Purchasing a Short Sale

jengratz · September 2011

I've been lurking for a little while and have read many of the posts about short sales, however, wanted to ask if anyone has any insight as to where we are at in the process.

At this point we've made an offer, had the sellers present our offer to their bank, and we've been told that a BPO was ordered on Thursday and the bank (FifthThird) has already assigned a representative to the file.

How long did you wait after the BPO was ordered until you knew if your offer was accepted, countered, or rejected?

breaness · September 2011

Our short sale (which we didn't end up buying because of a really bad home inspection) was an approved short sale so we didn't need a BPO before the bank accepted our offer. However, my understanding is that it could still take a while after the BPO for an offer to be accepted.

gracie2762 · September 2011

Tomorrow will be 5 months since we put our offer in. At almost 4 months they told us they had ordered the BPO, then it was actually done a week later and we didn't get the results until 2 weeks after it was done. We had to up our offer slightly and were told our offer was resubmitted to the bank. Then last week they tell us they have to do a 2nd BPO so we're waiting on that now... So frustrating.

jengratz · September 2011

We made our offer on 9/3, sellers accepted it and submitted it to the bank on 9/6. We got word on 9/8 that a BPO was ordered and scheduled to be done on 9/9 and that a representative/negotiator had also been assigned to the file on 9/8. Our real estate agent seems to think we should know if our offer is accepted early this week. I'm hoping this all means that the bank is motivated and moving quickly.

realisticdreams · September 2011

I have a timeline in my siggy.

We were supposed to close on Thursday but that isn't going to happen, SHOULD be in the next 2ish weeks though as long as we get a clean water test this time.

Purchasing a Short Sale

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