How close am I with this short sale?

**petiebear** · 04-08-2011, 04:13 PM

I am 7 weeks into a short sale with BofA.
I offered the listed price. Since then they have asked for and recieved Desk Top
Underwriting from my lender. We have also signed a Arms Length Affadavit. BofA is the only morgage holder, no second. BofA the morgage holder ordered a apprasial for today which I thought would be from my lender.. Am I getting close to an approval? I feel I am going to get this property. Am I right ???

Thanks in advance,

Peter

**realestategirl** · 04-09-2011, 07:31 PM

It is best that you keep your patience. Banks today are swamped with short sale applications which means that the usual six month wait for approval now takes longer. Just be prepared.

**Joe Williams** · 04-10-2011, 02:04 PM

The appraisal you speak of is not an appraisal but a broker price opinion "BPO". This means that BofA or it's underlying investor is entertaining the idea of a shortsale. The BPO will give them an idea of the value of the home. Then they will either counter or accept your offer. You should get this counter within a couple weeks.

**LVrealestateHELP** · 04-11-2011, 10:39 AM

Hang in there and be patient. It is not uncommon for Short Sales to takes months and months.

**vijendrasnv** · 04-13-2011, 12:19 AM

I dont know whether it will be that beneficial or not but, it takes month for the approval.

**petiebear** · 04-20-2011, 09:16 AM

Bring this message to the top

**MikeAustin** · 04-20-2011, 07:29 PM

Well, not yet. Don't expect too much for you are still on a 50/50 probability.

**LVrealestateHELP** · 04-26-2011, 05:16 PM

Originally Posted by JhonMoney

i think you are new in this business. be patience and wait.

I agree with this statement....be patient. Continue to submit other offers in other properties you feel are good deals. Just make sure you write it up as to where you, the buyer, can cancel anytime prior to bank approval.

**petiebear** · 04-27-2011, 05:10 PM

I am 10 weeks into a short sale with BofA.
I offered the listed price. Since then they have asked for and recieved Desk Top
Underwriting from my lender. We have also signed a Arms Length Affadavit. BofA is the only morgage holder, no second. BofA ordered a BPO, which has been completed. Friday 4/22 I was informed that the valuation process has been completed and that they had to gathering internal information such as the payoff amount to analyze the offer.

What happens now? How long does this usually take?

Thanks

**EugeneRealEstate** · 05-09-2011, 11:07 PM

It is a total guessing game with banks. I have seen short sales go in 2 months and other go for 15 months. You just have to be persistent in making calls and patient in waiting.