Hi, Jeffrey,
Nope, the guy I have dealt with on two shorts has never asked for updates of any kind. They do updates on the BPO, of course, but that doesn't require anything from me, except to meet the BPO broker at the site. When I initially asked him what he wanted in the short sale package (it never hurts to ask), he said he wanted pictures of the property, the HUD-1, the MLS sheet, and the contract, period. So, that's what I sent him. He never requested anything further from me, and each deal was done in about 45 days, with closing in about 60. Unfortunately, he works only in Colorado. If you are by chance in Colorado, I can give you his name and number. But, I haven't had a Chase short in a while, so things may have changed by now.
Best wishes,
Tracy Howard
Jeffrey Smith said:Hi Jeff-
I haven't found they need anything unusual except that I have a case where the LM asks me for updated stuff, "reviews" it for 30 days and then asks for updated stuff again "Current within the last 30 days" I try to be nice about it but Has anyone had this experience with Chase, or more specifically the LM Crystal Lockridge?
Tracy
Currently working on a Chase short sale in Colorado. Could u supply the name and number as referenced below?
Thanks in advance.
If you are by chance in Colorado, I can give you his name and number.
Tracy Howard said:Hi, Jeffrey,
Nope, the guy I have dealt with on two shorts has never asked for updates of any kind. They do updates on the BPO, of course, but that doesn't require anything from me, except to meet the BPO broker at the site. When I initially asked him what he wanted in the short sale package (it never hurts to ask), he said he wanted pictures of the property, the HUD-1, the MLS sheet, and the contract, period. So, that's what I sent him. He never requested anything further from me, and each deal was done in about 45 days, with closing in about 60. Unfortunately, he works only in Colorado. If you are by chance in Colorado, I can give you his name and number. But, I haven't had a Chase short in a while, so things may have changed by now.
Best wishes,
Tracy Howard
Jeffrey Smith said:Hi Jeff-
I haven't found they need anything unusual except that I have a case where the LM asks me for updated stuff, "reviews" it for 30 days and then asks for updated stuff again "Current within the last 30 days" I try to be nice about it but Has anyone had this experience with Chase, or more specifically the LM Crystal Lockridge?
I just closed a short with Chase as the 2nd TD. They settled with a 10% 1st TD contribution on the outstanding 2nd TD loan balance plus 5k seller contribution.
Prior to submitting the file, I requested an itemized list of short sale requirements and recieved a very specific punch list in return. Following is copied exactly from a Chase Document:
1) realtor contact info
2) HUD 1 estimate net sheet
3) Fully executed purchase agreement
4) Buyer preapproval letter/earnest money verification
5) fully executed listing agreement
6) Seller hardship letter
7)Copy of 1st lienholder borrower statement
8) borrower authorization letter
9) most recent 2 pay stubs from seller
10) most recent 2 years tax returns with all schedules and P&L if applicable
11)Two months current bank statements/four months if self employed
All asset statements (401k/IRA/etc)
Did Chase allow closing to occur 60 days from their approval of the short sale terms, for a total of about 105 days.
Also, has anyone heard of Chase agreeing to release the borrower from the deficiency.
thanks.
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