If there is no longer a sale or foreclosure date on the property, that is good news! It can mean the lender finds your offer sufficient and could be approving it soon and they are just working on the allocation of costs and the amount of the pay-off. Good luck!
My comps were mainly distressed properties though. There are identical properties that are regular sales that are asking really high, but has been on the market for a long time.
Maybe I'll have waited 4 months to get a rejection. I'm willing to pay more for the property though. I'm just hoping for a counter offer, and not a rejection (if they don't accept the offer that is).
By the way, Chase is one of the slowest in processing short sales. I have a listing under contract now that I submitted in November last year and we only got an approval in June but it fell through because of inspections so we are now with the back-up offer. They again asked for updated documents from the seller just days before issuing the approval. So this timeframe for you is normal but I understand the wait is frustrating. Also, the 2nd lien might be with Chase as well. When they issue the approval, they will include the pay-off amount for both the 1st and 2nd liens. Usually, they will budget the amount of your offer for the pay-off for both liens as well as other closing costs such as unpaid taxes & utilities and other costs depending on your county. So you shouldn't pay the 2nd lien separately because it's really up to the 1st lienholder how much they should be getting. In short, the 1st lienholder has to allot a pay-off for the 2nd lien. And if it's unacceptable to the 2nd lienholder, then that's when you can add to the pay-off, but also with the 1st lienholder's knowledge and through escrow. So just hang in there!
I just found out the first lien holder is Chase, and is owed $480k in principle. Lien #2 was not disclosed to me, but is owed $110k.
My offer was for $430k. I'm hoping Chase approves it for that price, and I can just buy out the other lien in cash.
Unfortunately the listing agent has no real power outside of providing the requested package. I have dealt with deals where the first lender has approved the sale but they are back and forth with the 2nd for 3-4 months to iron out terms.
Good tactic! When there is space, I always go low, especially when I know there arn't other offers coming in. But having done a lot of short sale, sometimes the banks do order a BPO before the entire package is submitted just to get an idea of what price to expect. It's up to each different lender really.