Home Buying in Indianapolis>Question Details

Coltsfan80, Home Buyer in Indianapolis, IN

Short sale with Chase. No updates, Help! been 8 weeks, no BPO yet. 3rd party negoitator will not give any updates

Asked by Coltsfan80, Indianapolis, IN Tue Nov 30, 2010

My short sale package was received 1st of Oct this year. The Listing agent is working with a 3rd party negotiator this is supposed to make this process go much more smoothly. There is just 1 loan on the home, the short sale has already been approved. The intial BPO had been done but because it has been 90 days they had to order another, which apparently just got ordered last week. The listing agent and 3rd party negotiator is rude, will not provide any updates at all. They said they do not have to tell us anything do to privacy reasons, they have to protect the seller??? I just want to know if the bank has seen my file. Does anyone have a contact # at chase that a buyer can call? I just want some idea of how this is going! Thanks in advance.

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That is so frustrating. But, 8 weeks without any kind of information seems like a long time even for Chase - not known for quick responses. Even if you find someone to talk to at the bank, they can't and won't give you information. I've been on both sides of short sales and foreclosures, and can tell you the best way to get answers is to make sure your agent continually is following up with the list agent. Calling at least twice a week is not too much. I will tell you I've not found third-party negotiators to help in the process, to me, it's just one more cog that seems to complicate the process. The whole key is making sure the list agent is being proactive and putting pressure on the bank for answers and to keep the buyer informed - that's your agent's job. Short sales and foreclosures can take months. For buyers, patience is the key, and if you love the house, then the wait will be worth it. Hopefully one day soon, banks will figure out how to better handle short sales and foreclosures, so we're not all playing these waiting games. Hang in there.
0 votes Thank Flag Link Wed Dec 1, 2010
I am a short sale and foreclosure specialist in Winter Park Florida. Your agent should be in contact with the listing agent a few times each week at least by email. What I tell my clients is that there is nothing SHORT about a short sale. Patience is the name of the game. When you say the short sale has been approved, do you mean that the seller approved your price? That is step one. Now the bank gets your offer through the negotiator, who may be waiting to see if there are any other offers coming to the table. Is the house on "pending" on the MLS? If not they are possibly still entertaining offers. It's not a given that the bank will accept the price. One crazy thing about short sales is that the Realtor and seller ask for a price that they come up with, then the bank gets it and has to approve it. They were supposed to change it so that the banks gave the Realtors and sellers a price but it is not happening that way! If your price is close enough to the BPO, the bank should approve it.You cannot call the bank as a buyer, and your agent cannot call the bank directly either. Very frustrating I know, but if it's a great house for the money and you can wait it out then do so. A lot of buyers give up and walk away just to have the bank come back a few weeks later and say ok. That's when you read "bank approved" short sale. This does not guarantee a shorter turn around if the price is dropped, if it stays the same it should be quicker.Hope this has helped. evepurvis@gmail.com
0 votes Thank Flag Link Tue Nov 30, 2010
Unfortunately Chase will take some time in responding, but normally they will approve a short sale as long as the offer is close to FMV (fair market value). Be patient and have you agent follow up with the listing agent weekly..

Good Luck!
0 votes Thank Flag Link Tue Nov 30, 2010
Unfortunately, the bank can not give you any information unless the seller agrees to do so in writing and provides it to the bank. This is for privacy reasons dealing with the seller's loan. You can ask your agent to contact the listing agent or their managing broker. Sometimes e-mail can be faster for busy agents instead of phone calls. Good luck.
0 votes Thank Flag Link Tue Nov 30, 2010
The 3rd party negotiator is right they will not provide any information to you unless you are authorized on the homeowners account. Chase will tell you the same thing. The best way to find out any information would be to go have your agent get updates from the listing agent. You will have to take the listing agents word as far as if your offer was submitted to the bank or not. Even though the short sale was approved, short sales are buyer specific so if it was approved for a previous buyer then the process had to start all over once your offer came in. Unfortunately short sale approvals don't pick up where they left off with the last buyer.
0 votes Thank Flag Link Tue Nov 30, 2010
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