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Next step: BPO
Our short sale offer was accepted by the seller on January 26th, and we've been getting weekly emails from our realtor to keep us update on the progress. We are pretty patient, which is turning out to be a good thing, because this could take a while.
Anyway, today she told us that they have sent someone to do a fair market value of the house and send it in to the banks. I'm hoping that's a step closer to getting approved by the lender. To be honest, I don't know all of the steps that go into approving a short sale.
Is there a list somewhere online from point A to point B that I can follow along with during this process? I feel like I'm getting lost, I keep getting these updates and I keep thinking, "okay, one step closer!" but there are a lot of steps!!
Re: Next step: BPO
All short sales are different so there really is no list or timeline of what to expect. This was our particular timeline:
April: Put in offer and seller's accepted, submitted package to bank
August 3rd: BPO was done
August 26th: BPO results came back in
September 28th: Bank approved our offer, scheduled closing for October 28th
October 21st: Found out sellers had 2nd mortgage that they didn't disclose so they had to negotiate to get 2nd mortgage company to agree to buyout
November 21st: BPO from 2nd mortgage company done
December 1st: 2nd mortgage company accepted the offer
December 16th: Finally closed after 8 months!
WOW! That is quite the long wait. Thanks for that though, it's very helpful. Our seller has two mortgages as well, so at least that's been discussed up front. To be honest, I'm okay with it taking a while; I just wish that we had a solid "yes" or "no" and the resulting paperwork would be what took up the bulk of the time. It's killing me waiting for a "yes."
Positive side to it taking so long is the longer we wait, the more we can save. I've got six months set in my mind so the end of June is the earliest I will allow myself to get antsy...