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BPO

Posted by Ann on July 20, 2011 at 8:09am in Short Sale Discussions
Been under contract about 75 days and got word B of A ordered BPO last week.  What wait time have others typically experienced recently in SW FL area after this point with B of A?

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Replies

  • Cody Lampariello July 22, 2011 at 5:34am

    First thing is I would be a little nervous that it took this long to get the BPO ordered. Unless the seller is not providing the requested documents in time the BPO should be ordered within about 2 weeks of submission with BoA. Their system is fairly reliable when navigated correctly. Our office is in SE Florida so I am sure it is not that much of a difference.

     

    Either way I agree with Jeff the first counter should come in about two weeks after the BPO is completed.

  • T. Joseph July 21, 2011 at 5:51am

    I'm in just about the same position here in DC.  We have been in contract a little over 60 days now.  We signed and sent to our realtor BoA's short sale addendum just on 07/18/11.  Although the realtor had originally told us the approval would take two weeks to 30 days, we have now been in the process for 60 days.  In addition, our realtor told us the BPO was ordered almost two weeks ago but after we signed and returned the short sale addendum we were told that NOW the BPO would be ordered. 

     

    At this point we have NO clue what is happening, we're starting to feel that the approval will not happen.  We are starting to want to look for new homes and walk on this one.  Our realtor keeps giving us timelines that are never met and we are frustrated.

  • Jeff Payne July 20, 2011 at 8:27am

    BofA is using appraisers for most deals here.  We are seeing 2 weeks from the date that the BPO or appraisal is done for a counter offer

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