We received an Email from our Realtor last night regarding the status of house we have a contract on. She was told by the listing Realtor that a BPO was done on December 28th, and that we could expect to hear from the Bank within the next week or so regarding our offer. I had to look up BPO (Broker Price Option) and it is a "reliable estimate of the current value of the property, compare it to the mortgage balance and recommendation of solutions". My Realtor explained it as " not an appraisal, but an opinion of the work put together by an individual which is not necessarily a licensed Realtor or Appraiser". Okay... whatever it is, at least we are moving forward and should hear "something" from the Bank.
Our loan has come back from the underwriter and all is well with that, so we are just waiting on the Short Sale Bank. Fingers crossed!!
3 comments:
I've read about short sales and realize it can take awhile - jeez I would find that really nerve-wracking - you must be one calm cool cucumber:) Sounds like news is imminent finally - my fingers are crossed also!
I,m keeping fingers, knees, arms and ankles crossed. Good luck looks like it will be happening soon.
Thanks so much Ladies!!
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