I have worked a short sale for over a year with Select Portfolio Servicing. I'm now on the 3rd offer. This offer was presented in May, when I sent all the paperwork to the bank. In July, I was informed they had closed the file due to non-response in 10 days on the counteroffer. We responded in 2 days, but this did not seem to matter.
The file has now been complete for over 30 days. A letter was sent to the sellers stating that we would have an response within 15 business days.......that deadline was yesterday. Now a letter has been issued stating we will have another response within 15 business days.
After 5 months, the buyers are getting tired of waiting and if I don't have a letter by the first of the week, they are moving on. This is a million dollar home. The investor is actually Chase Bank and Select Portfolio has yet to present the package to them.
Select Portfolio Servicing is NOT doing justice to Chase Bank by stalling and losing the only good offer I've had in over a year.
Anyone know who I can contact? I already hired an attorney, but he's been no help whatsoever.
My guess is that the seller removed your negotiators privilege and their policy is to 'avoid confrontation".
"We responded in 2 days, but this did not seem to matter."
Did you respond verbally or fax? Having a good Internet fax service is clutch when dealing with SPS.
If I'm wrong about the seller removing you, you can create a login for yourself as negotiator on their web portal.