For all your repsonses. We will keep our fingers crossed and start looking for other homes just incase this one doesnt fall through.
I've seen it too many times on mls where a property shows pending for 6 to 8 months. Then I wonder what the heck is going on only to turn out its a short sale thats, you guessed it " still in process"
Thanks for the note, and for your effort in collecting this information.
First, the good news...
There's only one loan (especially good, since you are only dealing with one bank), there's a professional negotiator involved (and, hopefully, this is someone with extensive Chase experience), and the home is not currently set for foreclosure, which is great because it means that you'll have enough time to negotiate the sale. Also good is the listing agent is doing this the right way by hiring a professional negotiator to work with the bank.
Now the bad news...
This is Chase.
I regularly converse with many agents around the US who work short sales, and, guess what, we ALL have bad experiences with Chase. Previously, the "bad bank" spot was held by B of A, but since the implementation of their Equator program, they've gotten a little better (about 60 days faster), but Chase continues to hold the record for the most uncooperative and slowest bank in processing short sales. In fact, one of the Realtors in our group finally closed their Chase short sale after 18 months (yep, 1.5 years) of waiting. Personally, I think that Chase takes their time in the hopes that the market will improve or another buyer will come along who offers more, or the homeowner's financial situation suddenly recovers and they can begin paying their mortgage again.
Unfortunately, the bank's cooperation depends greatly on a few factors--1) loan balance; 2) number of loans, and 3) fair market value. If the bank can foreclose and get 60 cents on the dollar, but short sale and get only 40 cents on the dollar, they'll foreclose. Even if the short sale has been made between you and the seller, your agent should be regularly checking the comparables to see if values are going up or down, as this can incentivize or discourage the bank to take action. Your Realtor should be able to see the amount of the unpaid loan balance on this home, balanced against the cost of sales, and the market value. Your best bet for faster turnaround on the short sale is to make a reasonable offer at or close to market, and then have your agent regularly contact the listing agent for update. Hopefully, by nudging the listing agent, a similar nudge will be made to the negotiator in turn.
As for speeding up the process by haggling with a representative, Chase is very good about keeping their employees well shielded behind voice mails and first-name only communications, so they are hard to find--on purpose. I worked once with Chase on a REO and they were so slow that I did, in fact, do make a lot of rather forceful and pointed telephone calls to their mitigators and, while they begrudingly did what I asked, I swear they did everything possible to "slow down," so pushing never works.
As the others have already noted, if you are in a short sale, patience is your key. Also, keeping your options open to other possible home sales is good. Currently, in my opinion, the best banks to work with are (in no particular order) Citibank, Wells Fargo/Wachovia, PNC and--running last--B of A. Chase, unfortunately, is still topping the list of the longest "wait times" for short sales.
Area Pro Realty
Here is the info you requested, hope it helps
1. How many loans are on the home? Just 1
2. Who is/are the bank/banks holding the liens on the home? Chase
3. How much experience does the listing agent have in negotiating short sales? A little, I'm not sure
4. Is there a professional negotiator involved in the short sale? There is a negotiator involved
5. Is the home set for foreclosure? When? No
6. What is the fair market value on the home? $145,000 or above
Listing agent needs have communications with the bank HOWEVER it is process for any short sale we notify our clients although you placed a sales offer on short sale BEST keep moving your offer IF BANK DOES NOT LIKE we may never receive a response.
In most instances it takes up to 45 days have a response !
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
In the best of time the process takes 6 weeks to approve. Once your offer and teh short sale package is sent into teh bank, they have 10 days to assign a negotiator, that negotiator then has 10 days from then to review teh offer and order the appraisal, teh appraiser has 2 weeks to complete the appraisal, then th asset manager could take 2 weeks to make thier decision on the best case scenario. if there are more than 1 loan it can and usually is longer. if your offer is too low it will be longer, if the negotiator for teh seller has not sent everything in, it could take longer. The key is constant communication.
Please see my blog for tip on getting a short sale approved.
What did your RealtorÂ® come up with for a fair market value on the home? Asking price may be a lowball depending on comparable sales.
As for speeding up the process I have listed properties all the way from where we had an approved price when I listed the property up to properties that had 2 mortgages and the first would not start the process until the property had been listed for 90 days.
If you like the property hang in there but some agents list a property at a very low price hoping to get the short sale process started with the lender to find out what the lender will take.
Before we can answer effectively, can you answer these questions:
1. How many loans on the home
2. Who is/are the bank/banks holding the liens on the home
3. How much experience does the listing agent have in negotiating short sales?
4. Is there a professional negotiator involved in the short sale?
5. Is the home set for foreclosure? When?
Based on your answers above, most of us who play in the "short sale" arena should be able to answer your questions about expediting the sale, offering more, etc.
Area Pro Realty