Quick Question for those who have dealt with Chase

Hey everyone,

Me and my fiance put an offer in on a short sale at the end of September. The listing agent specializes in short sales and before we even put the contract in she pinned the property and took it off the market. She only sent in our offer for Chase , the owner of the property, to see. Now yesterday was the 30 day mark for us and she said that she spoke with Chase and that they escalated the file to a manager to get a negotiator and the BPO will be scheduled very soon. Can anyone give me an idea of what are time frame is looking like?

The property was listed for $ 179,500 then, in order to give us a better chance for approval, the listing agent dropped the listing price to $172,500. Our offer was for 165k with Chase paying the closing costs which would give them a net of 160k. Anyone know the chances of us getting approved? We really love the house, but are currently living in an apt and our lease isnt up until Feb so its no major rush, but we would love to get into the house before Xmas. Thanks for any and all help!!!!

Replies

JL Wdng November 3, 2010 at 12:40am

Manny, Manny, Manny....I started my process with a simple one lender, cash deal and it's still not finished. I've been waiting 5 weeks for the approval letter from the PMI company. Shortsales aren't for the faint of heart...keep in the forefront of your mind....is this worth it to me if i get it? Anything and everything can (and often does) go wrong and there doesn't appear to be much rhyme or reason to it...don't expect it to be a logical process...it's not. Good luck. :)
Jeff Payne November 2, 2010 at 5:10am

There is alot more to it that we need to know. How close is your offer to market value? What would the property appraise for? Who is the investor? Chase is one of the tougher ones to get anything done. At this point, moving in by Christmas will probably be tough because unless you are paying cash, once you get approval, your lender will need time to process your mortgage.

This reply was deleted.