Dot, Home Buyer in Massachusetts

The bpo was completed on April 1st. on a short sale. My agent said it is still the processing stage. How much longer before I hear anything?

Asked by Dot, Massachusetts Fri May 7, 2010

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Steve Shaw, , Mobile, AL
Fri May 7, 2010
Dot,

That answer is different for all mortgage companies. They each have th their own process that they follow. The BPO gives the mortgage company an estimated value. The mortgage company may also order an appraisal. It sounds like that the mortgage company is still in the decision making stage of determining whether to accept the short sale or maybe counter offering.

Ask your realtor to ask the negotiator at the mortgage companay that he is dealing with to give estimated deadlines on the current task that they are working on.
1 vote
Matt Heisler, Agent, Westborough, MA
Fri May 7, 2010
Short sale time differentials vary greatly, as the situations vary greatly. How many lenders are involved? More means much more time. How much are you trying to short? Some lenders may not want to make huge hits, if they feel its in their best interests to foreclose, and not short the sale, the process may never end - or end in denial. Is this the first short-sale at the bank for this loan? The fastest short-sale deals I've done were where the bank had already determined a number, but the original purchase had moved on or failed to purchase. Lastly, what is the financial health of the seller? If the seller's home/loan is underwater, but they are otherwise in good financial health, the bank may force them to come up with lots of funds, and if they say no, then the bank may not approve the sale. In the end, it all comes down to whether or not the bank feels that the short-sale is the best way for them to minimize their loss, and the faster they reach that conclusion, the faster it will happen. Unfortunately, as all the banks have widely different (but similar sounding) processes and stages, being in one stage at one lender doesn't tell you very much about time-frame vis-a-vis other lenders.

Matt Heisler is a real-estate professional and owner of Heisler & Mattson Properties. He has been selling residential real-estate for over 10 years. He has given several talks on real estate, including presentations on first-time buyer tips & tricks, and profiting in real estate investing in Massachusetts. As a Vanderbilt University alumnus, he is proud to serve the communities of Natick, Framingham, Medfield, Millis, Holliston, Hopkinton, Southborough, Westborough, Northborough, Grafton, Marlborough, Shrewsbury, Worcester, Milford, Charlton, Northbridge, Sutton, Hudson, Sudbury, Clinton, Boylston, and West Boylston. His company website can be found at http://www.bjheisler.com, and his Metrowest Blog can be read at http://HomeSellingInMass.net.


*All information is posted in good faith and is assumed to be reliable, but may rely on third party information sources.
0 votes
Yannis Tsits…, , 01742
Fri May 7, 2010
Hi Dot, the information that you provide in your question is is very limited. is your agent also the listing agent? Does your agent communicates directly with the lender who has to approve the short sale?
Has a negotiator been assigned? Is there a middle company handling the short sale?
In order to answer your question you or your agent has to provide at least answers to the above.
Each lender is different but the above are very critical points in the short sale process.
Good luck,
Yannis
0 votes
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