Great site here. For the record I did a search and can't find this answer posted anywhere. I'm working on my first few short sales here. None have gotten to closing yet. I just had the BPO's done on 3 of them after about 2 weeks of submitting the package. If I assume that the BPO came in at my offer price to the bank, is there a general amount of time it will take until I get an approval letter from the bank? The banks I'm working with are Chase and Wells. I have a second question as a part B of this question. I have the property listed in the MLS as pending for the contract price so that it would help the BPO come in right. Depending on the answer to my first question I'm wondering when I should relist on the MLS for the price I want to find buyer C at? Should I be concerned that the bank will see it relisted at a higher price on the MLS? I've seen some thoughts on this last question but want see what answers turn up. Do you think it would be best to use the same listing in the MLS and put it active-bom at the new resale price? Or should I leave the first listing pending or withdraw it and have a brand new listing with me as the seller? Actually my attorney said I should have the homeowner as the seller and my name comma equitable interest. With two listings I'm wondering if agents will be bothered it's listed pending or recently withdrawn and active at a higher price. FWIW I'm a licensed agent and can pretty much do what I need to do with the MLS. Sorry I'm rambling on it's past my bedtime and I'm just trying to get out all of my thoughts. YOu don't have to answer all my ?s just the one(s) you have a good handle on. Thanks!
With Chase, I had a BPO done around the middle of January.
The deal is scheduled to closed about April 15.
So I'd say about 3 months with Chase.
We have a Chase customer. BPO was done in November, and they approved short sale January 26th. We are closing next week.
I do think there is more activity on the file once BPO is done, but you never know. We had one BPO in November with AHS, and never heard anything. In January SLS (the second) ordered a BPO.
We just got approval with AHS, and are working on SLS to approve. Once they do, we'll probably close 30-45 days after.
As far as when to re-list? When we put in an offer, we make sure the agent puts it contingent. The BPO agent DOES look at that price and that's hurt us a few times. I usually ask the listing agent to drop the price then put it contingent. We never relist until we get an idea if there will be an approval. Once they start negotiating and we start getting addendums, we re-list, because likely we're getting an approval at that point. My p&s has verbiage in it that states I can market the property at any point.
That's just how we do it, but I'm sure everyone does it a bit differently.
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!