I put an offer in on a short sale. Their lender is Chase bank. The offer was submitted to the bank Friday. On Monday the bank ordered an appriasal? Is this faster than normal? What stage is this of the process?

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It sounds about right for Chase.  They typically order their information right up front to build their file while they are reviewing the documents that were submitted.  Caution:  You are in the very beginning stages of a very long and complicated process.

 

Cameron Piper

Coldwell Banker Burnet

Licensed in MN

Good answer Harry..and with Chase, that BPO will probably be inflated anyway, so let the negotiations begin!!!

I could write volumes abotu the horror stories I have with Chase.  In fact, I have volumes of typed notes and hours of recorded telephone calls.  With dozens of successfully closed Short Sales over the past 6 six years, not one Chase Short Sale has ever been approved.  Each Short Sale Package I have submitted to Chase has been 100% complete - absolutely fair market value (at the time submitted) - and truly a hardship (nothing "funny" about them).  All of the buyers got sick of the process and walked-away. Some sellers filed BK.  All former short sales with Chase have been sold in foreclosure at substantially less than the net o fthe original short sale....

Now, since I don't get paid unless I close, and the ratio of closed Chase transactions is ZERO, I don't take any short sales with Chase in any position on the property.

 

Good luck and be ready for lots of frustration.

 

Thom Colby

Broker

Newport Beach CA

Wow. I have had success in dealing with Chase. It just goes to show you how unpredictable short selling can be. I begin my process, The Short Sale Accelerator(TM), with a contact to a staff member who can help me set proper expectations with the Buyer's Agent. With negotiators handling 150-250 cases at a time, it's no wonder they have diffuculty. IMO, the best thing each of us LAs can do is to make sure we are submitting complete packages - if you ever been a loan officer, processor, underwriter or closer, you know what happens when files are submitted in piecemeal.
I also had a BPO done the day after an offer was submitted.  Got all excited and thought Chase had changed their ways.  Nope.  MANY weeks later - still waiting.  No return phone calls. No answers. . . . . . Maybe Chase is doing this now just to torture us even more, like a cat torturing a mouse.

That is pretty fast, but becoming the norm from I what I am experiencing.  As long as the seller has complied with their listing agent in getting all the short sale documents/package submitted to their lien holders things can move pretty fast.  I think I've seen an approval within 30 days, with Mortgage Insurance.

This is fast when compared to many other lenders.  Next step will be for the appraisal to be done.  That is usually within a few days, but like with every other step in the process, it has to be checked.  If the package submitted by the realtor is complete the processor will hand it over to a negotiator.  The negotiator will then check to see that its a fair market price offer.  One way is through the appraisal.  Not sure what Chase does, but I believe they also do "desk underwriting" to check that the appraisal is accurate.  Needless to say Chase will chose the highest number.

 

Then there's the issue of the mortgage insurer who must also sign off on the deal as well as the investor, which is most likely not Chase. The higher the lender loss the more scrutiny (= more time) this deal will get. There will be a number of things going on in the background, depending on how long the property has been listed and the action Chase has taken to date and the identity of the investor.  For instance the foreclosure sale date clock will still be ticking, unless suspended.  The realtor handling this has his hands full.

I agree with my colleagues: now's the time to uncork a fine Shiraz, chill out, and wait.........

It has been a little over 2 weeks since I posted this. In the past 2 weeks Chase has done their appraisal, counter offered, and accepted. Whats next? Havent heard anything since about Thursday. (which was 1 day shy of the 2 week mark)
I am working with Chase on a short sale that is scheduled to close tomorrow 5/26 Once we had a solid offer it went to the MI company, this took 10 business days, then it went to Fannie Mae, this was another 10 days, finally supervisor approval 4 business days. We received final approval on Monday and we are closing on Thursday.
Got the final approval on the short sale today! From the time the bank got the offer until today where it was finalized.. 2 weeks! My realtor is amazed.
Stephanie Congrats!  I think this is the start of the fast short sales as the learning curb is over:)

Hope someone can answer. going through a short sale with chase that had MIP. Chase had the file and finished reviewing it and sent it off to the MIP Company 3 weeks ago just got word that MIP has approved this Short sale but they need  a few things changed on the HUD.  Does this mean i should be expecting the drafted letter from chase on the aprroval once Escrow changes the HUD and how long does this usually take.

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