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Before you started a short sale purchase attempt, I hope your agent told you that it was going to take a long time. A lot depends on the lender or lenders. If there is more than one loan you will have to dance to the tune or both of them before it is all over. One loan will take you a few months in most cases, two loans much more. More than two loans and you are asking for a miracle.Once the BPO is done, the loan servicer (B of A, Wells Fargo, or whom ever) may have authority to make the decision and they may not. Much depends on who actually owns the loan (your union pension fund, your insurance company...) Don't count on the decision maker accepting 90% of the BPO value. They usually stick to that number very closely. If you don't meet it they will consider if they can make $ .10 more by foreclosing they will do so in a New Your minute. Remember that they are agreeing to give away money that was legally owed to them and they do not do so easily.Don't be surprised if you hear back that you have to up your offer to meet their number in order to get an approval. Hunker down and play your cards as they are dealt.
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