Scout:

One way to get the bank's attention is to tell the bank you are going to overnight the short sale package to the JP Morgan Chase CEO. You can find the information on their website at http://www.jpmorganchase.com.

But before you do this make sure you have a complete history of every time the bank was contacted to get the short sale resolved. The listing realtor is responsible for documenting who he or she spoke to, the name or ID number, what the bank said to do, what the realtor did, ie faxed offer to 1-888-123-XXXX, keeping confirmations of faxes, emails or snail mail confirmations, etc. If you cannot get this information then your letter will not have much impact. I keep a running log for each of my short sales documenting every step, every person I talked to and what next steps are required.

Have your realtor contact the listing realtor and see if you can get some kind of documentation.

Good luck!
Pat Hune
1st Southwest Realty

Dear Scout:
Dear Scout:
Hi. I know how frustrating this must be for you. My guess is (without having all of the details, is that you may need a professional Short Sale negotiator working for you in this matter in conjunction with your Realtor. See my webinar link on my website http://www.arizonahomesland.com/forsellersorlandlords.html about how the short sale negotiator working for you can help. The bank's negotiators are trained and do this all day long. You may need a person with similar skills working for you.

Jeff Masich, Realtor®
Arizona Homes and Land
http://ArizonaHomesLand.com
480-556-0940
jmasich@usa.com
HomeSmart Real Estate
Scottsdale, Arizona

There are other legal ways to deal with Chase, to possibly speed up the process, and to sidestep the short-sale. You'll need to work with someone who's familiar with working with the secondary marketing department of a bank. Please feel free to contact me for more info.

Another option is for you or your agent to become more proactive about contacting the asset manager in the loss mitigation dept who's handling your target property.

In either case, you'll be able to go directly to the source, and hopefully get your answer sooner.

Hi Scout,

Your experienced, competent Buyer's Agent will be your best guide through the pitfalls, frustrations and challenges with short sales. Even with the best buyer's agent on your side, the listing agent, representing the seller, is the one in the driver's seat with the ability to push for a speedy outcome (if that's possible), but most listing agents who list short sales are not experienced enough with them to be able to manage them properly. Most of them use the listing as a product to market themselves and their services with little intention or effort used to actually conclude the transaction. However, there are some short sale listing agents that are competent with that type of transaction and those are the ones that have the greatest success.
To have a speedy process in a short sale transaction requires a competent, experienced short sale listing agent to have a proper file and a good transaction management system from the beginning of the transaction. But even with the best processes in place, the loss mitigators are overwhelmed with files.
So, have your Buyer's Agent press the listing agent for weekly updates and supply them to you.

-----
PAUL WELDEN
HomeSmart
602-503-4010
Exclusive Buyer's Agent

Chase.... Ouch!

Scout as you know short sales are a nightmare.

You are in the 400K plus range on this home correct? spent the last six months out there waiting.

The market since you "inked" the deal in March / April. has improved at least 10%, and on your deal that is 40K.

Have your buyers agent show you what is out there now, today`s market. If you look at today's market, and think to yourself "WOW, I got a great deal" you probably wont get this deal. Be honest with yourself. Our market has changed a lot in six months.

Look at the Numbers.The banks know this information. They don`t have to sell to you, would you sell to them at basically an option price back then knowing what is here now? Again They don`t have to sell to you, read the addendum.

If I am correct they were going to take a 330K loss? Banks don`t even give away toasters anymore, let alone that much cash, especially Chase. Hell they have a nice "line of tax payer credit" to work with.

They are going to sit on it, supposedly the economy is improving? How much is it really costing a bank?

Now of course several factors go into each purchase, I maybe totally wrong, however I think you should keep your options open and keep looking for a home you can close on.

Good luck
Patrick

Short sales can be nothing but short. We are having success but both buyer and seller are committed to the process.
85% Success rate for our team. That is higher than with other types of sales..
Good luck and hang in there.
Brad

Realty Executives brokers and agents do not give legal,
financial or tax advise. Please consult these professionals
before, during and after buying or selling any property.
==================================================

My question would be do you have an OFFER or a CONTRACT (escrow is opened)?

If the seller has not signed your contract, then you have an OFFER. If you have open escrow with an earnest money deposit then you have a CONTRACT.

Is the seller using an attorney to negotiate the short sale?
Would you be willing to pay the attorney fees for the seller in order to get it negotiated and closed.

The bottom line is if your OFFER / CONTRACT is going to net the bank (seller's lender) MORE MONEY than a foreclosure then you have a better chance of an approval compared to a low offer.

How experienced is the listing agent with short sales?

Is your buyer's agent getting you weekly updates on the progress?

If you can tell us where you are in the process, we might be able to tell you based on our experiences what has happened in the past and you can draw you own conclusions.

I hope this helps!

** AVOID FORECLOSURE TODAY **
NEW REPORT just released to help
home owners who are falling behind!
http://www.ShortSaleHelpAZ.com

Short sale can be problematic even for the most experienced and skilled agents working with short sales. You have to know the process and who you really need to contact to move the process along. Even then you may get a person in the bank that is not skilled and then you need a process to get around that person to move the transaction forward. Some of the banks have put mechanized systems into place and that has helped tremendously. We have a couple of banks that we work with and they are great to do business with as the people in place are skilled and know what they are doing. It's not an easy process. My recommendation is to find a REALTOR(R) that works with short sales and has performed a minimum of 10 short sales for the "seller" or owner of the property. They should have the experience to help you complete your transaction. Short sale transactions can be complex and it takes several transactions to understand the process. If they have a certification in short sales, all the better, just make sure they have at least 10 transactions that they have completed successfully and that their success rate is 90% or higher.

Jeff Daley
Luxury Valley Homes
Licensed Realtor in AZ & TX

6 months is not all that unusual, I've heard of longer. But as Laura said, depends where you are in the process and who is involved. Hopefully you have your own agent that is working with the listing agent to get it done and keep on top of it.

There are some details that would be important. Where are you in the process...is there a second? What do you know now and does your negotiator with the bank have the authority to make a decision...if not escalate. Even if I gave you numbers it may not be correct connection. Six months is too long though. I have a buyer who wrote on 3/24 and I was able to get the listing agent to authorize me to get in to the file and was able to uncover the problem. If the listing agent in this transaction is unable to get anywhere see if they will authorize your agent to go to bat.
Good luck!

Laura Myers
Keller Williams AZ Realty