I would just have your agent keep pushing on the process, being very vigilant with her communication and follow up. I would also suggest that you continue looking just in case this doesn't work out or you get tired of waiting and you find something better in the mean time.
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As long as you realize that you may not get the home. Chase is going to make sure that the offer price is around the comps. In addition Chase does often ask seller to come up with additional money to allow the short sale to proceed. Seller will more than likely refuse and then it will be on you to come up with that if you want the house to close. So, take into account that other things can derail this deal and then make you decision based on that.
Perhaps suggest you will put money xxxx aside every month, so if bank agrees to terms of the short sale then you will forward the money to them for rent, if the bank demands a payout... the money will be applied on the sellers behalf to the demand of addtional funds. I think that would be in both parties best interest.
The bank is getting a short amount from what they originally loaned the borrowers. Therefore the borrowers have to prove that they have a hardship and cannot afford to pay the payment. Part of the paperwork that the sellers need to submit must declare all income. If you are paying the sellers rent money and the bank finds out that the sellers did not declare this then it could create a problem and the bank could request that the sellers give the bank your rental payments. This is called "Seller Contribution", to the bank.
Good luck and try to be patient.
thanks for ur answers all.
what we were thinking was to draw up a lease between us and the owners as the owners are now having to pay bills to keep house running why wouldnt they go for it? its cash in their pocket. why does the bank need to know? the asking price was 195k and we offered 190k...so our realtor and listing agent assure us that the home is ours if we wait long enough...