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Permalink Reply by Wayne Brooks on March 15, 2013 at 3:40am

Sounds like an awfully long time to "have all the doceuments we need".  But, it sounds like they are now assigning a negotiator, and the getting back to you within 5 days should be with a decision on the offer price or a counter offer.  Who is the lender?

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Permalink Reply by katie on March 15, 2013 at 4:43am

chase is the lender. From what I understand when we put the offer in last Novemebr chase was in the process of switching to equator so that put the inital hold on any udates ect.... This house has had 3 other contracts and all other buyers walked due to time frame (so i was told). List price on home is 160k. Listing agent told us that 150k is the preapproved price on home. This homes does need more work now due to weather ect... so we put in offer at 145k after our relator did market anaylis on area. I am just hoping that the update we get next week will be a good one other than just " we need this document" or something like that.

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Permalink Reply by Wayne Brooks on March 15, 2013 at 7:26am

Oaky, but don't hang your hat on that "preapproved price".  That price was the counter from the investor(note owner) on the last buyer.  A new BPO will probably be ordered, and a counter offer based on that.

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Permalink Reply by chad phillips on March 17, 2013 at 5:41am

When this goes this long, might have a new servicer. Your agt needs to escalate. I'm guessing by the verbiage that it came from equator. If you have a new servicer, you'll be starting all over.

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Permalink Reply by katie on March 17, 2013 at 8:22am

I don't know if my last reply worked so here goes again...

What do you mean by servicer?

This is an email from listing agent on ss house my relator forwared it to me on FEB 28 2013

*

Got everything. Here is the latest. One of the intake counselors called me yesterday, and apologized for the length of time it has taken. It is an unusual situation in that the first mortgage payoff is under $60,000, and the second is about $150,000. It's usually the other way around. This has complicated the process for Chase. It was the only time she was aware that this has happened. The attorney went to court yesterday to make sure there is no foreclosure sale.

We all feel this has taken way too long, and are pushing from several angles to expedite the process. *

And then on march 8 we got the message from agent from above post about equator saying wed have an update in 5 days..... Do you think the update that should be coming this week will be a good one ( acceptance on offer or counter offer)????

O ya and as far as I know the listing agent has escalated the file already

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Permalink Reply by katie on March 20, 2013 at 1:53am

So today is the 5th day, equator said we would have an update by today (we'll see if this happens) I f we do not hear back by 5-6 pm tonight I am walking away waiting 4 + months and no solid update on ss home/offer is nuts!! The law needs to set specific timeframes for the banks to reply to short sale offers and the banks need to be held responsible if the time frames are not met... I wish I could become a bank nagotiator " I'd be all over my files making sure they got done!!!" 

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