Expected Time Frame and Chance of Acceptance With Chase Short Salel-

I'm the buyer for a short sale. 

The house was on the market for about 6 months, starting at $225,000. Lowered a month later to $199,000. Aug 1st it was lowered to $159,000. Two days later I offered $150,000 all cash, was accepted and I signed a contract 4 days later. Two days after receiving the contract the sellers atty called and said there was another offer for $165,000. 20% down rest pre approved. I increased my offer to $155,000 (all cash) was accepted and the contract signed by both parties and sent to bank Sept 21st with the rest of the SS packet.

The selling and asking prices in the area are all over the place. The selling broker and my evaluation is it is worth about $180,000. Zillow has it valued at $186,000 on their "zestimate" which seems pretty accurate in this area, although sometimes a bit on the high side.


The seller took out a mortgage in 2005 for $302,000 probably on a 30 year loan.

Any guesses as to they think Chase will accept the deal and what time frame?

thanks

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Replies to This Discussion

Permalink Reply by Jeff Payne on October 10, 2012 at 10:43am

I have been getting Chase responses in 4 to 6 weeks from time of package submission

Permalink Reply by Gerry Wilden on October 10, 2012 at 10:45am

Thanks Jeff, that is encouraging.  I know there are other factors, especially hardship, but assuming my numbers are accurate as to the house actual worth you think my chances are good?

Permalink Reply by Jeff Payne on October 10, 2012 at 11:02am

Not sure, $155,000 seems low if it is worth 180,000 to 185,000.  Keep in mind that you can take another 10% off of that before the bank gets any money.  

Permalink Reply by Jeff Payne on October 10, 2012 at 11:09am

I should have asked if you know who the investor is?  Is it an FHA, VA, USDA or any other GSE loan?   you are at 86% of the fair market value right now and after expenses the NET to the lender is going to be closer to 76%..

Permalink Reply by Gerry Wilden on October 10, 2012 at 12:22pm

Other than Chase I don't know if there is an investor. I guess after the expenses the pay off to the bank is the 76% you mention. On another note I drove past the house and the owner is putting money into fixing up the outside. Probably already into the low thousands. Put up a fence and seems to be doing some kind of walk.

Permalink Reply by Gerry Wilden on October 16, 2012 at 9:30am

Maybe he got money from Chase under the "keys for cash program"

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