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My Realtor tells me, Wells Fargo is still waiting for BPO report to come in so they can say the YAY

BTW house was listed for $84,999 and i offered $80,000..
  • February 21 2013 - US
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Answers (4)

Remember list and offer price do not matter on the BPO, this is what the bank thinks it is worth. And if it is a Fannie Mae backed loan it his highly likely they will counter back higher than BPO from recent experiences.

On a short sale the best advise is dont expect much. Sit back, relax and let the process play out. 

Hopefully your agent is very experienced and can help you through and set proper expectations. 
  • February 21 2013
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There is no guarantee that they will say yes after they get the BPO. In my experience, the lenders almost always counter on something in the offer.
  • February 21 2013
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Short Sales will take anywhere from 60-180 days.  Banks are not always efficient with the timeliness of decisions as often times the people making decisions are no where near the property and they are paid whether the transaction happens or not so there is no built in urgency to completing a transaction.  They aren't in a rush to officially "lose" money.   Also, they have many transactions they are processing.  Hold tight, you will get your answer, there just won't be daily updates or often times even weekly.
  • February 21 2013
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It takes 2-3 days for a BPO, then it goes to who ever ordered it and on to where ever from there, then the bank talks about it and they have a meeting. Then they go home for the weekend, come back to work Tueday, have long lunch, have follow up meeting thursday, golf friday, home for weekend. Back to work on monday, meeting about house, ask for new BPO, and repeat the process. This is why a short sale is not fast.
  • February 21 2013
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