I'm the buyer of a short sale in which we made an offer in August of '09.  We never heard a word until the beginning of Jan when we were told we were being put into the new Equator system, the realtor needed our 1st five of our SSN and DOB, and that we'd have an approval within 7-10 days.  Then again, silence until the end of February where the sellers realtor called us again and asked for the same information.  The house was set to be auctioned on 3/24 so I've been trying to get ahold of the sellers realtor to find out what is going on.  Finally on March 5th he called and said a BPO had been done on March 4th, that a negotiator had been assigned, and that the auction was postponed until 4/22.  We then heard from the sellers realtor on 3/12 that there was no news other than the seller had updated all the information required and the negotiator was working on his end.  I thought once a BPO had been done it was possible to see the results.  How long does it usually take to get the BPO results back?  What happens next?  I've read a couple of threads where once the negotiator was assigned people had a response fairly quickly.  Any information would be wonderful at this point...

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The BPO is normally only for the eyes of the bank, not the buyer. Sometimes even the listing agent doesn't know. Lenders are not going to tell you the number unless your offer is low and they are using it to negotiate.

As to how soon it is on their desk. Usually no more than a week. Depends on how many hands it has to go through.

Steele
Thanks,
I can appreciate the bank not wanting the buyer to see the BPO that makes sense, but I've read of other buyers knowing and thought that it was not a problem for me to know.

Hopefully since it's been 11 days since the BPO was done we'll know something soon. I really thought we'd have an answer last week, but our offer seems to take the maximum time for everything so far so I guess I'm not surprised. I just feel totally helpless in this situation, the sellers realtor is not doing much, not updating us and not being very aggressive from what I can tell. As buyers we're totally at their mercy, we can't contact the bank, and the sellers realtor isn't working for us.
Thanks for your input

Steele V. Propp said:
The BPO is normally only for the eyes of the bank, not the buyer. Sometimes even the listing agent doesn't know. Lenders are not going to tell you the number unless your offer is low and they are using it to negotiate.

As to how soon it is on their desk. Usually no more than a week. Depends on how many hands it has to go through.

Steele
Ir depends on the policy of the particular lender as well as the circumstances. I guess I was trying to convey that it is not a right to know the information but the lender can give it to you if they choose.

Make sense?

Steele
Here's a suggestion. Probably take a miracle to make it work. See if the seller agent (and seller) would agree to let a third party negotiator work with Equator. You pay the third party negotiator. Pick one that will work closely with you. Good luck.
Thanks for your answers! It would be really nice if the buyer had access to Equator as well as the seller and the sellers realtor, it would be easier if we could see what was going on. No input of course, but at least some idea of where we are at in the system.
I don't think the seller would let a third party work with us. He's been less than helpful about getting all the information uploaded into Equator and has been slow to respond. I can understand why, he's losing his dream home, I don't want to make anything harder on him than it already is.
I'm still hoping to have an answer (preferably an acceptance!) this week. Wishful thinking, I know.
Thanks again!
In my case, we had a third party negotiator and it went much better. Some of the skills needed for a short sale are quite different from the normal sale.

Short sales are perhaps the one time when dual agency makes sense ( the agent works for both the buyer and the seller) because an alliance of agent/seller/buyer against the bank makes sense. The buyer's agent is the least empowered of those involved.


Keli Amparan said:
Thanks for your answers! It would be really nice if the buyer had access to Equator as well as the seller and the sellers realtor, it would be easier if we could see what was going on. No input of course, but at least some idea of where we are at in the system.
I don't think the seller would let a third party work with us. He's been less than helpful about getting all the information uploaded into Equator and has been slow to respond. I can understand why, he's losing his dream home, I don't want to make anything harder on him than it already is.
I'm still hoping to have an answer (preferably an acceptance!) this week. Wishful thinking, I know.
Thanks again!
Not being disrepectful but as an agency instructor, dual agency would be even more of a liability in short sales. If there was a problem you would have a lot of fun claiming you represented both sides adequately let alone be able to shake the impression that you weren't just in it for the money. You would be a wide open target in a highly charged emotional situation. The liability on these sales is going to prove to be much higher in short sales. Don't add to it.

