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Why would a Bank/lender order a BPO on a short sale that has already been approved? Our offer hasn't been accepted (yet), but the listing agent stated the short sale was approved. Now there's a BPO.
Listing agent probably spoke too soon. BPO was ordered to confirm price.
This home, according to the listing agent, has been approved for short sale since Jan 08. There was a buyer back in June, but their financing fell through. I don't understand why they are dragging their feet on this home. My offer, which is 50k below asking px, is the only one on the table according to the listing agent.
Sometimes they say it's an approved short sale price, but they still do the BPO, thats what they did in our situation. One of the short sales we tried for had been on the market for 5 months and we were the only offer. Right after we did the offer they did a BPO and we never heard anything back. So we found another house and again the only offer. They did the BPO and after we got the approval letter. We close next week. It took almost two months from when we first made the offer to closing. Be patient........they really do take a long time. I feel lucky to have gotten a home this way, because its a long drawn out process
If it was approved in Jan '08, an entire year of interest has been added to the loan. An entire year of late fees have been added. An entire year of property taxes... their bottom line number has changed, and they need to figure it out.
Thanks for the responses. It's so hard to be patient but I do need to back off or I'm going to drive myself nuts. Chickrae, ours is a similar situation. If you don't mind me asking, was your offer in line with the asking price for both homes?
FalconheadWest, that makes sense. The BPO could end up raising their bottom line, which wouldn't be good since my offer was well below the asking price to begin with. OTOH, if it's not a drive by, maybe the listing agent will realize that they have the house listed incorrectly. It's listed as a three bedroom. A wall between two of the bedrooms has been knocked out so it's really a two bedroom and I'm not sure if the other bedroom has a closet so who knows how that will affect their price.
We're supposed to go out this weekend to look at more homes but I'm starting to tire of the process. I've seen so many homes with various issues and outrageous asking prices. The banks are in a rough spot because the monies owed far exceed values and it's understandable that they don't want to take a loss. It's such mess out there.
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