How long will it take a shorts sell after the bpo is done and did i make a good offer?

Question

I have just realestate agent just told me that the bank has completed the bpo. The seller has signed the contract and sent the short sell package over about two weeks ago. they purchased the house for $269,000n in 2004 and was listed at $250,000. We offered $235000 and we pay all of closing. I was also trying to figur out how it is a short sell. I understand that they might of refiance. I looked it up and it was appraised at 332000, and the was at it's peek in 2006. and you can only refiance for 80% of what its worth. so i am try to figur out how they owe more than 250,000.

Answer 1

Your offer is fairly good, depending on how much cash you are putting down.  

You have to just wait now.   Since it sounds like the sellers have not even started their process yet you will be waiting awhile.

Keep in mind that they might not be approved for a short sale, just because that is what they want to do the bank does not have to agree.   They are unlikely to agree if the seller has means to pay their mortgage, or the house is not even in foreclosure.