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We put an offer in on a short sale that was accepted by the seller. It will be two weeks this coming Tuesday (11/10) since it was faxed to the bank. We were told that the seller had faxed his financial/hardship info prior to sending in our offer and that a negotiator had already been assigned.
There are two banks involved. First is with Indymac(OneWest) and the second is with Citi.
I got a message from my realtor this last Wednesday (11/4) that said that the seller's agent told him that the BPO had been completed and sent to the bank. This was much faster than I was anticipating after all of the bad stuff that I have heard about Indymac/OneWest.
I don't want to continue to "pester" my agent, so I'm trying to see what other people's experiences are in this type of situation.
1) Where are we in the process?
2) Is this a pretty short amount of time to have gotten the BPO done and back to the bank, or is it average?
3) How much longer we can expect with these two particular banks?
4) Will the second bank (Citi) do their own BPO, or will they just go off of what Indymac/OneWest says on theirs?
If you scroll to the end, it did work out and we closed 7-10-09. All short sales are different, but they have one common denominator- They take a long time.
In light of my experience now, you're very early in the process. The longest step is the one you're in now - waiting for the bank to approve the offer. It took the seller's lender (Wachovia) about 2 months to approve ours and that's really quite short in comparison. I think many people find it takes 4 months or so.
Just my experience. Good luck.
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