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Friday, May 20, 2011

Short Sale Update

Good news again!
The latest email we received states that the bank is ordering an appraisal to confirm the price on the (BPO) Broker Price Opinion that was done to determine the value of the home.  The appraisal is more accurate and detailed. 

The appraisal will be ordered tomorrow and completed within the next week.  Once the appraiser submits the report to the bank, the bank will take approximately three to four weeks to approve the sale. 

I'm estimating the earliest we will have an approval is June 11th.  Hopefully it will be earlier than later, but it could take until June 18th or 25th.  Once the sale is approved, the normal buying procedures start.  At that point we would order inspections, apply for financing (we've done this already), obtain insurance, etc. 

I am guessing we might be able to close by the middle to the end of July.  This means the entire process would have taken about nine months to complete. 

I was hoping to move in the summer.  Its always easier to find a buyer or tenant before the start of a new school year.  Most people like to move and be settled before their children start school.   I will have to list my house before we close on the other to give buyers/tenants an opportunity to see the house before they choose another. 

It's becoming a reality...

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