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Updated about 15 years ago,

User Stats

6
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3
Votes
T Handy
3
Votes |
6
Posts

SS experts, what would you do here?

T Handy
Posted

I jumped the gun on my latest short sale, and may have shot myself in the foot.

Got the deed, recorded it. Sent the SS pkg to the bank, hardship and numbers were solid. Controlled the BPO, it was favorable. Made a cash offer just below BPO. Made about $2000 of repairs, enough to the the house rented out to transient workers here for a few months at $800/mo. Since my state has a six month redemption period, I figured, worst case, I'd at least collect rent money for that time. House is in commercial area, and has good future prospects.

But the bank lost--or never rec'd--the BPO, which may have been sent to FHA first. Previous BPO agent didn't keep a copy of the first BPO. I've gotten the bank, BOA, to postpone the Sheriff's sale 4 times, arguing that I need more time as we wait for the BPO to finally arrive.

A Realtor just called wanting access to do an interior BPO. Uh oh, I was worried this might happen. Since house is occupied now and functioning (more or less), BPO will come out a lot higher this time. Should I explain the situation to the BPO agent, who I don't know, try to enlist her as an ally? Ignore the call and let her figure it out, hope for the best? How would you play this?

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