I have two short sales, one Chase is the first and they assigned to a negotiator within 10 days. I received my first response from them, cut commissions, remove home warranty, seller will not cover certain other fees so buyer will need to cover them.
The second SS Chase is the second but it was turned over to a collection agency and I have a few choice words for them. They are being very difficult. Wachovia is the first and they responded with 3 days. The reality of this one is that the Seller is fully prepared to let Chase loose it all as their only incentive for a short sale is to get the relocation allowance offered by Wachovia.
Then there is are Buyer's agent -- yet they specifically will not be discussed in this forum, except Buyers, be aware that your agent can break this deal if they are not willing to work or adjust where needed. The banks are taking a hair cut, the sellers have lost everything, the buyers may have to come up a bit on their cost, and the agents may have to cut some commissions. If all are cooperative it can happen.... more
thanks for the answers! it is encouraging to hear we are almost there. We have a closing date of feb 19th and i know the bank is ready to go as much as we are, so hopefully that is it for the "hiccups". Everything on mine and my husbands end is good to go. So exciting! Again, thank you!... more
Beware of bank owned properties ... But more importantly be prepared: manage your expectations in terms of timing and also ask all the necessary questions about the bank (who they are, their average time closing a deal, if it's a short sale make sure the owner has submitted their paperwork to the bank and make sure the bank has approved the listing price).