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I have just had a few short sales with new negotiators for Chase. One has had a buyer contract since June 1, BPO was done late May, fair market price, cash and is in a condo development that requires cash due to the high volumn of foreclosures. Another has had the offer since early May. No BPO on that one yet. A third has had the offer since April, no BPO, they are trying to modify the loan and offered a 3 month interest rate reduction on a property where the seller is 54% upside down on the mortgage in today's market.
Chase said they are restructuring how they handle short sales to streamline the process. Time will tell.
Those wanting to buy a short sale must be very patient. If time is an issue for the buyer, only deal with short sales that have been previously approved by the lender. A good buyer agent can get that info from the selling agent and match up what they say with the history of the listing. Those often close very quickly.
If your offer is the first offer on the short sale listing, be prepared to wait 4-8 months for a decision. Silverfall's estimate seems right on track with my market too.
What I found out today is that the BPO is around $190k and my offer is $193k. That's good right? Why do these banks sit on these propertys so long, especially when I am giving them more than fair market value?
The million dollar question is whether the second lien holder (in cases of short sells, their are usually 2 or sometimes 3 lien holders) will accept whatever the first lien holder gives them back.
If there is no agreement with the secondary lien holders, there is no deal...PERIOD. The second lien holders might end up with very little in a short sale, so they negotiate for whatever they can get from the first lien holder. If they are getting nothing back, they have nothing to lose anymore and will just hold up the deal indefinitely and let the home go straight into foreclosure.
The million dollar question is whether the second lien holder (in cases of short sells, their are usually 2 or sometimes 3 lien holders) will accept whatever the first lien holder gives them back.
If there is no agreement with the secondary lien holders, there is no deal...PERIOD. The second lien holders might end up with very little in a short sale, so they negotiate for whatever they can get from the first lien holder. If they are getting nothing back, they have nothing to lose anymore and will just hold up the deal indefinitely and let the home go straight into foreclosure.
That's why short sales take forever.
Thanks!
Just talked to my realtor and Chase is the only lienholder.
Anybody have or know of any good contacts at Chase that I could contact??
Call any Chase number or go to the bank. Ask for the Executive Offices number. They are very helpful in many situations. However, you won't have the sellers authorization to discuss the loan.
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