Replies to This Discussion

Permalink Reply by JulieAnn DeCeunynck on December 9, 2010 at 10:13am

Hello J! it is my job to sit at my desk all day and process short sales. I find that if the agent working the short sale calls into the bank weekly, that leaves no room for anyone to drop the ball, as they often do! its also been my experience that within 3 week of being submitted to the bank, the file should be with a "set-up" person who does some leg work for the negotiator. Your offer sounds good, that might help your file move as well.
good luck!

Permalink Reply by Jeff Payne on December 9, 2010 at 11:03am

I agree with JulieAnn. the first 30 days are the most critical, the file should be with at least a set up person by now. At the very least the listing agent should have confirmation that they have the entire short sale package. I think you should have heard something from the listing agent by now and should get regular updates from this point forward

Permalink Reply by j. law on December 9, 2010 at 11:16am

Thanks JulieAnn & Jeff for the advice. We asked our agent today to give the seller's agent a call, so if by next week we don't hear anything, I'll call myself, lol. It's just in my nature to get "involved". But hopefully we will hear from him.
thanks again!

Permalink Reply by j. law on December 17, 2010 at 6:51pm

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!!!

Permalink Reply by Bryant Tutas on December 18, 2010 at 2:58am

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.

Permalink Reply by Bryant Tutas on December 18, 2010 at 3:00am

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!!!

Permalink Reply by j. law on January 1, 2011 at 12:44pm

Got approval last week!!  Totally shocked and ecstatic!!! Now the rush is on and the mayhem begins for closing in 30 days!!!  We are beside ourselves and are very thankful to our agents, the LA and above all THE NEGOTIATOR!!!!!!!!  thank you whoever you are!!!