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Has anyone received a fax stating "preliminary approval" of the short sale? The offer was submitted about a month ago to the bank, and the BPO has already been completed. Any ideas what a preliminary approval from chase really means?
This thread has calmed me down many times I figure I might as well share
# of lenders : 1
Loan: Chase
Location : Los Angeles, CA
Listed as Short sale approved price 315k from 329k 6 months ago.
Original Purchase price was 395k
Jan 3rd - offer made @ listed price
Jan 5th - offer accepted
Jan 23rd - BPO Completed
Listing agent states all documents are complete now awaiting final review.
We are the 3rd set of buyers in this ss process. 1st walked away after 6 months. 2nd was cash buyer who countered @ a much lower price and walked away.
Received APPROVAL letter today! With closing on march 23rd
I found out my BPO has been completed. It looks like we have similar timelines. My case has a second lien, so hopefully I am not too far behind you. :-)
Property located in LA County, California
2 liens - Citi (399K in 2005) & BoA (100K in 2007)
Listed for 339K - started at 375K when first on market
Offered 332K
Jan 17: Submit offer to seller
Jan 18: Seller accepts
Feb 14: Negotiator assigned -had to hunt down seller's agent, wasn't getting anywhere with my agent :-(
Feb 14: BPO ordered
Feb 21: Confirmed BPO is complete
We posted an offer at end of November. They stated be a easy short sale. One lien apprasial on bank already done. Jan 20th said 2 - 3 weeks. Still no response after 4+ weeks. Anyway to contact Citibank or someone to check the status. Understand the process just like to find timeline. Like to know if we will be able to close mid April or not. Otherwise we need to find temp housing. Any suggestions to expediate the process. Our agent is on top of the seller agent all the time to get updates no update from the bank. Been in final negotiations for over a month.
It may be helpful to contact the seller's agent. I called my seller's agent, I was really friendly, chatted her up just to make a personnal connection with her. Not sure if this helped or anything, but I feel if the seller's agent knew more about me, the buyer, then that might help push the sale along. Basically let them know you expect feedback and they need to do what they can to get the bank to respond.
thanks Mmiller. Our agent has been in continues contact and pushy with the buyer agent. I know her style and she is all over it. Just like some honest feedback on timeframe.
OK, here's my timeline to date:
Loc: OR
Lien 1: 370k Wells Fargo
Lien 2: 60k HSBC
Sale price: 435k
We don't have a realtor, so the seller agent is the same as the buyer agent in this case.
Feb 8: Offered 400k with no closing
Feb 9: Seller accepts offer
Feb 10: Realtor sends paperwork to third party negotiator
Feb 17: Wells Fargo asks for 60 day closing addendum
Short sales definitely teach patience. I'm learning that for sure. My agent was only emailing the seller, so that was my main reason for calling. From what I have read, short sales close when you have good agents. Sounds like yours is definitely doing their job, hopefully the seller is too.
Just got our short sale approval package from Wells Fargo,submitted 2/19/2012 approved 2/22/12.
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