Attempted Short Sale Buyer

I am currently attempting to buy a listed short sale home.  The contract was initiated on 1/28/10 which I offered the listed price; however, I requested 3% to closing costs.  The listing agent informed my realtor on 2/9/10 that a BPO was issued.  It seemed like things were moving along.  Around 3/12/10 I needed to provide my information; such as, full name, first 5 ssn, address, etc... and my lender needed to provide her info too.  Still nothing as of yet.  I inquired of the progress and was told the bank, uh hem ... Bank of America couldn't locate the BPO file but has since found it and now the seller is having to enter his financial info in Equator.  My question is; shouldn't the bank already have all that information?  Am I getting any closer?  I'd appreciate perspectives from sellers/buyer/agents.  Thanks!!  :)

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Replies to This Discussion

Permalink Reply by Mark on April 20, 2010 at 12:35pm
Thanks, I completly understand that. I feel our offer was right at FMV, maybe even higher. Hence my concern that if and when my lender's appraisal is done, if it comes in lower than the offer I have to think that BOA will have to consider it. Especially if it is around their own BPO. I am TRYING to be as patient as humanly possible, just the uncertainty of it all is challenging me. I also am concerned becase the offer has sat there for 30+ days with no change witht he exception of what we believe is a BPO being ordered.

Thanks to all, very informative and helpful. What did we do before the internet?
Permalink Reply by Bobbie Files on April 21, 2010 at 4:21am
Hi,

I appreciate Bryant and is willingness to share information. I have done 18 short sales so far through the equator system and find it to be one of the best upgrades to the short sale system with any lender.

I am concerned by the statement that "you believe" that a BPO or appraisal was done. Unless it was a drive-by the agent doing the BPO or the appraiser doing the appraisal had to contact the agent to gain access to the property. The listing agent did not question who they were and why they were coming?

My experience has been it takes approx. 2 weeks from submitting the initial short sale request and the upload of the offer and supporting documents I have received a contact from the appraiser or BPO agent. Then approximately 2-3 weeks later it is in value review and a negotiator contacts me with a counter, rejection or acceptance.
Permalink Reply by Mark on April 21, 2010 at 5:34am
The listing agent was contacted for access to the house, and was told that the lender had ordered an appraisal. She however assumed that it was my lender and not a BPO, and didn't ask anymore. She asked my agent if I had ordered an appraisal, which I didn't and I asked my bank if they had on their own, "to get ahead"..... they didn't. So since the listing agent didn't ask the logical question of WHO ordered the appraisal my agent and I are assuming it was BOA.

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