Short sale with Bank Of America?
I put an offer on a short sale. I just got word from the listing agent that the negotiator has the file and the appraisal was done last week. My question is what is the next step? On average how much longer should we expect to wait? Thanks everyone
Generally, with most short sales, plan on the process taking 60 to 90 days. Once the bank has obtained the appraisal – and they do sometimes order appraisals – and obtain the BPO (real estate agent’s price opinions regarding the value of the property), you should see thing start to move along. Unfortunately, the banks work on their schedule and they are overloaded with files. There is no way anyone can give you an exact timeline. Once the bank gives you final approval though, they will want you to close within 30 days. Good luck!
Short Sale Scottsdale – 3rd Party Negotiators – http://shortsalepowerhour.com