I have full Short Sale approval from a GREAT negotiator at Chase. They requested close within 30 days (Dec. 21). Now file has been handed to Chase closer, who called me to threaten that if we don't close by that date, it is likely that they will not go back for re-approval. Auction date is Jan 5,2013. In my area all sales are booming and the finance companies are backed up. I informed new lender immediately to hustle, but not sure we are going to make it in time. Any suggestions appreciated.
Karen, Has there been any previous postponements? Who is the investor on this loan? What type of loan is this buyer getting?
As you know you should not take this lightly and you should stay on top of all parties involved to close this as soon as possible. Everyone needs to continue to hustle and make this a top priority as the lender has advised a postponement won't be granted. On the contrary we here this from closing officers all the time as it is there job to push files to close in the time frames provided. From my experience with the proper communication and escalations a request for an extension to close and for a postponement may still very well be able to be placed, but are never guaranteed.
There is still hope.
Thanks Brett for your thoughts. I kind of figured it was a common theme with the closers. This is only my 2nd SS, 1st was with Wells Fargo and it was a perpetual fight.
According to my negotiator, Chase is the actual investor. I had the house in escrow once, Chase raised asking price after appraisal and the first buyer walked. I immediately substituted new buyer and we went through a very short (2 week) process for new SS approval.
The new buyers are going with an FHA loan, and have great credit. They have asked for very small concessions from Chase. I am just concerned because the appraisal is not done yet.
I appreciate your advice to keep pushing everyone. I am considering going back to my negotiator and asking him to get an extension now.
Hi Karen. Lenders have quotas too. Getting deals closed before the end of the year is a priority. that's probably why the closer is pushing hard.
I've never had Chase deny an extension assuming the closing is no more than 60 days from the date on the approval.
On the 17th if you are not going to make closing send the closer an extension, a revised HUD and updated buyer approval and ask for 30 more days.
Thanks for sharing your wisdom - might not have occurred to me to do HUD in advance. Would likely have ruined the SS. So thankful for this forum, and all your efforts.
It was definitely a shock that it went from very congenial for the length of the approval process to such a sharp threat.
With your advice, I will be prepared for an extension - I appreciate it so much!
I would say the threat is a bluff, as I've run into that with Chase HOWEVER, where there is an auction, I would NOT play around. They do not have to cancel an auction. What does your PNS say?
Thank you everyone for sharing your knowledge and experience. The negotiator stepped out when it went to closer, with option to bring them back in if there is a problem. I needed to know how much is "games" so I can be appropriately firm in my responses to the closer. This particular one is quite unpleasant. I need to represent my clients properly, yet walk the fine line to keep this person working with me.
I have been getting Auction postponements since August, I will be sure to keep that process going if we are delayed that far. Got some news that there is some progress on the loan today. Keeping fingers crossed we will make it or be extremely close.