Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
My wife and I are new to the short sale process. On August 22, 2011 are offer was signed by the seller and submitted by the seller's agent to Bank of America for their approval. Recently, the house was under contract and the buyer walked for his own reasons even after BOA had issued the "Sale Approval Letter". Our agent feels that since BOA has already accepted an offer for the same price that the normal process might be shortened. At this point we know that BOA has ordered a BPO from two different sources. We are wondering if this is normal prodical. What should we expect to see as far as the length of time to process our offer and let us know that it is going forward?
From what I understand, BoA has started allowing new offers to substitute for the ones that walked. That should speed things up if there already was an approval, but you really can never predict how long an approval will take.
It may depend on how old the information is on the seller and their 'hardship financials'. But, you are ahead of the game in having the BPO already done!
My wife and I are new to the short sale process. On August 22, 2011 are offer was signed by the seller and submitted by the seller's agent to Bank of America for their approval. Recently, the house was under contract and the buyer walked for his own reasons even after BOA had issued the "Sale Approval Letter". Our agent feels that since BOA has already accepted an offer for the same price that the normal process might be shortened. At this point we know that BOA has ordered a BPO from two different sources. We are wondering if this is normal prodical. What should we expect to see as far as the length of time to process our offer and let us know that it is going forward?
How is the progress on your purchase? i am in similar boat, and waiting for BOA to come back. havent heard any thing from seller's agent yet.
We are on hold for the BPO. By chance we ran into the selling agent at the house and he assured us that he and the seller were working very hard to close and get this house behind them. How long has BOA had your contract?
The sellers agent said that someone before me put an offer in and the bank did not accept it, however they hinted as to what they needed and the sellers agent is 99% sure the bank will accept it.
They have been working closely with the bank. I just submitted my offer last week and had the inspection done. I sign contracts Wednesday. They wanted to make the closing date October. The bank had already had a recent appraisal done and CMA. I read somewhere that banks like to have it all very recent, as in the last 90 days. Maybe the other one was too old? Good luck!
We are on hold for the BPO. By chance we ran into the selling agent at the house and he assured us that he and the seller were working very hard to close and get this house behind them. How long has BOA had your contract?
around 10 days, still waiting for BOA to come back. my agent keep assuring me that , bofa lately processing very quick and they should come back pretty soon. he did confirm they are waiting for BPO
around 10 days, still waiting for BOA to come back. my agent keep assuring me that , bofa lately processing very quick and they should come back pretty soon. he did confirm they are waiting for BPO
bofa didnt act on my short sale offer and house went to foreclosure.
my realtor told me that investor brought the property..
The banks have 2 different departments that process Short Sales vs. Foreclosures. They can be quite disorganized and the foreclosure department may have no idea a short sale is in process. And because it's likely that they have different metrics that they are being compensated for, one department may not care that the other is processing a short sale. Believe me, the realtors put in a lot of work (and money on the listing agent side) to try to get this deal through and if it fell through, they don't get compensated at all for their time. Not much incentive for them to be dishonest here.
When an investory buys a property at auction, realtors do not get compensated.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I am in the same boat.
