How long does it usually take for short sale approval once the BPO has been ordered?

Asked by honestly71, West Palm Beach, FL Fri Jun 21, 2013

Contract was signed in March and the BPO was just scheduled for next week. The bank is Wells Fargo

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5
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Sun Jun 23, 2013
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Banks are holding out as these prices go up....wouldn't you if you had loaned your money to a borrower?

Why should they take it in the shorts anymore from borrowers attempting "Reverse Extortion" by refusing to make their contractual obligations and promises to pay, trying to hold going BK and Foreclosure over the bank's heads if not allowed to walk away from their debt via Short Sale?

I hate big banks as much as anyone else, but what I've witnesses over the passed 7 yrs is pathetic! To watch the same borrowers, who prior to 2006 would tell you where you could stick a 20% down 30yr fixed loan, who refused to consider any program that was not 100% I/O, cry the blues is somewhat sickening!

What is really so sad is watching America become a nation void of integrity and personal and financial responsibility!

These Canadians, South Americans, Germans, Brits, other FNs (Foreign Nationals) borrowers buying real estate are UNLIKE Americans. They have money saved, they aren't in debt up to their eyeballs, with a history of BKs, Foreclosures, Short Sales...yet driving a Mercedes or BMW with a $1,100 mo. car payment and $2,000 in the bank!!

Though tough negotiators, at least they conduct business with integrity and are for the most part Honest and pleasant to work with on transactions.

And as far as borrowers who followed thru with their threat to go Foreclosure or BK including property in the BK 2 and 3 yrs ago, these borrowers are finding out banks are sitting on the properties and the DEEDs are NOT being transferred.

So here come those borrowers who let property go 2 and 3ys ago back into the market thinking their 3 yrs have passed and are finding the Deeds have Not been transferred shocked to know that their Count Down to be able to purchase with FHA, USDA or VA has not even begun yet!

On top of that, many who just walked away from property without including them in a BK have a surprise awaiting them! These banks have 5 yrs to file for a Deficiency Judgment and are letting those borrowers get back up on eir game and doing well again.

Then, one day the knock on the door. They open it and a Sherriff or Private Server hands them a court summons and tells them..."You've Been Served!"

That 40k, 80k, 500k, 800k they thought was forgiven and forgotten has re-emerged and coming at them, this time from Collection Agencies who after a 50.00 search to for info on the borrower has bought their debt for pennies on the dollar and these pit bulls are a completely different animal!

Steve McRory
Pro Option Mortgage/ Florida
steve@pro-option.com
#204296

Prior Service U.S. Marine Corps
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0 votes
honestly71, Home Buyer, West Palm Beach, FL
Sat Jun 22, 2013
Thank you for all the advice. My contract is up in 3 weeks, so I think if there is still no word I will take that advice and find something else. Thought this one would be cut and dry. The house has already had it's final hearing for the foreclosure and they just extended the sale due to the short sale being processed and my offer is only about $5,000 less than she owes according to the court docs. Starting to think the bank would rather foreclose. Again...thanks for the advice :)
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, ,
Sat Jun 22, 2013
It really depends on the bank holding the mortgage. I have had SS approval take place in 3 -4 weeks and I have had them drag on for over 18 months. I agree with Steve, find a resale in today's increasing interest rate environment.
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Sat Jun 22, 2013
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It will likely take another 6 to 10 months, 5 more BPOs, while you watch rates and home prices go up and then the seller will decide to go BK after they return from their vacation with the extra money they have because on not making their mortgage payments and you will have wasted 6 to 10 months chasing the Short Sale carrot!

I'd kick that Clown Car Full of Horrors to the curb and find a re-sale or foreclosure so you can buy at today's low prices.

Also, rates are skyrocketing! Start looking for a deal that will close in 30 days and say good bye to that Long Sale!

Look at where interest rates were when you started dealing with that SS and where they are now.

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0 votes
Antonio Vega…, Agent, Saint Cloud, FL
Fri Jun 21, 2013
After the BPO the bank will respond with either an acceptance or a counter-offer, so don't be surprised. It should happen in less than a month.
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