A BPO will be ordered, soon and just before closing.
If the market moves up considerably at closing time , you maybe asked to bring in more money if a buyer.
If the market is going down, you may have an option to back out.
No quarters given by Chase, business minded, sharp and very good.
Hope you have expert guidance.
Chase will run some BPOs (Broker Price Opinions) and also may order a full appraisal to determine value for currently market conditions....there are numerous other factors that will determine the outcome but a Zestimate and the amount owed will not.
None of that stuff matters.
Chase will do their own BPO and determine the value.
Next they'll determine whether it's a HUD insured loan - cause if it's HUD then HUD will buy from them for X amount based on the ORIGINAL SALE PRICE. So, if they get more from HUD then they won't do a short.
I have done WaMu shorts with success but not since Chase bought them out.
Good Luck! My longest short sale took 36 weeks!
Get an agent with endurance!
Rebekah Owen, MBA
Short sales are unique one from the other.
While most of them require the basic same information as some of my colleagues described on their responses, your case, home value, possible loan modification, personal situation as well as hardship, need to be evaluated.
I would be very happy at no obligation to meet with you and to go over your particular situation and let you know what your chances for a short sale are.
I have done several short sales going back to the early 90â€™s. But this days short sales are really different and they take more preparation.
Feel free to call me & we can set up a time to meet.
Jorge E. GosÃ¡lvez
Broker Associate, GRI, SRES | DRE: 00811940
Serving Clients Since 1981
INTERO Real Estate Services
10275 N. De Anza Blvd. | Cupertino, CA 95014
(408) 249-3718 Direct | (408) 904-5465 Fax
Jorge@BrokersForLife.com | http://www.BrokersForLife.com
Are you engaging a realtor experienced in short sales to help you?
(2) you should show some kind of hardship to qualify for a short sale. Fortunately, declining market value qualifies as a hardship.
Here are examples of what qualifies as a hardship:
_ Reduced income
_ Medical bills
_ Too much debt
_ Death of spouse
_ Mortgage payment increases
_ Business failure
_ Job relocation
_ Damage to property
_ Military service
Take a look at this to find out what you need to do when submitting your short sale package to your lender
I do not believe most loss mitagators utilize Zillow values when determining a short sale. They have their own form of number crunching that basically decides whether they will lose more on a short sale or foreclosing. In my experience the biggest challenges to obtaining short sale approval:
1.) True hardship and little to no assets
2.) Second lien holder willing to accept whatever the first lien holder will provide
3.) If there is mortgage insurance involved, the insurance companies agrees to value
Since you don't have a second lien holder, it very possible a short sale would work.
In my experience, all short sales take time. Wachovia seems to have the best system for approvals and WAMU is taking the prize as slowest short sale approval.
The next question is how far are you behind on payments? Have you received a Notice of Default (NOD)?
It would be a good idea to have a real estate agent run the comps and provide you with a net sheet on how short the sale could be and discuss strategies on how to work with the lender. If you want to bounce ideas around, call me. No obligation to sell or use me as your agent.
Zillow values are a bit off in terms of giving you a value for your home. Keep that in mind but a Short Sale is pretty simple. You need to be in a defined hardship before you can even consider getting approved for a Short Sale. Your lender will review your income and asset information based on your hardship. If the lender feels that the numbers does not add up for the hardship, you will be denied. The home value does not really determine you will be approved for a Short Sale. If you are not on a financial hardship regardless of the loss in value of your home, a Short Sale will not fly.
There are special circumstances where servicing lenders and their investors will approve you for a Short Sale. For example, hardship can include multiple ownership of investment properties.
I've worked with Chase on many Short Sale transactions and thus far have not yet been denied for any of them. An agent will need to look at your scenario and financial situation before he/she can determine whether or not you will get approved for a Short Sale.
Marc C. Yu
Realty World One Source
(408) 945-9600 Office
(408) 519-3759 Fax
(415) 205-0255 Mobile