Replies to This Discussion

Permalink Reply by Smitty on August 18, 2011 at 3:41am

I would not wait.  You should NEVER wait until closing to try to change something.  It needs to be submitted now.  Many times an approval lists the buyers name and if you didn't include your spouse, that's it. 

 

Also, you cannot expedite as the buyer unless the seller specifically gave you permission to talk to chase in a written authorization which I highly doubt they would do.  Be patient.  If the offer JUST went in to Chase, you're in for a bit of a wait.  They need to order an appraisal, send it to review, etc., and that takes time. 

 

Be patient and if your agent says the other agent knows what they are doing, then sit back and just wait for the updates.  Being overanxious is going to wreck this experience for you.

Permalink Reply by James ferebee jr on August 18, 2011 at 4:04am

Chase will not talk to you if you are the buyer that's seems to be their policy now I have heard of buyers talking to the lenders however this is  not being allowed by the banks.Chase is slow so you must be patient..

 

Jim

Permalink Reply by joe beauchamp on August 18, 2011 at 4:58am

Well, you have a can of worms here - doesn't look like it if you don't know short sales.

1) the bank wants 1 person to talk to.  It takes extremely little to make the process spiral into oblivion - disagree about 1 thing, say 1 wrong thing - boom.  You are in a very weak position because you are very much removed from the concerns and the process, but I don't see a better way to have it.  You could poison things very very quickly.

2) you seem to be just starting - you will get a counter which usually means they want something more from you, the buyer.  At that time, you can counter with changes. However, changing the buyer is a DRASTIC change and a lot of banks will kill the deal and tell you to start over.  (So, the advice from the agent to amend later could be excellent advice.)

3) you can deed the property to you and your spouse after the sale.

4) do you dislike your spouse?  Is there a reason you want to force her to be on the mortgage?  If you don't have to be on a mortgage, then don't be - at best, your credit is better because you are paying on time for a mortgage.  At worst, you are looking at foreclosure and ruined credit.  So, you don't trust your spouse and don't want her to skip out on you?  That is the only reason I can see you wanting to rope her into the mortgage.

5) short sales can take a long freakin' time - depending upon the investor, negotiator and bank involved.  And not nearly as often as it should be, how close the deal is to meeting the investor's minimum requirement.  You are going to want to chill if you want to keep your sanity.  And by seeing a couple of good things that your agent said to you, I'm guessing that you do have a competent agent for the short sale.  If that is the case, the most you will want to do is touch base once per week - to make sure you don't get forgotten in his other matters.  I suggest that you ask for the easiest way that this listing agent can give you status updates and do that - phone text messages or email, etc.  And then ask for weekly status directly from him.  That way, you get to see the latest and ask questions when there seems to be a stall and you stay out of everyone's ways.  The less irritating the better..

Permalink Reply by Steve C on August 18, 2011 at 6:16am

I just wanted to clear up one thing.  I am currently listed as the buyer.  I want to make the change so it lists both my spouse and me as the buyers.  This is because my spouse qualifies for an occupational mortgage and I am not in that occupation.  So I need to figure out if we need to make that change now, or some point later.  I'm leaning towards now.

 

Otherwise I will relax and let things take their course.

Permalink Reply by joe beauchamp on August 18, 2011 at 10:22am

I had hoped that it wouldn't make a diff in your mortgage.  Of course, what you said is the worse case, you need the spouse on there to get the mortgage or a better number.

This is a tough one - I don't deal with Chase a lot right now so don't know if they follow their rules or are consistent.  If I were the listing agent and didn't know the answer, I'd ask the negotiator "what if" and probably ask the closing officer - if I could find who it is.  This is touchy.  They could be reasonable or flat no.  The listing agent may already know that a "buyer change" would kill the deal and he may know that an amended approval will work w/Chase.

Permalink Reply by Steve C on August 18, 2011 at 10:33am

My agent is going to ask the listing agent how to handle adding my spouse.  Hopefully they can figure it out.  Starting the process over again is an inconvenience but not the end of the world.  Thank you.

Permalink Reply by Phil Putnam on August 19, 2011 at 5:40am

Steve,

 

7/21 is less than 30 days ago which is yesterday in the short sale world, where 3 to 6 months to complete a short sale is the norm, any changes to the contract could derail your efforts no matter how small the change. My advise to you stay the course with the contract as written and excercise patience and it may take a lot of patience. An explaination I use for individuals in shorts sales is "The louder you yell and the harder you push only results in the lower your file goes in the negotiators stack" Good Luck! 

Permalink Reply by Becky Martin on September 8, 2011 at 2:22am

I totally agree with you Steve, you get more with honey than bitters!  There is a fine line between being persistent or pushy with a lender:)

Permalink Reply by Steve C on August 30, 2011 at 10:07am

The seller signed the addendum adding my spouse to the purchase agreement, so now the listing agent is waiting for an offer from Chase before submitting the addendum.

 

The listing agent said an adjuster is on file.  What does that mean?

Permalink Reply by joe beauchamp on August 30, 2011 at 7:05pm

I think your listing agent knows what he is doing.  I have no idea what an adjuster on file means, unless it is like the closing agent at BOA - someone usually with more authority and smarts to fix broken things.

Faced with the same problem (oh, let me guess, after he submits the addendum, you'll want to take your spouse back off.. HA!), I would do the same.  While the negotiator is going through calculations and guidelines, throwing a wrinkle at him is likely to have him throw up his hands and tell you to resubmit - rather than continue to waste his time on a deal that you just turned into a non-deal.  By waiting for the counter, the negotiator becomes fully invested in his work and is more likely to want to do 1 or 2 more things to make it work.  If he doesn't want to fix things (or cannot because of bank policy), you now have a counter from the bank to tell you where they stand and what they will accept.  In fact, I would probably be inclined to go completely through the negotiations and either learn what the number is which they demand and you will not pay or get an approval.  Getting the approval gives you more to work with - the bank says they will take this amount - if they kill the deal because you threw in the addendum, you now have an approval to throw at the new negotiator.  If your current negotiator has the leeway, he has done all this work and will be more likely to accommodate this "small" change to get the deal done -- or, the closing officer, who has more latitude, is likely to fix things to get the deal done.

 

Yeah, unless I was sure that the bank has a policy of accepting your change, I would wait until I get the approval - puts you in a better position - also, you can be logical - things have changed since you wanted to buy this place - you got old, sent your kids through college and your credit has changed so that you NEED to put your spouse on there to be approved for the exorbitant amount of money that this bank wants.  OK, leave out the part about your father being the one who actually started the short sale -- I think once the approval is there, a simple "could no longer qualify for the loan w/o my spouse on it" is quite reasonable and acceptable.  Really, how can they do all that work, give you an approval to save the investor some money and then turn it down because while they were playing tiddly winks in the back room, the world changed and your credit is no longer good enough by itself - but your spouse can help you finish the deal?

Permalink Reply by Steve C on August 31, 2011 at 2:03pm

I just found out that the mortgage program we want has a deadline of the end of September, after that the program will not accept any purchase agreements.

 

So my first inclination is to keep waiting for the counter from Chase, but I am really running low on time here.

 

I guess the adjuster means a negotiator has been assigned, and the listing agent hopes to hear something soon.  I hope so too.

Permalink Reply by Steve C on August 31, 2011 at 2:38pm

The appraiser was at the house today to do the Broker’s Price Opinion.  How much longer do you think it will be to get the counter, or approval?

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