No matter how "fair" you claimed to be it would be tough to shake this charge.

I would stay away from that

That doesn't mean you can't represent your sellers as a client and the buyer can be a customer. Just don't jump to dual agency automatically. My opinion, of course.
Sorry, that's not what I meant, but thanks for your response. I was just saying it would be nice if a buyer could in some way track where in the short sale process we were rather than having to rely completely on the listing agent to update us. I know it wouldn't be a good idea for buyers to be able to input information, that's not what I meant, and dual agency would be very stressful for everyone involved in an already stressful situation.
We may be seeing something like this in the future (maybe even near future). Some programs are being developed that would have access for the various parties on a web site to see where they are in the process. Information would be restricted to who sees what, but at least parties would know where in the process they were.

Wouldn't that be nice :>)

Keli Amparan said:
Sorry, that's not what I meant, but thanks for your response. I was just saying it would be nice if a buyer could in some way track where in the short sale process we were rather than having to rely completely on the listing agent to update us. I know it wouldn't be a good idea for buyers to be able to input information, that's not what I meant, and dual agency would be very stressful for everyone involved in an already stressful situation.
I am currently in the middle of a short sale with B of A. I am the buyer (a dental hygienist) and i have been negotiating my short sale because I have third party authorization. I am NOT a realtor but a real bulldog when it comes to getting things done. I have completed 2 other short sales last year all by myself!!! I currently have a dual agency realtor who absoloutley stinks, who never had done a short sale before. Pure Pain!!!!!! I am stuck with him, because the house I wanted to buy was already listed with him. But my advice.....always, always, always get a third party authorization so you, the buyer, can get it done.
Theresa,
I hope I'm responding to the correct posting. I think you're right on. Just curious but would you have been able to get the seller to give you third party authorization if you had not had the seller's agent as your agent? Otherwise how did you convince the seller to sign the authorization?

RE

Theresa Jordon said:
I am currently in the middle of a short sale with B of A. I am the buyer (a dental hygienist) and i have been negotiating my short sale because I have third party authorization. I am NOT a realtor but a real bulldog when it comes to getting things done. I have completed 2 other short sales last year all by myself!!! I currently have a dual agency realtor who absoloutley stinks, who never had done a short sale before. Pure Pain!!!!!! I am stuck with him, because the house I wanted to buy was already listed with him. But my advice.....always, always, always get a third party authorization so you, the buyer, can get it done.
As a matter of fact, the last 2 short sales I never had a realtor. I did it all myself by finding people behind on their mortgage but not yet with a realtor to sell the property. The current shortsale I am part of......I gave the realtor a third party authorization form with my name and the realtor name on it for the seller to sign. The seller signed it. I also had the realtor instruct the seller to write a hardship letter. The letter contained his current phone number so I called him. The seller and I have established a working relationship that so far has been invaluable

.R E said:
Theresa,
I hope I'm responding to the correct posting. I think you're right on. Just curious but would you have been able to get the seller to give you third party authorization if you had not had the seller's agent as your agent? Otherwise how did you convince the seller to sign the authorization?

RE

Theresa Jordon said:
I am currently in the middle of a short sale with B of A. I am the buyer (a dental hygienist) and i have been negotiating my short sale because I have third party authorization. I am NOT a realtor but a real bulldog when it comes to getting things done. I have completed 2 other short sales last year all by myself!!! I currently have a dual agency realtor who absoloutley stinks, who never had done a short sale before. Pure Pain!!!!!! I am stuck with him, because the house I wanted to buy was already listed with him. But my advice.....always, always, always get a third party authorization so you, the buyer, can get it done.

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