What happens after a short sale BPO? (bank, lenders, purchase)

[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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[Norsky1]

Your link is broken and doesn't work. After the BPO was ordered for our short sale purchase it was still 3 months until we closed, but it is different in every case. Good luck!

[Victory4U]

The short sale BPO is the "broker's price opinion". It is simply an update on what they think the house is now worth. Some broker's could be off on their "opinion", so make sure your offer starts low, and let the bank do a counter offer if they decide to. Take your time, look forward, but don't be in a hurry and you should result with a good deal. Best wishes!