Wondering if anyone could offer any insight. I had submitted two offers with Chase on a short sale which they denied me both times. I'm at my ropes end here and wondering if I should keep submitting or what options there may be? Anyone have any experience and if so, how can I get this condo moved?
Thanks
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Please listen to Jeff. You need an experienced agent AND lawyer. I know someone out in Illinois that can likely help. I will PM you his info.
I was denied four times by Wells Fargo on the same short sale, but FINALLY got to the right person. You need someone to fight for you.
Look in your inbox. I just PM'd you a VERY experienced agent in the chicago area
Yes, I submitted the package, not my agent.
I'd say the property is worty what the offer is at which is $65k. That's what these condos in the area are currently going for after the housing market crashed. I am located in Illinois.
I thought this also about my agent and thought that someone should be working harder for me....but I think her experience is so nill with short sales. I'm thinking of calling the lenders myself and try to work with them.
Michael, I have to be very careful here but I think you need to find an agent who understands short sales and one that will actually fight for you. One that will know how to escalate to the investor.
Just so that I am clear, you submitted the package, not your agent?
You certainly appear to have a hardship in my opinion.
How much is the property worth?
Where are you located?
Thanks Jeff,
My agent is very unexperienced in short sales....the agent and attorney have just taken "no" for an answer which I'm not ready to do yet.
To answer your questions, I have submitted the short sale package as well as the hardship letter. They said my "hardship" was not good enough. Basically, I was a single Dad living in a condo. I was dating a single Mom. We found out she was pregnant and tried over and over to sell the condo with no success and watched the housing market crash. We both had these small condos, one each. After our child was born, we decided it was best to move in our family to a house as it was not possible to continue living the way we were in these condos. We were going to try to rent and found out the association would not allow it. So our next step was to list short-sale wher Chase accepted hers when she got an offer, but now will not accept mine. The property was bought at $150k. Offer came in at 65.
I'm not sure who the investor is and I have missed payments for one year now.
Michael, still not enough information. People buy homes all of the time while they have another mortgage. What is your hardship? have you presented a full short sale package to them? How much is the property worth, how much do you owe and how much is the offer on the table?
Where is your real estate agent in all of this? I worries me that you come here with these types of questions because your agent should be guiding you.
Who is the investor on the loan?
Have you missed any payments?
Thank you for the reply.
They said because I bought another property while currently tied to their mortgage which I had to due to our kids. I've explained my situation and they said they don't view it as a "hardship". At this point they will own the home in foreclosure if they don't take this and the property is worth what the offer was and they won't get more than that.