We received Chase's approval letter the day before the file was supposedly transfered to SPS.They tell us that we have to wait 15 days so the SPS gets up to speed on our short sale. Is there any insight on what to expect from SPS. Will they honor the original approval? do we have to start over?
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Cool!! thank you!
I agree with Brian, they should typically uphold it, but it's not guaranteed. Just get them what they need quickly and I'd escalate quickly as well too to upper management.
310-564-6389
Can't say for sure on SPS, but I had 3 from GMAC to GreenTree, that went quickly, like clockwork.
The only glitch was GreenTree made us all wait 30 days to get up to speed. But, it really felt like it was a smooth continuation to the negotiations we had been in with GMAC before the switch.
Good luck!
This is all very encouraging! Thank you All!
We had a similar situation where we had approvals from BoFA and while waiting for IRS approvals - they sold to SPS.
Unfortunately SPS did not honor the previous approval. Instead they went through their own process, did their own appraisal and underwriting before giving the approval. The whole process chewed up almost 4 months.
Hopefully your story has a better ending.
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