What's next after the BPO is completed by the seller's agent? How far am I to the closing?

Asked by Cat, Tucson, AZ Mon Jul 25, 2011

My agent send me a Short Sale Purchase Contract Addedum to sign after he got an email from the seller's agent. Does this mean my offer has been accepted by the bank?

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Brett Matsuura’s answer
Brett Matsuu…, Agent, Laguna Hills, CA
Mon Jul 25, 2011
Generally the Listing Agent doesn't do the BPO on behalf of the bank...it is done by a third party. However, I would not assume that your offer has been accepted if you only received an addendum...I am guessing to adjust the sales price? Once your offer has been approved the bank will send an approval letter to the Listing Agent with the exact terms that have been approved. However, if the BPO that was completed was in deed the BPO needed by the bank...I would say that you could have a response within 30 days following the date the BPO was completed. Hope this helped. Good luck.
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0 votes
Priscilla Si…, Agent, Columbus, OH
Mon Jul 25, 2011
Your offer is not accepted until all parties sign off on all of the bank's (seller's bank) final documentation. However, you should be on the final stretch! The seller's agent should know though, how much the seller's bank is requiring to settle after the BPO is complete.
1 vote
Santiago Ken…, Agent, Chicago, IL
Sun Jul 14, 2013
Sometimes they send 2-3 bpos , thats the beginning of the Shortsale in most cases
0 votes
Gerard Carney, Agent, Spring Hill, FL
Mon Jul 25, 2011
It is just a Standard bank ploy to , if they accept and this addenda bundle is understood and signed then the process will go quicker. but unless listing agent has said that the bank has accepted the offer, there is no acceptance!
0 votes
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