Replies to This Discussion

Permalink Reply by Kent Dills on March 27, 2010 at 8:00am

Just another step in the process Joseph. The bank want the latest/most recent financials before they send the file for approval. Your getting close to the end my friend. Your patience is about to be rewarded it sounds like!

Permalink Reply by Vicki on March 27, 2010 at 8:27am

Hello,
I too am in the process of buying a short sale. I know every minute feels like an eternity! After the BPO was conducted it took exactly 11 days until we got a verbal approval.
That was actually the fast part. Unfortunately, they STILL have not yet sent the written approval.
We have been waiting 4 weeks now.
The sellers agent told my agent yesterday that they were getting contracts together this coming week. We aren't sure if we want a contract UNTIL we see that written approval.
Hang in there! It'll be worth it! Good luck.
:)

Permalink Reply by Joseph D. C. on March 27, 2010 at 11:18am

Thank you Kent. I'm ready for this process to come to an end, and we can get our dream house.

Not so Frustrated anymore.

Permalink Reply by Joseph D. C. on March 27, 2010 at 11:22am

11 Days that's really fast. Congrats.. It amazes me how irresponsibly this Bank acts and their a Public Corporation. How is it they maintain consumer confidence and run this division like a Pre-School. No Offense to any Pre-School teachers on this blog.

Permalink Reply by Bryant Tutas on March 27, 2010 at 12:50pm

Joseph. As one of the founders I'm happy to hear you are finding this site informative. We started this site to help agents but it has turned out to be a great platform for agents, buyers and sellers. It's great that we are all able to have an open conversation about short sales and work together to find solutions.

Permalink Reply by Karen Donovan on March 31, 2010 at 3:10pm

I am also recommending the site my Title company professional!!

Permalink Reply by Keli Amparan on April 1, 2010 at 4:47am

You're lucky you found out in 11 days. We had our BPO done 28 days ago and still no word. And this is after making an offer last August. I'm hoping to be near the end too, the LA sent an email yesterday that there are three tasks to be completed by Friday- the first two are for the bank to provide payoff and insurance info and the third is for the negotiator to complete the price analysis. I'm pretty sure there's no MI on the house, so hopefully I'll know something soon (but I'm not holding my breath).
Hopefully we'll both have good news soon!

Vicki said:

Hello,
I too am in the process of buying a short sale. I know every minute feels like an eternity! After the BPO was conducted it took exactly 11 days until we got a verbal approval.
That was actually the fast part. Unfortunately, they STILL have not yet sent the written approval.
We have been waiting 4 weeks now.
The sellers agent told my agent yesterday that they were getting contracts together this coming week. We aren't sure if we want a contract UNTIL we see that written approval.
Hang in there! It'll be worth it! Good luck.
:)

Permalink Reply by Joseph D. C. on April 1, 2010 at 5:08am

Our BPO was done 24 days ago. As of 3/30, our file is being reviewed by Team Leader. I truly hope we'll hear from BOA soon.

Permalink Reply by Keli Amparan on April 1, 2010 at 11:01am

just got my counter offer today, so it does happen!!