Short Sale Process Question
I put a bid in on a house in mid-December and the bank finally asked for a BPO in Mid-February and I think a loss mitigation analyst has been assigned to this file in late Feb.
Today I was given a contract addendum from the servicing company, I assume representing the bank.
The addendum is the typicaly one sided bank addendum and my agent is suggesting we do a final inspection of the property before we sign the as-is addendum.
My question is when this addendum is given to me, the buyer, does this mean the deal is a done deal with a quick close or can this drag out even longer?
How long after the addendum is provided does the bank typically wait to approve the short sale?
Thanks,
Lou