Alice, Home Buyer in South Pasadena, CA

I'm a buyer. The owner accept my short sale office in Jul 25. My agent told me Chase done of BPO on Nov 10. I want to know how long i should

Asked by Alice, South Pasadena, CA Tue Dec 15, 2009

wait?

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Keep an eye on the submitted offer and continue to look and submit offers for other short sales, REOs properties that fit your property criteria.

You don't have anything to loose by continuing looking and submitting other offers.

But...you will if you don't have an accepted contract by April 30, 20010....$8,000 home buyer tax credit for first time home buyer || or $6,500 if you're trading up...http://www.federalhousingtaxcredit.com/
0 votes Thank Flag Link Tue Dec 15, 2009
I have a short sale with Chase that I've been working on since February. We finally were assigned a negotiator about a month and a half ago. Apparently they have a very small short sale department. The negotiator called with a counter 2 weeks ago. In the mean time some issues came up with the property's condition. When I called the buyer's agent with the banks counter information I disclosed the newly discovered issues with the home. The buyer's agent submitted a counter offer to the bank's counter. The counter was lower than what the bank wanted. It was verbally declined. The property was returned to active status. We received another offer. I called our negotiator to let him know we had another offer. He told me that unless we had a cash offer we were in for more delays. According to the negotiator, all Chase short sale files are going to be sent to a company in Texas at the end of the month. The file will then need to be reassigned to a new negotiator which could take more than 30 days. You may want to have your agent call the sellers agent to find out if their file is going to Texas. Anyway you look at it, short sales take a long time. A negotiator could have as many as 500 files to deal with at any given time. Banks do not have the staff to deal with all the short sale request they receive. According to my Chase short sale negotiator, a lot of banks are sending files to other servicers for processing. Hopefully, once that transition is complete, we will see more timely short sale approvals. In the mean time, short sales processing seems to be slower than ever. Patience is required. You really need to believe that "good things come to those who wait." Good luck.
0 votes Thank Flag Link Tue Dec 15, 2009
If your short sale offer was submitted to Chase Bank on or within 5 days of July 25th, the listing agent doesn't know what they're doing, if the BPO just went out on Nov. 10th.

If you want to stick with this property, I strongly suggest you & your buyer agent DEMAND that the listing agent turn this file over to a short sale negotiator. Hopefully your agent knows someone or can get a referral to someone through his/her broker, if not I'd be happy to give you both a referral to a good negotiator.

Let me know of you have any questions or need anymore help.

emilyknell1@yahoo.com
0 votes Thank Flag Link Tue Dec 15, 2009
It is hard to tell. a short sale property is take longer time than traditional sales,it may take a couple week, a month or more. Each property is an unique, it is better to consualt with your agent... He/she should be the person get the information and inform you and it will get more accurate.

sincerly
0 votes Thank Flag Link Tue Dec 15, 2009
It should take anywhere from 30-90 days after the banks receives the offer and the listing agent starts the negotiations with the bank. Keep in mind this is for a typical short sale and there are always exceptions to this rule. You short sale could take as long as 6 months or even longer. My advice to you is to stay on top of your agent and get a weekly update. The listing agent has to be in communication with the bank one day a week so ask for a status report the day after they talk to the bank. This will help ensure that your deal is going through or it will let you know that you may need to look at other homes.

John & Sarena Villaescusa
Owner/Realtor/Broker
Keller Williams Realty
Cell: 562-818-2671
Email: Johnv@kw.com
Website: http://www.VGroupHomes.com
Web Reference: http://www.VGroupHomes.com
0 votes Thank Flag Link Tue Dec 15, 2009
Short sales are by no means short--ultimately it's the bank that decides to accept, reject or counter--consider all the red tape involved. The waiting period is entirely up to you--are there other offers--if so keep in mind banks do want to get as much money back as possible and will more than likely choose a higher offer. What is your agent advising you to do at this point...
0 votes Thank Flag Link Tue Dec 15, 2009
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