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When does a lender typically get a BPO/APPRAISAL done during a Short Sale?

We put in an offer and have had decent communication,mainly asking us for updated paperwork etc. but we thought at least we were hering something from the lender. But our realtor just asked the sellers realtor about the BPO results and the sellers agent says that it hasn't been done yet, but we thought it would be done when the lender received an offer, now we are discouraged again since the BPO hasnt even been done. And do the lenders always do a BPO/APPRAISAL in a Short Sale? We already realize Short Sales can take a long time and we also already know that lenders work at their own pace.
  • August 18 2013 - US
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Yes, lenders have their own time frame for sure. It was almost 3 weeks from the time the offer was accepted until the lender did the appraisal on the most recent short sale I participated in. The BPO (Broker Price Opinion) was done shortly after the home was listed for sale. It can take a lot of time and patience when your are in the process of purchasing a short sale. But, it's been my experience in my area, some lenders are quicker in getting things done than others. As a whole, though, the time factor on the lenders end has lessened somewhat.

Good luck!
  • August 18 2013
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Lenders get appraisals. The bank that has the loan already gets BPO's and they will often get several during the time they are trying to sell the house. BPO's are cheap, quick ball-park ideas of value and a bank will get them early on, mid way and towards the end to be sure they are not missing anything.


tim
  • August 18 2013
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