I have had to escalate this transaction and will lose it if they don't respond by December 1st. This is the 2nd offer. First one was countered by $7k so buyer walked. Have it at approved price, buyer paid $1000 over. They had contract since Oct 25th. Got ALTA over by Nov 1st. Had to start calling on Nov 14th to escalate it. They are dragging their feet. Buyer submitted 2 addenda to give Chase time to approve short sale. The one given the last time expires December 1st, so if I don't have an approval letter by then the buyer will walk.
Just need an approval letter. They keep blaming it on the holidays, Veterans Day, Thanksgiving Day.
I understand. However, if the price is now approved and all the paperwork is approved they said it will take 72 hours to issue letter. They aren't counting from last Wednesday. They are counting from yesterday, the 28th. Is there someone else I can contact to get this approval letter? Any assistance would be helpful.
Hi Jacqueline -- Call them incessantly! Keep ESCALATING.
Jacqueline, I have experienced several delays on CHASE short sales over the last 6 months They are more concerned with passing their audits than they are on issuing approvals. They will look for any way to reject documents. Recent one they wanted a notarized name affidavit because the buyer omitted his middle initial on one document. I could go on about several other stupid rejections. Their escalation department has no power and will do nothing but only relay your complaint to the short sale department. You have to get tough with them This is not the "you catch more flies with sugar" situation. Insist on speaking to a REAL manager not an account manager, team lead or a supervisor
If you email me we can get it done for you (or I can send you my list of contacts at Chase):
I would not only escalate, but also find out who the Investor is on the loan and contact THEM directly (you MAY even be eligible for an 8% commission)!!!
Let me know if you want some help and all my best to everyone Crazy Enough To Do Short Sales!!!
Jacqueline this is what you need to do call them and state the buyer is cancelling TODAY do not accept the standard response of " it takes 3-5 business days to approve the letter" Do not go to escalation department Get a manager threaten them with complaint to CFPB and your State Attorney General Believe me sqeaky wheel will get the grease It works for me.
I got a call earlier today from a supervisor who sounded like he was trying to help but it didn't add up. That's why I posted today my question. I think they assign these cases to people who aren't there and then it gets reassigned when you complain, which is what happened to me. This is the 2nd time this happened in the process, and so the paperwork just sits there and the talk abut their deadlines and procedures.
Now it's in the hands of a rep who said he will be my closing agent. He said the approval letter was already there. He sent it with closing instructions while I was on the phone. This is frustrating, but I'm very happy now for the client as well as for the buyer.
There you go! remember most low lever reps at CHASE are reading scripts that are dictated to them. such as saying it takes 3 days to send the approval letter The Closer always have the ability to generate the letter immediately
Tony Morales is correct, if you want to get ANSWERS AND GET THINGS DONE, talk to the people who WRITE the scripts....not the lower level people who only READ FROM the scripts!!!
....a little prayer Never Hurts In Short Sales!!!!
Goodness knows I've prayed to the "God Of Short Sale Approvals" on more than one occasion!!!!