We put a contract on a "pre-approved short sale". The price was supposedly pre-approved by Chase.  Ours is a cash deal.  There is a foreclosure sale date of 10/14 and we have yet to hear from Chase (through the seller's atty.)  Last we heard, Chase sent out a BPO and as of Friday, an appraiser?  No one seems to know if it was an appraiser, and why he/she was there on Friday.  Our concern is that we will lose the house to foreclosure because it's sitting on someone's desk and the foreclosure sale is fastly approaching.

Anyone ever been in a similar situation?

Views: 104

Replies to This Discussion

Yes, and to my knowledge there is no such thing as a preapproved short sale.  The lender may approve the list price, but an approval has information pertaining to the seller, an approved price, net proceeds, approved fees and most have an approved buyer.  If it's pre-approved, ask the listing agent for a copy of the short sale approval or documentation that it was preapproved and I bet you won't get it.

The only thing you can do is try to push the listing agent to get the auction stopped.  They need to escalate immediately with Chase.  Good luck.

RSS

Members

© 2024   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************