Chase Short Sale
Hi! I live in California and it's day 73 since our offer on a short sale property has been at the bank (Chase). BPO was done on Sept 20th. We haven't heard a thing since then. Is this pretty typical? Is it a good sign? I've realized Short Sales drive people crazy not only because you have to be patient but you have no idea what part of the process you're in! Also, I would love a few positive stories about them, they do exist right? This process is a lot like waiting to give birth, it's like, c'mon just get here already you beautiful approval you!
Replies to This Discussion
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Permalink Reply by Beverly Cibulsky on -
Lauren,
73 days is not too bad! Chase has always been a bit of a challange!
-Yes there are a lot of positive results!
-You need to evaluate the agents involved(are they on top of everything? )
-You dont want to give birth, however some short sale can take 9 mos! Usually not lately, we can get some pre-mature approvasl!
-Short Sales can happen pretty good lately, as long as you are not way under value! There is a PMI (Private Mortgage Insurance) Involved.
You and your agent just need to ask the right questions! Who is the investor? How Experienced is the Listing agent?
Sounds like your "beautiful approval" is worth waiting for! (unless it is really an extreme under value wish!)
Regardless! Good Luck! Let us all know what happens!
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Permalink Reply by Kimberley Kelly on
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I'm a list agent in Palm Springs, CA so I feel your pain. Chase is a challenge because they are notorious for high BPO's. As Beverly mentions below, make sure you are in constant contact with the List Agent..they are the key. Chase is tough..you just have to keep pushing and pushing..and that is the List Agent's job..period! Good luck!
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Permalink Reply by Lauren Michaels on
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Thanks Beverly and Kimberley! Did I mention that the day before our BPO was done the exact same unit next door (it's a townhouse) was put on the market for $48,000 more. It was in escrow 2 weeks later. Oy! High hopes at a low price! Also, our place has an outstanding HOA balance of a whopping $12,000 that the HOA just told us the buyer needs to pay. We just extended the foreclosure date to Nov 22nd, I have a feeling we may be extending it over and over and over again. This place is worth it though......I think. :)
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Permalink Reply by Beverly Cibulsky on
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Hopefully, the other unit just shows up as an "active" may not effect the BPO on your unit. Will you be absorbing the $12,000 in fees? If so, does everyone know? Including Chase? Keep in mind, if you are willing to pay, there is a $12,000 valuation that could be addressed. If it was put on the preliminary HUD, Chase might not be will to pay all of it, or some of it.
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Permalink Reply by Richard on
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Hi Lauren,
Having gone through this process personally just recently, Beverly and Kimberley gave you expert advice. Especially the part about paying attention to details. My short sale purchase wasn't successful, however it doesn't mean that yours will not. Unlike my listing and buying agents, the more preparation and attention to details your team can take care, I'd say the better your chances are.
Remember, Luck = preparation + opportunity.
Rich
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I have had good experiences with Chase. 73 days of silence sounds odd.
Are you the Buyer's agent or listing agent? Are there one or two loans? All can make a difference.
If you are the listing agent, call, call call Chase. If you are the buyer's agent, call the listing agent if they aren't giving you weekly updates.
Ask specific questions about various early steps in the lender review process to find out where things stand.
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So today, Chase came back with an offer of $435,000 when we offered $365,000. This is incredibly high especially since the the exact unit literally right next door sold for $399,000 just 5 days ago. That is the best comp ever, it's right next door! We are counter offering tomorrow AM for $390,000. Do you think we have a chance? Ugh, short sales!! Ahhhhh!
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also....the townhome that sold for $399,000 was a standard sale.
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Chase's typical pattern of returning extremely high counters. Their BPO's are usually out of line. Chase are time killers, but that being said, I get my HAFA's done through them IF the Sellers already did their Loan Mod song and dance. Otherwise, expect to wait..
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Permalink Reply by Janean Reich on
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Hi Lauren,
Chase does just what they want to do in whatever manner they please at a pace that's never regulated or monitored. No, I'm not bitter, just in a Chase short sale process at present, it's only been over 240 days now, and we thought our cash offer might speed up the process... Nothing, and I mean nothing will light a fire under their butts. Not even the best offer they've received in a year and a half in CASH. We're in our 8th month and we are a few days from the final approval, finally. But if you can get one negotiator to stick with your sale then you could be looking at a much shorter closing. We have had 5 negotiators on this one file.
They quit, or they fail the task or they fax important documents to fax numbers that are invalid and yes, they even close your sale file claiming a time sensitive document (their counter offer) received no response from us within the allotted 2 week timeline. The listing agent never received the fax, and no one from Chase ever contacted the listing agent to confirm the fax was received. Which also proves he listing agent had not tried to contact Chase within those 2 weeks either. Thank goodness Chase let our offer fly, with a $10,000.00 addition to our original offer. Chase assured us that the process would proceed from the point the counter offer... They lied, we had to again start all over again.
Every delay was due to either the listing agent or Chase. Well, I should say the problems ALL rooted from Chase, but the listing agent didn't help matters at all by not communicating with the negotiator on a regular basis. You really will be depending on everyone's skills and due diligence. I can almost guarantee you will never ever again experience the level of frustration with anything else ever again as you will with a short sale. Raising teenage stepchildren was easier for me than this short sale. Really. And the real kicker is the investor may not even accept our offer, and we will have to start looking for another property after wasting 9 months. UGH...
No matter how simple, logical, clear cut, obvious or basic your sale may seem, don't hold your breath. And I so, so, so wish I had a more positive outlook for you, but as they say "hope for the best, but prepare for the worst" Assume that your sale could take 6 months, then if it closes sooner then you'll have something to celebrate. Just keep in constant contact with your agent and ask for updates every chance you get. I found that being the squeaky wheel will get the grease, but only expect a drop at a time. And most of all, don't get angry with your agent, they get just as frustrated with the process as the buyers. They are pretty much in the same tough spot as you are.
I know none of this will help your process, but it may help when it comes to a comparison or a forewarning.
I truly hope your sale goes well without any setbacks. If you love the property then hang in there and be as patient as you can. I only gave you the short version of our 8 months of torture, if you have any questions, I would be glad to share more of what we have been going through. Just drop me a note anytime and in Northern California so timezone wont be an issue. (I'm usually up late doing research on these damn short sales anyway) :-)
Take care,
Janean
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