i signed short sale contract in chatham in March - held by Chase. Friends say the right lawyer can cut through the delays. Is that true?

Asked by chatman12345, Chicago, IL Thu Dec 27, 2012

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Terry Farnsworth’s answer
Terry Farnsw…, Agent, Lisle, IL
Thu Dec 27, 2012
While I agree with Le Ann's statement that perserverance and experience play a huge role in the outcome of a lot of these transactions, the idea that you can simply "will" any of these deals to closing simply by working harder is a bit unrealistic. There are simply too many variables involved in short sale transactions especially that are out of your agent's control. Did the sellers submit a complete package to the bank? Is all the paperwork in order? How versed is the list agent in getting these transactions closed? How many lienholders are there? Does the list agent know how to communicate with and get a timely response from the asset managers that work for the bank? Has a price been approved? These are details that we don't know.....

Should your agent, and any agent worth their weight, be relentless in getting you answers and fighting for resolution? Absolutely. Does the quality of your agent, and their experience level increase your odds of a resolution? Yes. Will it guarantee one? Absolutely not.

Experience also means knowing when to advise your client to walk away.....instead of continuing to try and "push" a deal that is ultimately going to go no where, through.
1 vote
Santiago Ken…, Agent, Chicago, IL
Wed Oct 9, 2013
Chase bank short sale time 30 to 45 days then you are ok , i am a priority Short sale partner with Chase http://www.illinoisbienesraices.com/Busqueda-Avanzada/
0 votes
Riccardo War…, Agent, Bolingbrook, IL
Mon Dec 31, 2012
Short sales depend on a lot of things. The bank, the agents involved, the loan officer, etc. A good lawyer is not a sure red tape bypasser. May help a bit but may not.
0 votes
Irma Ayala, Agent, Chicago, IL
Fri Dec 28, 2012
It's been a long wait, so I would ask if you seriously want this house, or are you willing to walk away from it. I worked on a short sale that took almost a year to close - honestly, almost a year! Finally, it did close. I was the seller's agent, and both her attorney and I made sure to send in anything the bank asked for - immediately.
Short sales are getting somewhat easier - but not short, by any means.
0 votes
Laura Rivera, Agent, 60622, IL
Fri Dec 28, 2012
Terry Farnsworth's reply is your most complete answer! And to me it's looking like you should consider moving on if there is no clarity after all the time you have waited.
0 votes
Laura Rivera, Agent, 60622, IL
Fri Dec 28, 2012
Terry Farnsworth's reply is your most complete answer!
0 votes
Bill J Delig…, Agent, Naperville, IL
Fri Dec 28, 2012
During the short sale the heavy lifting is done by the seller's attorney or seller's Realtor, They can expedite the process if they know what they are doing.If you are the buyer, then there isn't much you can do.
0 votes
Ivan Sagel, Agent, Chicago, IL
Thu Dec 27, 2012
Are you the buyer or seller? It is the lawyer or broker on the seller side that has any influence on the process.

Best of luck,

Ivan Sagel
312.515.7823
Ivan@atproperties.com
0 votes
Traci Kingren, Agent, Del Mar, CA
Thu Dec 27, 2012
Short sales take time. Banks are cautious on what amount of loss there are willing to take, so they scrutinize all documents submitted in the short sale package. Try to keep in mind banks have an overload of short sale packages coming through; typically, they are worked in the order in they were received. Not to mention the multiple parties involved in the approval process; lender, service agency, buyer/ seller financials. I would like to suggest save yourself some money and find an experienced agent. A good agent has the same knowledge if not more when communicating with bank officials regarding the property, market conditions and values.
0 votes
Mark Eibner, Agent, Front Range, CO
Thu Dec 27, 2012
FYI---A quality Short Sale Real Estate Broker can hold their own against any Attorney.
0 votes
JIM Michaels, Agent, Chicago, IL
Thu Dec 27, 2012
I would ask your friend what experience he has had with " the right lawyer can cut through the delays."
0 votes
Matt Laricy, Agent, Chicago, IL
Thu Dec 27, 2012
The seller attorney can help if he knows what hes doing, but the fact is, sometimes these short sales take forever. There is nothing "short" about them.
0 votes
Le Ann Dunne, Agent, Iowa City, IA
Thu Dec 27, 2012
I think all lenders are about the same. It all comes down to the realtor's ability to navigate the system and make useful contacts in the food chain within the lender. There may be more than one lien holder (have had 20 against one property).

I respectfully disagree with Phillip on his comment that we just do what we are told when we are told. There is a way to work the system to the buyer and seller's advantage to get the job done. Again, it take knowledge and perseverance!
0 votes
Philip Sencer, Agent, Chicago, IL
Thu Dec 27, 2012
The lienholder controls EVERYTHING in a short sale transaction. Everyone else just does what they are told, when they are told to do it. There are always delays although Chase seems to be better than many others like BOA/5th/3rd/Indymac
0 votes
, ,
Thu Dec 27, 2012
March? This is December, that isn't a delay...

