Foreclosure in Yakima>Question Details

teresad2297, Home Buyer in Yakima, WA

Short sale success rate

Asked by teresad2297, Yakima, WA Fri May 11, 2012

Does anyone have an idea of the average success rate for short sale deal? How about specifically for Chase bank in the Northwest?

Thanks

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4
teresead,

The success rate of short sales are steadily increasing, to the point that agents are finally not running away from them but embracing them.

The fact of the matter is that we anticipate that the success rate will improve even more once the new short sale guidelines for Fannie Mae and Freddie Mac go into effect. As of mid June these lenders will be mandated to respond to offers within 30 days and provide regular feedback. Excessive waiting periods and lack of bank responses has been a major obsticle. This new guideline should turn the tide for many of these transactions that fall by the wayside.

So, things are moving in the right direction and we expect this to get even better.

Good luck,

Bill
0 votes Thank Flag Link Sat May 12, 2012
As you can see from the other comments, it depends on who is doing the work. If you get someone with experience, it should be ok. chase is pretty average in how well we do with them. If you want to learn more about short sales, click on my blog link below & go to the Bellevue blogs that are all about short sales.
0 votes Thank Flag Link Sat May 12, 2012
I close about 90% of my short sales, but each short sale and each bank are different. Even the same short sale presented to the same bank twice can yield different results.

Richard Schulman
Keller Williams Realty
(310) 482-0173
Schulmanrd@gmail.com
http://www.richardschulman.com
0 votes Thank Flag Link Fri May 11, 2012
Hello Teresa,

Every agent you ask will have a different number for their success rate.
I feel very lucky - and all my short sales (where I was the listing agent) have successfully closed so far. I had 2 where I represented the buyer (same buyer) - one time the listing agent and the negotiator/attorney didn't know what they were doing, the other time the buyer had a problem with money, at the last minute. I currently have one listing where the bank is Ocwen - they seem to be the absolute worst.

I hear great things about Chase being pretty easy (if you have a true hardship and defaulted on your mortgage). Success rate does not depend on where the property is located.

You'll have two options - HAFA and a regular short sale. Both work fine, and there are specific qualifications for HAFA short sales. Check out this site: https://www.chase.com/chf/mortgage/hrm_hafa

To improve your success rate, I suggest to work with a CDPE designated agent experienced in short sales. You can find one on http://www.CDPE.com website (Certified Distressed Property Expert).
You need someone very knowledgable on your site.

Overall, different people quote different success rate. Not everyone is up to speed on short sales, so if you work that into the equation - the success rates are pretty good.

Best of luck and hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Fri May 11, 2012
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