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  • August 9, 2008 at 3:25 PM #13567
    yellow8yellowm
    Participant

    Hello everybody,

    I put in an offer on short sale in Escondido. The first mortgage was from Wells Fargo and the second from a smaller bank. After 30 days, Both banks have already requested a BPO (appraisal?).

    I am wondering how long you think it will be before the bank accepts the short sale or at least counters our offer?

    August 9, 2008 at 6:26 PM #255164
    SD Realtor
    Participant

    Well it is good the requested the BPO. Has it been completed yet is the question. Also sometimes they get an appraisal in addition to the BPO. It varies. Depending on your offer do you know if it washes out the second totally or not?

    I would give an 8-12 week estimate before you have confirmation. Sounds like you are about a little over 4 weeks in?

    August 9, 2008 at 6:26 PM #255449
    SD Realtor
    Participant

    Well it is good the requested the BPO. Has it been completed yet is the question. Also sometimes they get an appraisal in addition to the BPO. It varies. Depending on your offer do you know if it washes out the second totally or not?

    I would give an 8-12 week estimate before you have confirmation. Sounds like you are about a little over 4 weeks in?

    August 9, 2008 at 6:26 PM #255399
    SD Realtor
    Participant

    Well it is good the requested the BPO. Has it been completed yet is the question. Also sometimes they get an appraisal in addition to the BPO. It varies. Depending on your offer do you know if it washes out the second totally or not?

    I would give an 8-12 week estimate before you have confirmation. Sounds like you are about a little over 4 weeks in?

    August 9, 2008 at 6:26 PM #255343
    SD Realtor
    Participant

    Well it is good the requested the BPO. Has it been completed yet is the question. Also sometimes they get an appraisal in addition to the BPO. It varies. Depending on your offer do you know if it washes out the second totally or not?

    I would give an 8-12 week estimate before you have confirmation. Sounds like you are about a little over 4 weeks in?

    August 9, 2008 at 6:26 PM #255337
    SD Realtor
    Participant

    Well it is good the requested the BPO. Has it been completed yet is the question. Also sometimes they get an appraisal in addition to the BPO. It varies. Depending on your offer do you know if it washes out the second totally or not?

    I would give an 8-12 week estimate before you have confirmation. Sounds like you are about a little over 4 weeks in?

    August 10, 2008 at 8:03 AM #255306
    yellow8yellowm
    Participant

    [quote=SD Realtor]Depending on your offer do you know if it washes out the second totally or not?[/quote]

    I believe the BPO has been ordered/requested and I am certain that both banks are only going to take a small loss (~50K total). I don’t know how they will divy up the loss though. Yes, we are 4-5 weeks into the process. My main concern is not that we won’t get the house but that our offer is worse every month we have to wait. In my mind the offer should drop 5K or so every month.

    August 10, 2008 at 8:03 AM #255477
    yellow8yellowm
    Participant

    [quote=SD Realtor]Depending on your offer do you know if it washes out the second totally or not?[/quote]

    I believe the BPO has been ordered/requested and I am certain that both banks are only going to take a small loss (~50K total). I don’t know how they will divy up the loss though. Yes, we are 4-5 weeks into the process. My main concern is not that we won’t get the house but that our offer is worse every month we have to wait. In my mind the offer should drop 5K or so every month.

    August 10, 2008 at 8:03 AM #255483
    yellow8yellowm
    Participant

    [quote=SD Realtor]Depending on your offer do you know if it washes out the second totally or not?[/quote]

    I believe the BPO has been ordered/requested and I am certain that both banks are only going to take a small loss (~50K total). I don’t know how they will divy up the loss though. Yes, we are 4-5 weeks into the process. My main concern is not that we won’t get the house but that our offer is worse every month we have to wait. In my mind the offer should drop 5K or so every month.

    August 10, 2008 at 8:03 AM #255590
    yellow8yellowm
    Participant

    [quote=SD Realtor]Depending on your offer do you know if it washes out the second totally or not?[/quote]

    I believe the BPO has been ordered/requested and I am certain that both banks are only going to take a small loss (~50K total). I don’t know how they will divy up the loss though. Yes, we are 4-5 weeks into the process. My main concern is not that we won’t get the house but that our offer is worse every month we have to wait. In my mind the offer should drop 5K or so every month.

    August 10, 2008 at 8:03 AM #255541
    yellow8yellowm
    Participant

    [quote=SD Realtor]Depending on your offer do you know if it washes out the second totally or not?[/quote]

    I believe the BPO has been ordered/requested and I am certain that both banks are only going to take a small loss (~50K total). I don’t know how they will divy up the loss though. Yes, we are 4-5 weeks into the process. My main concern is not that we won’t get the house but that our offer is worse every month we have to wait. In my mind the offer should drop 5K or so every month.

    August 10, 2008 at 8:54 AM #255316
    temeculaguy
    Participant

    If your estimate is that the value drops 5k a month, then hope and pray they take their sweet time in getting back to you, if it takes four months, you will save 20k. One realtor told me that when they list a short and it is low price leader, multiple buyers submit offers. By the time the bank responds, the prices have shifted and they buyers all balk. With shorts they aren’t bound by the offer. Then they modify the listing and advertise an “accepted price” and new buyers try to lowball that price, causing more delays. The banks are hurting themselves by moving slow in a rapidly decreasing market.

    August 10, 2008 at 8:54 AM #255600
    temeculaguy
    Participant

    If your estimate is that the value drops 5k a month, then hope and pray they take their sweet time in getting back to you, if it takes four months, you will save 20k. One realtor told me that when they list a short and it is low price leader, multiple buyers submit offers. By the time the bank responds, the prices have shifted and they buyers all balk. With shorts they aren’t bound by the offer. Then they modify the listing and advertise an “accepted price” and new buyers try to lowball that price, causing more delays. The banks are hurting themselves by moving slow in a rapidly decreasing market.

    August 10, 2008 at 8:54 AM #255487
    temeculaguy
    Participant

    If your estimate is that the value drops 5k a month, then hope and pray they take their sweet time in getting back to you, if it takes four months, you will save 20k. One realtor told me that when they list a short and it is low price leader, multiple buyers submit offers. By the time the bank responds, the prices have shifted and they buyers all balk. With shorts they aren’t bound by the offer. Then they modify the listing and advertise an “accepted price” and new buyers try to lowball that price, causing more delays. The banks are hurting themselves by moving slow in a rapidly decreasing market.

    August 10, 2008 at 8:54 AM #255493
    temeculaguy
    Participant

    If your estimate is that the value drops 5k a month, then hope and pray they take their sweet time in getting back to you, if it takes four months, you will save 20k. One realtor told me that when they list a short and it is low price leader, multiple buyers submit offers. By the time the bank responds, the prices have shifted and they buyers all balk. With shorts they aren’t bound by the offer. Then they modify the listing and advertise an “accepted price” and new buyers try to lowball that price, causing more delays. The banks are hurting themselves by moving slow in a rapidly decreasing market.

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