I just closed on a chase short sale within 6 weeks of getting an offer - the approval was 3 weeks. This is NOT common for Chase at all, but it does happen. I'd say a few months is more like it. I have not seen the banks giving high priority to cash in a short sale situation. All they care about is how far off you are from their BPO, and what your sale nets them as opposed to foreclosing on the property and selling it as an REO.
Listing price has nothing to do with it. Market value is key. They will order a BPO and a local realtor will send Chase their opinion of market value of the property ( that's a BPO - broker's price opinion) They will take a discount from their BPO price, but that BPO is the key determining factor in what they will take for the property.
Just sit tight and be patient. Have your buyers agent check in with the sellers agent for updates. The strength of the sellers agent in handling a short sale will be one of the key factors that determines how well this short sale goes for you.
Good luck.

It is my experience in the Ashland Oregon area that at best only 20% of shorts sales close. Cash makes it easier, but no guarentee. The fasted i have heard of was closed in about 45 days, but most of the time at least 4 months. Often times the bank will foreclose anyways and relist the property some times at less than your offer.
I always encourage my buyers to continue looking and not count on a short sale closing any more than you count on winning on a scratch-it ticket.

chances are very very high... CASH IS KING and banks are desperate for quick money... you will get it, I have no doubt... especially when ther are no other offers.....process should take 2 months,,,, from submission of offer and short sale package to bank, getting a negotiator to look at file, BPO's, and approving the offer,,,once approved, open escrow and close within 2 weeks...

Hi Sam. Chase is not the easiest bank to work with by far, but they are getting better. They are, however, one of the many banks that will not approve the seller for a short sale until an offer is submitted. It saves so much time if you can get the seller documentation sent in and approved ahead of time...but not so with Chase. The good news is that the house was on the market for a while before you came in with your offer. I have seen many problems when the house is listed too low and multiple offers come in right away. Most banks want to see the home marketed, lowered consistantly, but gradually. Wells Fargo's new policy is that the house has had to be on the market for 90 days before they will consider a short.

I am involved with Chase right now on a short sale. They have been fairly responsive. The rep told me to expect about 90 days to put the deal together. Good luck to you. Short sales are worth it if you have the patience to wait for the close.

Terry Stewart, Broker
Oregon Realty Co
503-810-1287

The most important thing is having a good short sale negotiator. That is not a Realtor. I am talking about a real PRO. A real Pro will have a person inside CHASE that can make this sale happen.

75% is not a bad proposal. But there are too many variables that play into this including who the investor is and if they are willing to loose that much. I bet if you were at 80% of the Loan balances you would get it for sure....so you have to be close with this offer.

Appraisals and the Banks own BPO will factor heavily into this decision.

Good luck Sam. Sounds like your doing the right things and I hope you get it.

Best wishes;

Dirk T Knudsen
Re/Max Hall of Fame
503-799-8383