How Long Will Approval Take Once BPO is Complete?

[Tom Medwin]

Hi Guys,

Great site here. For the record I did a search and can't find this answer posted anywhere. I'm working on my first few short sales here. None have gotten to closing yet. I just had the BPO's done on 3 of them after about 2 weeks of submitting the package. If I assume that the BPO came in at my offer price to the bank, is there a general amount of time it will take until I get an approval letter from the bank? The banks I'm working with are Chase and Wells. I have a second question as a part B of this question. I have the property listed in the MLS as pending for the contract price so that it would help the BPO come in right. Depending on the answer to my first question I'm wondering when I should relist on the MLS for the price I want to find buyer C at? Should I be concerned that the bank will see it relisted at a higher price on the MLS? I've seen some thoughts on this last question but want see what answers turn up. Do you think it would be best to use the same listing in the MLS and put it active-bom at the new resale price? Or should I leave the first listing pending or withdraw it and have a brand new listing with me as the seller? Actually my attorney said I should have the homeowner as the seller and my name comma equitable interest. With two listings I'm wondering if agents will be bothered it's listed pending or recently withdrawn and active at a higher price. FWIW I'm a licensed agent and can pretty much do what I need to do with the MLS. Sorry I'm rambling on it's past my bedtime and I'm just trying to get out all of my thoughts. YOu don't have to answer all my ?s just the one(s) you have a good handle on. Thanks!