Replies to This Discussion

Permalink Reply by Jeff Payne on July 20, 2011 at 8:27am

BofA is using appraisers for most deals here.  We are seeing 2 weeks from the date that the BPO or appraisal is done for a counter offer

• ▶ Reply

Permalink Reply by T. Joseph on July 21, 2011 at 5:51am

I'm in just about the same position here in DC.  We have been in contract a little over 60 days now.  We signed and sent to our realtor BoA's short sale addendum just on 07/18/11.  Although the realtor had originally told us the approval would take two weeks to 30 days, we have now been in the process for 60 days.  In addition, our realtor told us the BPO was ordered almost two weeks ago but after we signed and returned the short sale addendum we were told that NOW the BPO would be ordered. 

 

At this point we have NO clue what is happening, we're starting to feel that the approval will not happen.  We are starting to want to look for new homes and walk on this one.  Our realtor keeps giving us timelines that are never met and we are frustrated.

• ▶ Reply

Permalink Reply by Cody Lampariello on July 22, 2011 at 5:34am

First thing is I would be a little nervous that it took this long to get the BPO ordered. Unless the seller is not providing the requested documents in time the BPO should be ordered within about 2 weeks of submission with BoA. Their system is fairly reliable when navigated correctly. Our office is in SE Florida so I am sure it is not that much of a difference.

 

Either way I agree with Jeff the first counter should come in about two weeks after the BPO is completed.

• ▶ Reply