Forum

I currently have a listing where Lender Consent has been received from the lienholder in first, with an offer to Chase under the Fannie Mae short-sale guidelines.  Today, an agent within the Chase Short Sale Department, with whom I just spoke, will not review the offer until after the borrower submits and completes the very same documents and steps are further taken that are identical to those taken as if Chase were in first position.  Among these details, the rep requires financial details, hardship letter, CMA, listing agreement, PSA, etc., and until after Chase conducts their own appraisal on the property the offer (irrespective of the Fannie Mae appraisal already on file from the first lienholder), any offer to Chase in second will not be considered.  This sounds unusual to me, so I wanted to see if this is other broker's typical experience.  I had heard that it was a much smoother, streamlined process when Chase is in second.