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Old 05-07-2010, 02:02 PM
 
31 posts, read 116,503 times
Reputation: 22

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Bank called and told listing agent all paperwork has been received and turned over to the dept that approves the short sale. WHEW...finally (BPO complete as well)

In your experience, what's left? Anyone know about how much longer we are looking at now?

(It's Chase bank with them as the only lender)

Thanks!
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Old 05-07-2010, 02:09 PM
Status: "Celebrating 30 years as a Broker" (set 26 days ago)
 
Location: Just south of Denver since 1989
10,891 posts, read 29,335,340 times
Reputation: 7095
4-8 weeks, depending on the investor.
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Old 05-09-2010, 01:24 AM
 
Location: Dallas/Fort Worth, Texas
4,139 posts, read 13,454,953 times
Reputation: 2556
The last 2 short sales with Chase got an approval within 3 weeks of receipt of complete documentation and BPO. We did have to resubmit the same documents over and over during 2 weeks but they finally got their act together to give an approval.

Good luck,

Naima
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Old 05-11-2010, 07:23 AM
 
Location: Austin Texas
434 posts, read 1,151,257 times
Reputation: 158
After Chase bought WaMu my buyers (on a short sale) had to endure 3 different negotiators, closed file twice by accedent and a second lein holder on the sellers side who held out for more $$. After 13 months they decided to forclose on the seller. SOOOOOO frustrating. I hope things go smoother for you!
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Old 05-11-2010, 07:33 AM
 
Location: Las Flores, Orange County, CA
26,346 posts, read 82,847,374 times
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To the forum (especially realtors or those familiar real estate industry), are trends being seen in the short sale process, specifically for purchasers who are to be live in homeowners (as opposed to investors)? Is the duration of the process decreasing, since six months or a year ago? Have any of the previous constraining "hoops" been more efficiently bridged? Is the overall process easier? Have banks/lenders/government been taking initiative to push the processing of short sales? Is the consideration by a future home buyer of undertaking a short sale less daunting than it was six months or a year ago?

Or, is the experience pretty much unchanged from six months or a year ago?

If possible, tailor the responses for Orange County California.
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Old 05-11-2010, 08:26 AM
Status: "Celebrating 30 years as a Broker" (set 26 days ago)
 
Location: Just south of Denver since 1989
10,891 posts, read 29,335,340 times
Reputation: 7095
The process changes often.

VA and FHA's are supposed to be straightforward. Pretty clear guidelines/timeline to follow. Although the servicer's like Wells keep telling me they have their own rule. An email or a phone call to HUD, usually gets it back on track.

Conventional Fannie/Freddie also have guidelines, but the timeline is not defined. A year ago Freddie took a week to review, now it's 4-6 weeks.

Is it a conventional loan by a private investor? No rules unless applying within the HAFA program.

Is a Mortgage Insurance company involved? That blows up everything.
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Old 05-12-2010, 08:46 PM
 
Location: Lansing
79 posts, read 385,975 times
Reputation: 62
I do not see the process shortening. The problem is really that real estate agents who have no idea what they are doing are listing short sale properties. I think that we will begin to see specific companies emerge in the next year or so who just do short sale negotiations and this will help smooth the process a bit.
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Old 05-12-2010, 08:48 PM
Status: "Celebrating 30 years as a Broker" (set 26 days ago)
 
Location: Just south of Denver since 1989
10,891 posts, read 29,335,340 times
Reputation: 7095
Some agents don't have enough experience in short sales. Some agents have a boatload of experience and care enough about the seller to keep trying despite the idiotic roadblocks the servicers put up.
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Old 05-19-2010, 04:27 AM
 
31 posts, read 116,503 times
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Just wanted to come back and update...

We got approval yesterday and they want to close on or before May 30th...should get the actual day today. So, if we are able to close next week, then it will be 10 days shy of 4 months total.

It's not done yet...but it sure feels better than it has

Patience is definitely a virtue!
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Old 05-19-2010, 06:52 AM
 
Location: Sterling
104 posts, read 376,049 times
Reputation: 28
Quote:
Originally Posted by bands321 View Post
Just wanted to come back and update...

We got approval yesterday and they want to close on or before May 30th...should get the actual day today. So, if we are able to close next week, then it will be 10 days shy of 4 months total.

It's not done yet...but it sure feels better than it has

Patience is definitely a virtue!
Congratulations!! We have been waiting since early April, definitely not as long as you but waiting is definitely difficult!
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