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We got another update yesterday saying that the BPO has been completed and is now in the reviewing stage .. There is only 1 loan on the house so I have my fingers crossed and hope that this doesnt take all that long! What happens during the review stage? How long does it take after the BPO to get a yes or no? This is BOA and we are the only offer
BOA is diffidently a lot more friendly with short sales today than in the past, maybe a couple of weeks if the numbers are close you should get word soon.
Thanks Dave for the reply... I really hope we have a answer soon.. I was in a car accident and it totaled my new car and I cant get another one until we have the house because our credit would have to be ran and all .. So this has just became a bigger headache then before the accident. But hopefully we are almost there fingers crossed and everything else that can be crossed.. lol
Just curious how your situation worked out. I'm also the only offer being considered on a short sale property. There was an initial BPO conducted on 4/18/2011, but then the original party dropped their offer. The property was re-listed on 10/31/2011 and we put in our offer on 11/3/2011. The lender is ordering another BPO and it should be about 25 days until we hear the results. There's only 1 loan on this house, but the lender will lose at least $380K if they accept our offer (not to including the 2 years of squatting from the tenant).
were you able to find out what the BPO came in at? in our case we felt the BPO was high so we spent the money to have an actual appraisal,, and it came back 12% lower than the bpo,, we now resubmitted an offer and attached a copy of the appraisal,, could be the best $350 we spent,,
caution BPO are only an opinion,, and can be way off,, do you homework,,
Appraisals are also an opinion. 3 different appraisers could come up with 3 different values. But good for you for getting one and sending it in. I hope it helps with your purchase!
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