Hey everyone!

If you haven't run into this yet, be aware that Select Portfolio Servicing (SPS) with Chase backed assets have a new guideline that can throw a wrench in the transaction. They are only allowing one short sale review! Meaning that if the buyer walks or if the deal is denied for a low offer, you won't be able to try again.

I had an approval and the buyer walked then they would not allow us to submit at the same terms due to this guideline. We also had a buyer get countered, the buyer only raised their offer slightly, they would not counter gain, and they closed the file out.

Be cautious as they won't tell you these guidelines ahead of time or about the only one counter rule!

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Comment by Elva Branson-Lee on July 21, 2020 at 11:34am

Thanks for this info, Brett.

Comment by Smitty on November 22, 2019 at 9:58am

We had this happen.  They sent us a letter that we had 75 days to list, offer, and then close.  I was like, Ummm, even a traditional sale, takes longer than that.  We fought it by showing that it was unrealistic.  We showed that a traditional sale in the county that the short sale was in was average of 100 days from beginning to closing and that the ONLY short sale done in the county in the last six months took 179 days.  They tried to pull this crap on us twice, and both properties had auctions.  We got cfpb involved and our AG's office.  Both files are now in review with a short sale.  You can't make guidelines like that.  Chase wouldn't do that.  I'm not sure whose bright idea that was at SPS as delegated authority but it won't fly anywhere across the country. 


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