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
Web Reference:  http://jamessimms.com/
0 votes
Terry Farnsw…, Agent, Lisle, IL
Thu Dec 27, 2012
Chatman,

The bigger question here is do you know what specifically the "delays" are, and what is causing them? Has your agent, your attorney, or the list agent given you any answers, direction, or advice on the situation in this 9 month waiting period? If there is a complication that is out of your agents/attorneys hands, then there isn't much you can do but wait, or cancel the deal. If your agent/attorney are simply "waiting" with you, and not constantly pushing for an answer and resolution........then that's a completely different story.

The reason I am asking is because while short sales typically are a little more challenging to navigate and generally take a little longer to close - as stated below 9 months is very long time to be waiting blindly with no feedback from anyone on the situation. You'd need to provide a little more background information on the responses you've gotten from the parties involved over this 9 month period.
0 votes
Le Ann Dunne, Agent, Iowa City, IA
Thu Dec 27, 2012
I assume you mean March, 2012. It is ridiculous that this is not resolved- and likely closed. You need an experienced, tenacious and dedicated realtor who will get this pushed through. If your realtor is not doing the job I would recommend going to their managing broker and ask for a realtor who will get the job done. An experienced realtor is someone who knows how to navigate the lender's system and cut to the chase to get the short sale approved.

This being said, there could be extenuating circumstances that could be preventing an approval. There could be outstanding liens or other complications. Once these are identified you may need an attorney to assist in getting these items resolved. I would rely on your realtor's recommendations for an attorney as well. Not all attorneys are savvy in dealing with short sales.

Bottom line-- you need a good team behind you to get the short sale approved and closed. The bank does not want the real estate back in their inventory. It takes the right people doing the job to make the deal happen for everyone!
0 votes
Manuel Brown, Agent, Chicago, IL
Thu Dec 27, 2012
Dear Buyer,

It is not up to the purchaser to hire the short sale attorney. It does seem like a very long time to get a decision either way. While my colleagues don’t feel it doesn’t matter what attorney you use I cannot disagree more with them. I have used the law firm of Gardi and Haught, LTD. They have a staff that has direct contacts within departments of each major bank and the person who heads up that department has personal experience from working in the banking industry. A short sale attorney should not take any funds upfront they should be paid from the proceeds of the sale. This give the attorney an incentive to make sure they get to closing.

When I had a short sale with Chase Bank servicing the mortgage we closed 45 days from the contract being signed. My seller only had to miss one mortgage payment. Remember every situation has its own hurtles to overcome.

So yes the attorney can make a difference if they have staff that has the experience and the inside track.

I would take on short sale any day of the week using them.

Happy Holidays,

Manuel Brown, Broker
iMove Chicago
0 votes
Sohail Salah…, Agent, Chicago, IL
Thu Dec 27, 2012
Depends on where the delay is at. If the right lawyer knows the negotiator at Chase and the process then they can move the process quickly on their end however depending on what's going on inside chase we don't know if they can help or not unless we know where the delay is in your process.



Sohail A. Salahuddin | Founder

Innovative Property Consultants Group | Sales and Leasing

http://www.innovativepropertyconsultants.com



Jameson Sotheby’s International Realty

425 W. North Ave. | Chicago, IL 60610 


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0 votes
Jose Hernand…, Agent, Chicago, IL
Thu Dec 27, 2012
Not! You can hire the best attorney in town but it will not make a difference. The big delay we normally see is the seller's not providing all the information required in a timely manner. Also, the actual investor could be one entity or a dozen and they all will have to approve of the short sale.
0 votes
Jorge Vega, Agent, Chicago, IL
Thu Dec 27, 2012
Well, there are good attorneys and there are bad attorneys just like in any business. When it comes to getting your short sale approved it comes down to the aggressiveness of the attorney and their ability to follow up and provide correct documentation. Make sure you have an attorney that can communicate with you on a consistent basis and provide you with follow up on the status. If you need some referrals feel free to contact me at 773-627-7608 or jorge@newmanrealtyillinois.com. Good luck!!!

Jorge Vega
Real Estate Broker
Newman Realty Group
http://www.newmanknowschicago.com
P: 773-627-7608
0 votes
Terry Farnsw…, Agent, Lisle, IL
Thu Dec 27, 2012
Unfortunately no. If it were, short sales would be as easy to close as simply finding the right lawyer.

The truth is that unfortunately in a short sale transaction - the bank holds all the cards and you are at their mercy. Whether or not the contract was signed by you and the seller makes zero difference - what is of critical importance is whether or not the lender approves the deal. This is why it's critical to understand the potential hassles of entering into a short sale transaction without having a pre-approved price from the bank already in place.

I don't know the exact details of your situation, however it sounds like you and the seller have agreed on the terms, but the lender has not.
0 votes
Laurie Chris…, Agent, Oak Park, IL
Thu Dec 27, 2012
I wish this was true!! I've had all sorts of issues with my Chase short sales this year, and I'm working with some very competent and experienced short sale attorneys. Best of luck to you!
0 votes
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