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Old 07-14-2011, 11:49 AM
 
1,472 posts, read 1,521,139 times
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Anyone know how easy/difficult it is in working with Chase Bank from a buyers' prospective? (I've heard negatives..)

Just went under contract for a short sale w/Chase as the original and only lender.

As a sidenote, apparently this home was on it's way to the auction block in June, when the sellers/owners' agent got the bank to agree to a short.

Any insight as to what our next few months will be like as potential buyers on this short sale?

We were chosen out of multiple bids on this home and supposedly were chosen over the others as our financing seemed the most solid (it is).

This is a first time for us.
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Old 07-15-2011, 05:18 PM
 
Location: The Valley
63 posts, read 70,539 times
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I'm currently a buyer of a short sale where Wells Fargo was the primary and Chase was the secondary lien. Wells negotiated a portion of the offer price and offered it to Chase in order to lift the lien. It took a full month and a threat to walk away before Chase even answered with a counter offer. *shrugs* Ironically, Chase finally approved it when the seller agreed to up the offer and then set a closing date a week earlier than Wells! I'm in the process of getting a loan and hopefully I can make it in before Chase's deadline...
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Old 07-15-2011, 05:41 PM
 
Location: Salem, OR
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We just closed (last week) a Chase short sale with a credit union second and they rocked it. It was about two and a half months from offer to close.
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Old 07-15-2011, 06:33 PM
 
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Quote:
Originally Posted by Silverfall View Post
We just closed (last week) a Chase short sale with a credit union second and they rocked it. It was about two and a half months from offer to close.

Silverfall-

Were you the buyers' realtor or the one who actually bought the short sale for yourself?

Can you tell me how the appraisal came in..over or under the buyers offer?

How long from first offer/contract to bank acceptance?

And did the bank..when they finally accepted the offer, did they accept the original bid/offer? Or, did they want more and counteroffer?
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Old 07-15-2011, 06:54 PM
 
Location: Salem, OR
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Quote:
Originally Posted by twowolves View Post
Silverfall-

Were you the buyers' realtor or the one who actually bought the short sale for yourself?

Can you tell me how the appraisal came in..over or under the buyers offer?

How long from first offer/contract to bank acceptance?

And did the bank..when they finally accepted the offer, did they accept the original bid/offer? Or, did they want more and counteroffer?
We were the listing agents that negotiated the short.
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Old 07-18-2011, 10:10 AM
 
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Quote:
Originally Posted by Silverfall View Post
We were the listing agents that negotiated the short.
Just wondering, was the second loan a 2nd mortgage or home equity loan?
Did short sellers cash out refinanced?
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Old 07-18-2011, 02:29 PM
 
Location: Salem, OR
10,993 posts, read 18,889,531 times
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Quote:
Originally Posted by aneftp View Post
Just wondering, was the second loan a 2nd mortgage or home equity loan?
Did short sellers cash out refinanced?
It was a HELOC on the second with a local credit union. The first with Chase was the original loan. It was also a classic hardship situation.
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Old 07-18-2011, 03:15 PM
 
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Quote:
Originally Posted by Silverfall View Post
It was a HELOC on the second with a local credit union. The first with Chase was the original loan. It was also a classic hardship situation.
What I meant to ask was the Heloc used for the home (home improvement etc) or was it used for non home purposes (fund business, pay off credit cards etc).

The reason I ask is there doesn't seem to be an rhtyme or reason to how banks forgive Helocs. The only thing I see is that Helocs over $100k regardless of what they were used for are more easily forgiven these days than small Helocs like those less than 50k. I know it sounds strange but I guess banks reason u are more likely to walk if you owe them more on a loan.

One of my neighbors is about to be forgiven on a 200k home equity he used to fund a business. He's short selling his home for $270k less than he paid for it. He basically put a big down and than immediately took it all out after he moved it.
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Old 07-18-2011, 03:47 PM
 
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I just passed week 8 as a buyer of a Chase only short sale. Things seemed to progress pretty quickly at first. They ordered a full appraisal that came back within range of our offer (wouldn't tell us the amount) and they said they would have a decision in 10 days. That was over 3 weeks ago. I honestly wouldn't be so bad if the listing agent would keep in contact with us. Today received word that they wanted more financial information from the seller, and once they get that, it will be expedited with the investor.

All in all, I am more irritated with the listing agents inability to keep us informed as much as chase making timely decisions. Hopefully it's approved and the investor doesn't want extra money from the seller, but from the sounds of the communication today, it shouldn't be much longer.
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Old 07-18-2011, 04:47 PM
 
Location: Tempe, Arizona
4,511 posts, read 7,489,447 times
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Quote:
Originally Posted by aneftp View Post
...One of my neighbors is about to be forgiven on a 200k home equity he used to fund a business. He's short selling his home for $270k less than he paid for it. He basically put a big down and than immediately took it all out after he moved it.
While your neighbor may be allowed to short sale with a HELOC, he may face a deficiency judgement for repayment. It's also possible he negotiated some type of installment repayment plan or a lump some payment, perhaps for a much lower amount.
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