Another successful Short Sale approval in Central Florida!
Lender: Chase
Amount owed: $129,000
Hardship: Loss of income and medical
The property was placed on the market on February 14th at $110,000. The price was slowly reduced to $85,000 on April 11th and went pending on April 18th at $87,500.
The complete Short Sale Package was submitted to Chase on April 24th.
On July 17th we were asked by Chase to reduce the Seller concessions from 6% to 3%. So we rewrote the contract at $84,500 and reduced the Seller concessions.
On August 4th the Buyer's appraisal came in at $60,000. We rewrote the contract at $60,000 and submitted to Chase with the appraisal.
We received written approval from Chase on September 1st for $60,000. The amount of the "Short" is $77,000 or 60% of the mortgage. No note or cash contribution is required of the Seller.
From contract to approval took 137 days. Not too bad for Chase.
Available Short Sale Training:
- The Negotiator Interview $27.00
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Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://CentralFloridaShortSales.com
http://ShortSaleSuperStars.com
***The content of this blog is solely my opinion***
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Want to find out more? www.CentralFloridaShortSales.com
***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.
Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales, Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.
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Just horrible, but I am sure they never thought there was a problem. Our tax dollars at work.
In our area, only 14% of Short Sales close escrow before going into foreclosure.l Dismal response from lenders.
My goodness Chase is getting fast!!!!!!
My partner was on the phone with them yesterday and after talking with them for an hour, 3 folks, they wouldn't give her a call back number when she requested it in case they got disconnected. Guess what? Chase hung up.
Wow that's some forgiveness - great job.
Bryant - Great job with slow Chase!
Someone got a pretty good deal too I would say! Nice job!
Bryant,
137 days and the borrower saved $27,500 seems like time well invested. If a person has the time and temperment a short sale is a great oppertunity.
137 days is nothing for Chase! I've got Wamu checking and they still have our accounts screwed up.
Bill
That maybe some kind of record for Chase. I'm working on one that at the pace we are going it could be under sixty days from offer to close. But, we will see what kind of delay comes in the next week.
That is so strange that you have these comments that Chase is slow and that 137 days is short for Chase. We have a great negotiator at Chase who does all our non Freddie files. He is awesome and we get to closing in 40 to 90 days max on all our Chase deals except for two. One is an exception, long story so I will blog about it. THe other one is a Freddie loan and our negotiator on Freddie files at Chase is awesome too, she had the file approved and ready to send to Freddie within 2 weeks, but then at Freddie, well, it fell in some deep hole, never to be found). We always ask for our negotiator and love Chase short sales!
Good to hear about success stories with Short Sales! Gives me hope for some folks I'm working with, as I have a couple of buyers waiting for short sales to be approved on homes they want to buy here in Southern Oregon.
Hi BB - I haven't had any of my short sales through Chase yet, but after your post and the comments of others and 137 days being considered fast for Chase, I'm not looking forward to doing one with them either.
Right now I'm stuck in a Countrywide short sale, and B of A is continuing its collection efforts against the sellers despite being told over and over that we are in negotiations through Countrywide. It seems that there is no way for the two entitites to communicate. I know they are on two different computer systems, but come on!
Only 137 days? Gee what a great job they did. (not) I don't get why the banks can't get their acts together, and expedite the process. It's just a matter of setting up an efficient system. I know it CAN be done if it would just be a bigger priority to them.
Well, it's a done deal and your seller was helped....and that's what matters :)
Way to go Bryant. I have a couple with approval in 15 days. Though with small banks. Working one with Bank of A. Now going on 4 months and no word.
Bryant--You are certainly the Short Sale Expert! Knowing how to properly negotiate is a skill that not every agent has developed. Congrats to you and your clients!
Hello Bryant, thanks for laying out the time-line with this transaction. That seems quite a wrinkle to throw in there when the Buyer's Appraisal came in about 1/3rd below the price it went Pending! Are low buyer appraisals occurring often for your transactions? Thanks! John
Just getting it approved is not a bad thing...then the next challange is do you still have the buyer? Or perhaps a standby buyer?
Bryant, you would think that the Lenders would be streamlining their processes better by now and shortening these time frames; hmmm, I wonder when we'll be able to look back and wonder why approvals ever took so long?!
BB Congrats on another successful short sale. I know from reading you are having a very good year! Don't let TLW spend it all in one place:)
Congratulations on another sucessful short sale! Working them here in Tampa area. I know the feeling of sucess when one closes. You have helped another family avoid foreclosure. Great job!
I am a buyer and my agent submitted an offer for a short sale from Chase for a property located at Orlando Florida. As soon as I submitted my offer the property was take off of the listing. I was guessing if my offer was approved. I has been waiting for 2 weeks with no response. How long do you think I need to wait for an approval? When the property was listed said that the bank had been approved the pricke $115K, I offered $120K and $3k for closing costs (because my agent recommend it). Do you think that the process could take less time? I cant wait so long to have the house I like it.