We put a contract on a "pre-approved short sale". The price was supposedly pre-approved by Chase. Ours is a cash deal. There is a foreclosure sale date of 10/14 and we have yet to hear from Chase (through the seller's atty.) Last we heard, Chase sent out a BPO and as of Friday, an appraiser? No one seems to know if it was an appraiser, and why he/she was there on Friday. Our concern is that we will lose the house to foreclosure because it's sitting on someone's desk and the foreclosure sale is fastly approaching.
Anyone ever been in a similar situation?
Tags:
Yes, and to my knowledge there is no such thing as a preapproved short sale. The lender may approve the list price, but an approval has information pertaining to the seller, an approved price, net proceeds, approved fees and most have an approved buyer. If it's pre-approved, ask the listing agent for a copy of the short sale approval or documentation that it was preapproved and I bet you won't get it.
The only thing you can do is try to push the listing agent to get the auction stopped. They need to escalate immediately with Chase. Good luck.
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.