Chase Short Sale
Hello!
I'm looking for some good news, we are the buyer in a short sale through Chase, This short sale has been going on since 5/2012. A BPO was ordered in May 2012, some how the paper work got shuffled between several negotiators, and has now made it to a new negotiator as of late September, The original BPO was out of date, so a 2nd BPO was complete the BPO came back at $220k. Its a Fannie Mae loan, the negotiator indicated that the price owed on the home and BPO was I guess above his pay grade to approve (for lack of better words) so he had to escalate it to someone else, He gave 14 days for the escalation dept to respond.
In the recent history of short sales is this soon coming to an end? possible approval?
Is is true that Fannie Mae will accept 90% net proceeds of the BPO?
Just some additional info, our offer was $215k with closing costs,
Thanks for any clarity, and opinions.
Replies to This Discussion
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Permalink Reply by Short Sale Superstars LLC on
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John,
The negotiator probably meant that since he does have delegation to approve the file as is that he had to get his manager to sign off or had to send it to the investor Fannie Mae (FNMA) for approval review. From the information you provided it sounds like you are nearing a final decision on if your offer will be approved. Your offer is in line with the value and we would think you should get approved, but it is never guaranteed.
You're almost there hold on!
Brett@ishortsalenow.com
310 564 6389
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Permalink Reply by John P on
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Thanks for the response, We have almost bailed several times, and thought what if every time, so we have tried to stick it out, I am hoping the approval is around the corner.
One more question: I have googled this question and can't seem to get an answer, How long does Chase normally give to close? Is it 60 days?
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John,
Typically if there is no sale date set on the property you will receive an approval to close for 30 days. Fannie Mae does offer 60 days to close, so if the approval is going to or expires an extension to close can be requested. It becomes much more difficult to get an extension from FNMA if the closing takes more than 60 days.
Hope this helps!
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