Short Sale F-Up

I forgot to bring everyone up to speed on the status of our short sale offer.

Our agent sent us an email titled, "Kaumualii F-up."  Yeah, I thought it was going to be bad too.  Turns out our agent was just shortening "follow-up" in her email.

Anyway, here's the deal.  Last we heard, at the end of March, Bank of America ordered a BPO.  That's Broker Price Opinion.  That's where they hire a specialized real-estate agent to do a walk-through of the property to determine its value.  The agent also looks at the comparatives (similar properties that sold recently) to adjust the value. 

The latest update from our realtor says that the seller's agent has been in contact with customer service at Bank of America, and they have confirmed that they received the "valuation" on April 9.  I'm guessing the valuation is the BPO and other related materials.  The customer service person said it will be 15-20 days for a decision on our offer.  So if they actually keep to their timeline, we should hear from the bank this week.  Of course, this is Bank of America.  They are notoriously slow and sloppy when handling short sales.  Try and Google "bank of america short sales" and see what you get.  According to Bank of America, they're supposed to give replies to short sale offers in 10 business days.  HA!

Truth is, our agent told us to expect 4 months or more for a reply.

I wonder what ever happened to the Treasury Dept.'s requirement that banks make decisions on short sales in 2 weeks or get penalized?

Anyway, the seller's agent plans on requesting updates every few days.  She's been working on this property for over 400 days, and I bet she wants to finish it.

Wendy is a bit more optimistic than me.  "I bet we hear from the bank tomorrow," she says.  She's been saying that for the last three weeks though, so eventually the bank will reply like she said, and I will have to bow down to her Nostradamus-like clairvoyance.