Replies to This Discussion

Permalink Reply by Scott Korbin on July 23, 2011 at 11:32am

Sure sounds like it, but I'd ask. I recommend you find the software or create a template to produce your own Seller Side HUD-1s. Eliminates this specific delay.

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Permalink Reply by Scott Korbin on July 23, 2011 at 11:34am

I don't find it unusual, because the response times are often unpredictible.

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Permalink Reply by Alyce Nelson on July 24, 2011 at 4:35am

Hi Thom,  I agree, Chase is a nightmare.  That being said I typically get closable approvals for nearly all of my Chase short sales. I am a CA REAgent but all I do is process fro other CA Agents.  If you do not want to loose the listing for a Chase sort sale, I’d be happy to process them for you and get them done.  Drop me an email and we can set up a time to chat… [email protected].  :)Alyce

Thom Colby Newport Beach CA said:

I could write volumes abotu the horror stories I have with Chase.  In fact, I have volumes of typed notes and hours of recorded telephone calls.  With dozens of successfully closed Short Sales over the past 6 six years, not one Chase Short Sale has ever been approved.  Each Short Sale Package I have submitted to Chase has been 100% complete - absolutely fair market value (at the time submitted) - and truly a hardship (nothing "funny" about them).  All of the buyers got sick of the process and walked-away. Some sellers filed BK.  All former short sales with Chase have been sold in foreclosure at substantially less than the net o fthe original short sale....

Now, since I don't get paid unless I close, and the ratio of closed Chase transactions is ZERO, I don't take any short sales with Chase in any position on the property.

 

Good luck and be ready for lots of frustration.

 

Thom Colby

Broker

Newport Beach CA

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Permalink Reply by Alyce Nelson on July 24, 2011 at 4:52am

Hi Stephanie,

 

It has been my experience that Chase orders the BPO/Appraisal when an offer is received.  The other thing to note about Chase is their foreclosure dept is very aggressive and seldom communicates accurate info to the short sale dept… meaning a house can go to auction and the SS Dept has no idea.  Please make it a requirement of the listing agent that they provide your agent with the trustee/law firm info that is handling the auction so that your agent can stay on top of the auction date if there is one and your progress against that date for the short sale.

 

 That being said, yes, I agree with the others you are in the very beginning... Chase is unpredictable, sort of, in that approvals can comeback as quickly as three weeks and others over 4 months.  The typical time line I see with Chase is 60-90 days if all goes smooth.  Typically the first phase is 30 to gather all docs and the BPO and assure the file is complete.  Then it goes to the negotiator who typically has 30 days to touch the file for the first time.  If all is in order and the offer meets the guidelines of the investor and there is no PMI, the negotiator can usually move the file to approval.  Otherwise the back and forth begins between seller-negotiator-investor-PMI company (Private Mortgage Insurance) which adds ~2 weeks for each go-around…

 

The reason for the varying timelines (21-120 days typical) has to do with who the underlying investor is on the loan and what guidelines they have imposed upon Chase.  This is not information you as the buyer are likely to ever see.  If you love the house, please be ethical and be prepared to wait the 90+ days for an approval and 45 days for a close.  If not, don’t put the agents and the seller through the misery of the short sale; let them find a buyer who is truly willing to wait it out.  ---Good luck!

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Permalink Reply by Alyce Nelson on July 24, 2011 at 4:57am

It has been my experience with Chase, that once you deliver the revised HUD the approval letter issues within 72 hours.  I agree with another post that recommended you get your own HUD template for your area and prepare your own.  This gives you the ability to respond ASAP while the file is still on the top of the heap on your negotiator's desk!  Plus, title agents make mistakes and this saves you from the going back and forth with them and wasting that kind of time.

brian smith said:

Hope someone can answer. going through a short sale with chase that had MIP. Chase had the file and finished reviewing it and sent it off to the MIP Company 3 weeks ago just got word that MIP has approved this Short sale but they need  a few things changed on the HUD.  Does this mean i should be expecting the drafted letter from chase on the aprroval once Escrow changes the HUD and how long does this usually take.

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Permalink Reply by Becky Anderson on July 24, 2011 at 12:32pm

Janice, I've found the the Buyer's lender wont do a loan without the approval letter.  Was this cash?

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