I have a single-lien short sale in process with Chase in which Chase countered the buyer and the buyer walked. Will Chase allow you to substitute a buyer or will the process start all over again?
You need to be a member of Short Sale Superstars to add comments!
**********************************
like buttons
Replies
So in a case like this (in which the approval letter has not yet been issued) are you saying that you would continue on with the bank as if the contract had not been cancelled and THEN ask to substitute the buyer? Shouldn't that be disclosable now?
Yes, I would continue forward until I received the approval. Then escalate the I'd file to get the buyer's name changed on the approval letter. The only reason I would not disclose this now, is because it will only delay the short sale process. I am all about efficiency! Also, "In my experience," I have found it MUCH easier to make any changes to a transaction post approval.
I've never had any issues substituting buyers when the terms and conditions of the transaction are the same. I ALWAYS get the approval letter and then escalate to have that approval letter updated with the new buyer's info on it. It is always much easier to make changes post approval. I do this with all lenders.
Nope. Even B of A with their newer "48 hr. substitution of Buyers" doesn't work for me here in Caifornia yet. It's being worked on I guess. Start over.
We don't actually have an approval letter yet - it's just in the processing stage. The BPO is finished and I think we were about 45-60 days from written approval when the buyer walked.
I don't think so. Most approval letters are buyer specific. You can call your negotiator and ask if you get an offer for the EXACT same price, and same NET will they just ammend the approval letter with the name of the new buyer, however, I've found approval letters can take up to a week and 1/2 to two weeks from the time the file is acutually approved until you get the letter in hand.