I made an offer for $220k on a Short Sale and owner has a Chase Loan for $250k

Asked by Carolina, Miami, FL Fri Jul 20, 2012

I made an offer for a Short Sale single family in Miami, FL for $220k and i'm giving $42k down payment. I know the current owner has only one mortgage loan with Chase and it was for $250k. They made the BPO 2 weeks ago and I want to know what would be the next step? does this looks like an easy case for Chase? How long could the process take? im desperate to get this house

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Chuck Wartman, Agent, Colorado Springs, CO
Thu Jul 26, 2012
Hi, There are Many variables to answer your question but I will be generic. Once the BPO is completed in takes about 10 to 14 days to get into the system. Sometimes they are ordered by a processor and sometimes by the actual negotiator. If it was a processor, it will be a few more days to have it assigned to a negotiator.

The tricky part to answer your questions is it depends on who the investor (backer) of the mortgage is, Fannie Mae, Freddie, VA, FHA that kind of thing. You are probably looking at hearing something back in about 45 to 60 days.

There are new systems (supposedly)in place that say the are trying to get word back to you with in 30 days of having everything (docs) .My experience is it is a work in progree.

I am happy to answer any other questions you may have on the subject.

Chuck Wartman
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Ron Thomas, Agent, Fresno, CA
Fri Jul 20, 2012
Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.

Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called “chasing the curve”) and Buyers will be asking the question; “What’s wrong with that house?” and “Why has it been on the Market so long?”

Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; “Aren’t you obligated to sell at this price if someone offers it?” The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)

Different Banks have different philosophies about pricing their properties: You cannot draw any conclusions without a good analysis.

Have your Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. It is the surest way to determine the Market Value of the property.
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Janet Hill, Agent, COLUMBUS, GA
Fri Jul 20, 2012
Working with a seller on a Short sale can take a very long time. I have represented buyers in the past where it took only (!) 3 months and also where it took as long a 6 months. I always caution my Buyers not to get in a HUGE hurry when making an offer on a Short Sale. If time is of the essence, work with Sellers who are individuals!
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