We are about two months into our short sale process. I believe the buyers agent set an unrealistic timeline and our buyers are getting anxious. Things have actually gone pretty quickly with the bank. Full package received in August and BPO was ordered mid-August. In September, I received an update that our package had cleared document review and initial review.
I recently received the following update from my realtor. How close are we to the finish line? Fannie is the investor and there is not a second.
"SINGLE TRUST SHORT SALE
This file has cleared document review and is in the valuation stage at the bank. ** is working on the existing offer to determine a final answer to the offer received. No new updates are being requested at this time.
As of September 15 2011: No new update requests are being made. File is 100% compliant. ** is still reviewing and performing internal tasks related to this file."
Thanks!
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I posted the same question in the Navy group, but it's been quiet over there since May.
Thanks, Jeff.
Thank you for sharing your experience, Joshua. The bank has not disclosed the BPO. A few homes recently closed for less than our offer. So, here's hoping!
Thanks for your advice, Renee. I trust my realtor, but I am very interested in keeping my name in front of the bank's negotiator. It's difficult to discern if I need to be patient or persistent.
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