I bid on a townhome on March 31st. It is now May 4th. There were two other contracts on the townhome besides mine - but I was the highest bidder and I have really good credit. We are still waiting to hear from the bank on who is approved. I know nothing about the home buying process let alone the short sale process, which I heard can take months. How much longer am I going to have to wait to hear anything from the bank/seller’s realtor? I’m scared because I have a lease on an apartment that will end in the next few months! Originally the seller’s realtor said we would hear back by the end of April but she has still not responded yet. Also, if they tell me that I am approved for the home, I then have to put in a loan application - so how long will it take after I do that? Thank you!!
Just after I posed this question, the seller’s realtor called my realtor and said that the bank wants to order a BPO and that we would have an answer on who won the townhome by the end of the month…and also that we would have a closing date by the end of the month. Does anyone know anything about BPO’s? I know they are like appraisals of the property - but if the apprasial comes back more then I bid, would they then counteroffer or how does that work? Thanks!

This entry was posted on Wednesday, August 18th, 2010 at 8:57 pm and is filed under Bank approved short sales. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.