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J. Law. 3 weeks is a very short period of time when it comes to short sales. The fact that they placed the property in pending status is very good news. It means the listing agent is working your deal. The first step for them is to submit the complete short sale package and request to the lender. This alone could take a week or more depending on how much of the sellers financial information they already have or need.
Once Chase receives this information it has to be reviewed and then scanned into imaging. This process could be a week to 10 days. Then they will start with evaluating the property. This is when they will order any appraisals or BPOs (broker price opinion) required by the investor. So this step could take another couple of weeks.
From what you have written you are 3 weeks into a 9-12 week process. Just have your agent ask for updates once a week so you can be kept in the loop.
I hope this all works out for you in due course.
It sounds like all is moving right along. The net breakdown is basically just showing Chase how much they will receive after all costs related to the sale are paid. The net is what the seller is offering them.
j. law said:
Ok so supposedly there was a BPO done (when, i could not tell you) but we have no idea what that number is. What we were told today is that Chase is asking for a "net out" breakdown? Is this typical? Does anybody know what step this is in the "timeline"? Basically, Is this usually a good sign or bad? Any input is much appreciated!!!! Rates are rising and we need to buy!
Thanks!!!
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