short sale : 2 banks: waiting since 9 months ( need your expert openion)

Hello

 

Here is my story,

 

short sale with 2 bank involved and 2 negotiator changed.

 

i placed an offer on shortsale property around  November 2009, negotiator was assisgned around Feb, BPO was done some time in March. then negotitor called sellers agent asking if we can close in 4 days ( by end of the apirl).. we ask if she can give us 30 days closeing. however after that she disapper, at that point they realize that there is a 2nd bank involved (losser seller agent did not do any thing with 2nd bank up until that time).. anyway, finaly we negotiated with 2nd bank and got written approval 3 weeks ago ( this approval is only god up to today, but according to them they might give us an extension).. since last 3 weeks we are trying to push 1st bank, ( remember at 1 point they wanted to close in 4 days) negotiator asked buyer proff of funding,  some one from bank ordered antoher BPO ( which negotitor was not aware of)  which was done on sunday the 25th of July. we are still waiting?

 

do you know what will happen next?

how long it will take after this BPO ( almost a week is gone)

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Replies to This Discussion

Permalink Reply by Wendy Rulnick on August 4, 2010 at 1:13am
Hello h, It seems your approval from the first bank expired, or their valuation obviously expired, thus the new BPO. If the first lienholder is starting at the beginning, you might have to wait a few weeks for another approval.
Permalink Reply by h on August 8, 2010 at 8:38am
Hi Wendy.. thanks for your email..

in fact, i have never recieved a written approval from the 1st bank.. it has been more than 2 weeks that the BPO is done and the negotiator has no information about it, according to sellers agent our file is under investor review and will hear from them at any time now..
meanwhile, 2nd bank gave us another extension up to 20th of August, i am not sure if they will do 3rd extension..

do you knwo at this point of time, how long it can take for investor to review and approve file??
i will give one more week and then back off.. what is your suggestion???
thanks
Permalink Reply by h on August 8, 2010 at 8:48am
first bank says that file is with Mortagage Investor.. they need to hear from them..

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