Short Sale Process Question

[mike92104]

I’m involved in a short sale, and just recently was told by the listing agent that the BPO had been completed and that the bank had assigned a negotiator. How far along am I in the process at this point, and what should I expect next?

[SD Realtor]

Every short sale is different. I have seen them as short as a few weeks and I have seen others go several months, over 9 months even. It is good a negotiator has been assigned. The negotiator will make sure the documentation needed to complete the package is all in good order. A BPO has been done as you indicated, an appraisal may or may not be ordered as well. Once the package is completed AND (in many cases now) all of the legal stipulations have been fulfilled, (ie – a loan modification has either been attempted or the seller is not deemed to qualify for a modication or has officially declined a modification) then the package will be sent off to the investors who will make the decision. That decision may be quick a week to a few weeks, or it may not be. They all vary.

[SD Realtor]

Every short sale is different. I have seen them as short as a few weeks and I have seen others go several months, over 9 months even. It is good a negotiator has been assigned. The negotiator will make sure the documentation needed to complete the package is all in good order. A BPO has been done as you indicated, an appraisal may or may not be ordered as well. Once the package is completed AND (in many cases now) all of the legal stipulations have been fulfilled, (ie – a loan modification has either been attempted or the seller is not deemed to qualify for a modication or has officially declined a modification) then the package will be sent off to the investors who will make the decision. That decision may be quick a week to a few weeks, or it may not be. They all vary.

[SD Realtor]

Every short sale is different. I have seen them as short as a few weeks and I have seen others go several months, over 9 months even. It is good a negotiator has been assigned. The negotiator will make sure the documentation needed to complete the package is all in good order. A BPO has been done as you indicated, an appraisal may or may not be ordered as well. Once the package is completed AND (in many cases now) all of the legal stipulations have been fulfilled, (ie – a loan modification has either been attempted or the seller is not deemed to qualify for a modication or has officially declined a modification) then the package will be sent off to the investors who will make the decision. That decision may be quick a week to a few weeks, or it may not be. They all vary.

[SD Realtor]

Every short sale is different. I have seen them as short as a few weeks and I have seen others go several months, over 9 months even. It is good a negotiator has been assigned. The negotiator will make sure the documentation needed to complete the package is all in good order. A BPO has been done as you indicated, an appraisal may or may not be ordered as well. Once the package is completed AND (in many cases now) all of the legal stipulations have been fulfilled, (ie – a loan modification has either been attempted or the seller is not deemed to qualify for a modication or has officially declined a modification) then the package will be sent off to the investors who will make the decision. That decision may be quick a week to a few weeks, or it may not be. They all vary.

[SD Realtor]

Every short sale is different. I have seen them as short as a few weeks and I have seen others go several months, over 9 months even. It is good a negotiator has been assigned. The negotiator will make sure the documentation needed to complete the package is all in good order. A BPO has been done as you indicated, an appraisal may or may not be ordered as well. Once the package is completed AND (in many cases now) all of the legal stipulations have been fulfilled, (ie – a loan modification has either been attempted or the seller is not deemed to qualify for a modication or has officially declined a modification) then the package will be sent off to the investors who will make the decision. That decision may be quick a week to a few weeks, or it may not be. They all vary.

[sdrealtor]

From someone that has completed several dozen thats a good answer and pretty much sums it up. Its a good step in the right direction and means the lender is actually working on it (as opposed to it sitting in a queue) but everyone is different and how long it will take is very unpredictable.

[sdrealtor]

From someone that has completed several dozen thats a good answer and pretty much sums it up. Its a good step in the right direction and means the lender is actually working on it (as opposed to it sitting in a queue) but everyone is different and how long it will take is very unpredictable.

[sdrealtor]

From someone that has completed several dozen thats a good answer and pretty much sums it up. Its a good step in the right direction and means the lender is actually working on it (as opposed to it sitting in a queue) but everyone is different and how long it will take is very unpredictable.

[sdrealtor]

From someone that has completed several dozen thats a good answer and pretty much sums it up. Its a good step in the right direction and means the lender is actually working on it (as opposed to it sitting in a queue) but everyone is different and how long it will take is very unpredictable.

[sdrealtor]

From someone that has completed several dozen thats a good answer and pretty much sums it up. Its a good step in the right direction and means the lender is actually working on it (as opposed to it sitting in a queue) but everyone is different and how long it will take is very unpredictable.

[mike92104]

Cool. Sounds like decent progress has been made. Is the BPO information I can have access to, or is it for the banks eyes only?

[mike92104]

Cool. Sounds like decent progress has been made. Is the BPO information I can have access to, or is it for the banks eyes only?

[mike92104]

Cool. Sounds like decent progress has been made. Is the BPO information I can have access to, or is it for the banks eyes only?

[mike92104]

Cool. Sounds like decent progress has been made. Is the BPO information I can have access to, or is it for the banks eyes only?

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