

4
Molly Hay -…, Agent, Columbus, OH
Sun Aug 18, 2013
BEST ANSWER
Honestly it depends on where they are in short sale process. Once the short sale packet had been completed and received the bank will order the bpo which takes about 30 days. Once it is complete (and yes they will need to gain access into the home) it will take another 14 days for the lender to get it. It's important that you work with an agent who specializes in short sales. Without an experienced agent your process will be a nightmare and may never make it to closing.
1 vote
Heather Wise…, Agent, Columbus, OH
Mon Aug 19, 2013
The BPO is a Broker Price Opinion. The report itself takes less than a week to get completed. However, if there were errors in the original package, or the short sale was not previously approved, the process can become drawn out. Typically, the bank would have ordered one with the initial package to see if the home qualified for short sale status. They may order up to 3 in order to determine an average value. I recommend a great agent and doing some research on your own (as you obviously are). Here is a good starting point to help you understand the process:

http://www.bankrate.com/finance/real-estate/how-to-navigate-…

Heather Wiseman
Exit Realty Leaders
0 votes
Jason Opland, Agent, Westerville, OH
Mon Aug 19, 2013
A key issue and a major determining factor in the success of any short sale is the experience of the listing agent and whether or not they are truly a short sale specialist. Over the past few years short sales have made up approximately 35% of the market. In response many agents took a short sale class and immediately began marketing themselves as short sale specialist. Short sales are complex transactions that require a specialized knowledge. The average agent has a success rate of approximately 40%, a specialist is going to have a success rate well above 90%. As Molly indicated, it is important to work with a short sale specialist if you are interested in considering short sales as these agents are versed in the process, will have executive contacts they can provide to the listing agent if there are delays, and work to get the deal done..

Which bank are you working with, is it an FHA or a conventional loan? FHA Loans typically take longer to process and in most instances will require additional time for the BPO if the short sale package wasn't submitted prior to the acceptance of the offer.

To directly answer your question, BPOs are always done on short sales and your agent should be following up with the listing agent to ensure s/he is staying on top of the bank to push to get the BPO scheduled.

Jason Opland
Better Homes and Gardens Real Estate
0 votes
James Deskins, Agent, Worthington, OH
Sun Aug 18, 2013
It takes as long as it takes. Sorry, but that's the real answer.

They always do a BPO or an appraisal.

They get to it when they get to it.

They could do it tomorrow or it could take 4 more weeks.

Good luck!
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more