Home Buying in Belle Plaine>Question Details

Kaylee Edwar…, Renter in Burnsville, MN

Short sale with chase bank

Asked by Kaylee Edwards, Burnsville, MN Fri May 24, 2013

We recently put an offer on a house for 145,000 on 5/23. The list price is 138,900. The seller countered the next day 5/24 at 144,000 we accepted within a few hours. Now we are just wondering how long the bank of chase will take to get back to us so we will know if we are approved and got the home. Please help!

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5
I do a lot of short sales and I would tell you to be prepared to wait up to four months or more to get an answer. It has less to do with who the bank is sometimes and more to do with the other details of the sale. Meaning, how many banks are involved is there a second mortgage you are not aware of? The other piece would be how much information does the bank already have from the listing agent? Have they already submitted all of their financials, hardship letter, budget plus the making homes affordable package? If all of these forms are not already with the bank at the time he wrote the offer it can delay the decision by the bank by several months. Have they had a BPO? What has the listing agent told your agent regarding where they are in the process?

If you really like the house will be worth the wait but you have to be willing to be patient. That's the key to short sales. If you want to get a deal you have to be able to wait it out.

Best of luck,
Tom
0 votes Thank Flag Link Mon May 27, 2013
Your realtor should be going through the different steps that happen during a short sale. It is too lengthy to discuss right now.

But basically it depends on whether the seller already has all their financials and paperwork into the lender and have been assigned a negotiator. From there a BPO (appraisal) needs to be ordered. There is a bunch of other stuff like how many lenders involved, MI company or not, etc... but you can expect 2-3 months on average.

And be ready for the long haul it can take 6 months from start-to-finish to complete a short sale.
0 votes Thank Flag Link Mon May 27, 2013
Chase recently is taking between a month and a year to respond, and in many cases, their response is to ignore you and send the Homeowner a NOTICE OF TRUSTEE SALE.

They are under no obligation to respond, to be civil, to be considerate, nor humane. They will do what is in their best interests.

Incindentally; Where did those number come from? Surely not from Chase? How do they compare to the Market Value?
0 votes Thank Flag Link Sat May 25, 2013
I know this is an old post, but I love this answer. this is my experience with Chase short sale.
Flag Wed Aug 14, 2013
Times for short sales vary. Do you know if Chase had already approved the short sale? If not, it may take 30 to 60 days to get an answer once they have all the required paperwork and documents they request from the seller if not longer. Although short sales are quicker now than just a few years back, they do still take time. Double check with your agent. He/She may have more information.
0 votes Thank Flag Link Sat May 25, 2013
What was your agent's response to your question?
0 votes Thank Flag Link Sat May 25, 2013
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