BPO in short sale?

Question

Hi,

I'm a buyer in short sale home, last update from the bank was : "BPO has been ordered". Is that a good sign , also how long it takes to move forward, since I almost waited 2 months already.

Thanks

Answer 1

The above poster is correct about the BPO, and it doesn't take more than a few days.

It is not unusual for a lender to sit on an offer for a long time, they were most likely waiting for other offers to come in before accepting any of them.

However, this will not be a good indication of whether you are going to be at the closing table any time soon.  Lenders, loss mitigation departments, asset management companies are all overrun with REOs and short sales.  I have seen short sales take 3 months to close.

Hopefully yours will move along quickly now that you have commitment from the lender.

Answer 2

BPO stands for "Broker's Price Opinion".  It means that a real estate broker will drive by the house in his/her car, and without ever going inside of the building, offer his/her opinion on what the home is worth under current market conditions for that neighborhood.

BPOs, in my opinion, should be illegal, but they aren't.

In answer to your question, it may be a good sign for you.  However, I have seen short sales, in worst case scenarios, take up to 9 months to be executed, so be patient.

Good luck!

Answer 3

soon since that should only take a couple of days to get done