Replies to This Discussion

Permalink Reply by Sophie Bielefeld on July 5, 2011 at 11:40am

Just got off the phone with Chase. Was warned that it would be 3-4 weeks to be assigned a negotiator. Good luck.

 

Permalink Reply by Maya Thomas on July 5, 2011 at 11:44am

4 weeks is normal.  I've had them assigned in 2 weeks.

Permalink Reply by Marcy Moyer on July 5, 2011 at 11:45am

My last deal with chase took 6 weeks to get to the negotiator.  Previously it only took 2 weeks, but they are much slower now.

Permalink Reply by Dan McHale on July 5, 2011 at 11:49am

Thanks for the comments....  How long from that point does it take to close??  We have a 90 day window..   

Permalink Reply by Marcy Moyer on July 5, 2011 at 11:50am

Once the negotiator had it it was 30 days to get a response and then about 55 days to close because the buyer got an FHA loan

Permalink Reply by Maya Thomas on July 5, 2011 at 12:13pm

30 to 45 days.

Permalink Reply by Bryant Tutas on July 5, 2011 at 12:59pm

Patience Dan. It's basically been 6 business days. With most of that being months end and then a holiday weekend..Check on the file once a week. If you don't have a negotiator in 3 weeks ask why.

You mentioned you sent over a signed contract. Did you send over all of the other required docs? If you didn't you need to put together a complete short sale package and resubmit (even if some of this stuff had been submitted earlier it all needs to be sent at one). It needs to contain ALL of these items:

1. Cover letter to include all of your contact info
2. This completed Chase SS application package
3. Letter of Authorization
4. Listing agreement
5. Showing history
6. MLS History
7. Contract
8. Buyer's Proof of funds of pre-qual
9. Prelim HUD
10. Hardship Letter
11. 2 Months bank statements
12. 30 days pay stubs
13. Last 2 years tax returns

All pages need to have the LN# and Last name of the Borrower. Make sure every thing is legible. Make sure the name is exactly the same on all documents.

Once this is sent in in it's entirety a negotiator will be assigned. If you haven't sent this stuff then your file will just sit there.

Permalink Reply by Dan McHale on July 5, 2011 at 1:58pm

Wow Bryant thanks for the reply...  Excellent advice...  I am the seller and have done my best to be as pro-active as possible with Chase. Along the way I have learned a lot of different things thanks to this site. I will make sure I have all the items into Chase. My Realtor always seems to be a day or two behind me on things..  I have a feeling it has more to do with my lack of patience then the Realtor not being up on things...  Thanks again..  I will post again with my experience. Hopefully that next post will involve me getting assigned to a Negotiator and given a full release with a closing date not that far out there...   Thanks again....  

Permalink Reply by Bryant Tutas on July 5, 2011 at 2:21pm

Good luck. Let me know if I can be of any further help. Have your agent join our site. It will help.

Permalink Reply by Eric Mieles on July 5, 2011 at 4:14pm

Dan,

Also remember just because you get a negotiator will not automatically mean right away you'll have your approval. Just to give you a perspective. They will review the documents you sent. They will go over the pre lim hud. This is the form that shows each line item for every single credit and charge on both the sellers side and buyers side.Based on the contract price they will review what the investor will net if they approve this deal.

They will have to get approval and then proceed to issuing you the approval letter or making your agent correct some things. So just be prepared for this process ahead of time.

Permalink Reply by Dan McHale on July 5, 2011 at 4:40pm

Thanks Eric...  I have to make sure I don't get my hopes to high up and that I provide them whatever is needed as soon as possible...  My loan is a Freddie. Just looking at the HUD I see they would have to agree on a $94K loss...  That may be a tough one..  This loan is not even for a primary home, its an investment property. I am not so sure I would grant myself an approval..  Thanks again for the comments.....       

Permalink Reply by Lisa Ellis on July 6, 2011 at 4:28am

 I Have done many short sales, most with never a problem. I learned through trial and error that you must submit the whole package. When you submit piece by piece, the documents get lost, or just un-attended to. Also, key to a great relationship wiith the negotiator, is to always set a peaceful pace. Never ever get angry at the negotiator. They can make you, or break you. I have had short sales approved to my surprise within a week. The attorney for my seller did not believe me. I had to fax him the approval letter. He asked what did i do, and my reply was i was nice no matter what. You never know what the person on the other end is going through. They can make it happen for you, so be nice no matter what.

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