Home Buying in Danville>Question Details

Hailey, Home Buyer in San Ramon, CA

We are offering a short sale home , the lender is Chase...anybody knows the approval rate from Chase?

Asked by Hailey, San Ramon, CA Thu Aug 6, 2009

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It has been a few weeks and I wonder how your offer is going? The best approach to bidding on a short sale is to have your agent find out as much as possible about the short sale before you get involved.

1. Is the seller's hardship approved?
2. Has a short sale package been submitted?
3. Has a Negotiator been assigned?
4. What is the listing agent's experience with short sales?
5. How many lenders and how much is the deficency?

Armed with this info, what lender it is, is secondary. There are a lot of banks and mortgage lenders and servicers. Who you deal with can be different than what is on the recorded security instruments. For Chase, which has wholesale and retail origination, it will have a lot to do with volume of short sale requests. It is not possible to know that. What can be done is to write a really clean firm offer with no ambiguity of terms that expresses your desire to own the home as a serious buyer. The rest is up to the listing agent; to be diligent with follow up. If the seller's hardship is approved and the price is right - meaning that it supports the BPO appraisal valuation in the current market conditions - then it is possible it could be approved.

Best of luck with your home purchase!
1 vote Thank Flag Link Mon Aug 24, 2009
Chase has been improving on thier time to get Short Sale approval. Currently it's about 6-8 weeks, depending on the "hardship". Additionally, given your circumstances, you may apply for HAFA "moving assistance" of $3K. This will add approx. 2 additional weeks to your short sale transaction, but may be worth it to you.

Major keys to this process is getting the right people in place to work for you, and staying on top of the documents that are requested from you, A recent short sale transaction of mine, got lender approval in ONE day! (They did not request HAFA assistance) so things can get done quickly, given the right team!

Let me know if you need assistance with your property, I am happy to help.

Susan Bieber
0 votes Thank Flag Link Wed Nov 30, 2011
I work for a Real Estate Attorney / Broker in San Jose.
We are working on a Short Sale in Alamo and the lender is Chase Home Finance, we had to stop a foreclosure sale. I think most of the issues are not staying in touch with the lender enough. We will be able to close within one month of submitting the offer.

There are different procedures attorneys do that real estate agents cant do that help us negotiate short sales quicker.

I was able to close a short sale in Pleasanton once I got an offer within 3 - 4 weeks . The difference is in how you do your paperwork, disputes, validate debt etc.

Best of Luck,

JoAnna Jensen
Legal Assistant
Web Reference: http://www.vololaw.com
0 votes Thank Flag Link Tue Oct 4, 2011
Do you mean 'how often do they approve short sales' or 'how long does it take'? It could take anywhere from 1-3 months. And, if your paperwork is submitted correctly and completely, you should have little to no trouble getting short sale approval. My office works with Chase all of the time, and that has been our experience.
0 votes Thank Flag Link Tue Oct 4, 2011
Hi Hailey,
I have to say, Chase is one of the tougher banks regarding short sale. We have gotten the offers accepted with them and usually from 60-90 days. We have been told they only approve 10-20%, but If the short sale is packaged properly, that percentage would be more like 80%. They are one of the banks that do require a more severe hardship. What they will want to know from you is what has changed in your life since you purchased the home where you are no longer in a place to keep the house and afford the payments. If you have any questions about your situation, feel free to call me direct on my cell. (925)890-7443.
We wish you the best of luck,
Lisa Doyle]
J. Rockcliff Realtors (925)890-7443
0 votes Thank Flag Link Tue Oct 4, 2011
When I worked on the selling side of a short sale with Chase it took two months to get the approval and then another thirty days to settle. Some short sales transaction can take less it just depends which case manager they are assigned to and how many properties that person is currently handling. Once they receive an offer they usually have other brokers perform bpo's (broker priced opinion) to verify the value. These are like mini appraisals. Unfortunately this can be a long process, but usually the discounted price is worth the wait. Good luck.
0 votes Thank Flag Link Sat Aug 8, 2009
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