Chase wanted property to be on the MLS for at least 7 days before looking at short sale
Got a short sale listing, posted on Friday. Saturday, showed it to several prospects. Later in the day, received an all cash offer.
Promptly sent short sale package....
Wham! Chase said they won't look at package until after 7 days of active marketing of the property. I've heard of this requirement imposed by banks for REO listings, but this is the first time I've run into this for a short sale.
Any more banks out there with this rule?
Don't mind so much since other prospective buyers expressed interest....except I don't want the all cash buyer to walk away thinking my sellers are not responsive.....
Replies to This Discussion
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Permalink Reply by David Dee on
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Pacita, I haven't encountered this yet. Was the offer close to the asking price? If so, I don't see why they have to wait. Must be some wannabe REO? :-)
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Permalink Reply by Pacita C Dimacali on
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The offer was for list price, all cash. Surprised me, too.
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Wow, that's all I can say. :-( There's just no common sense to some of the decisions made by these lenders. Hope it works out for you Pacita! :D
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Permalink Reply by Katerina Gasset on
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Chase has made some new rules in regards to marketing properties.But mostly this requirement is for properties where the loss to Chase is more than 250K.
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Thanks, Katerina.
That bit of info is nowhere to be found on any of the required documents, etc. that we received. If this is policy, they probably should post that somewhere on their official site.
But then again, since we have you, that's as good a reference as any
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Permalink Reply by Anna Mackey SDHS on
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Pacita, Just have that cash buyer re-write the offer with the new date (7 days past the list date)... I'm sure they will understand
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