What happens after Short Sale BPO? (appraisal, mortgage, mortgage, accepted)

[jeanne0626]

We found out today that both lenders are ordering appraisals on our short sale house this week. This is 9 weeks after our offer was accepted by the seller back in February. I'm not sure if the appraisal is anything to get excited about just yet. Does this mean that the lenders have come to some sort of agreement on how much $ they will each accept? What happens after the appraisal? Can we expect to hear anything regarding a formal acceptance/denial anytime soon?

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[2bindenver]

First they get a complete financial package from the seller, then they evaluate the property.

Then they see if it fits within guidelines. Then it goes for upper mgmt approval, investor approval and finally Mortgage Insurance company approval.