CHASE California Short Sale Approval!!
The home is located in Tracy, CA. It is owned by the daughter's parents, who live in San Jose. The daughter and her family occupy the home. The daughter is a close friend of my partner, hence the request for us to handle this Short Sale. Otherwise I wouldn't be working in Tracy!
4 Beds, 2.5 Baths, 2379 sq. ft., built in 2003. List price: $250,000. Offer received 9/12/2011. Offer submitted to Chase 9/25/2011 (took some time for last minute items from owner). 2 Loans, both CHASE.
Called weekly for status updates. I was told it would take 45 business days for response once a negotiator was assigned. Crap. I called November 7 and was told the file was approved October 30 - should be getting an approval that week. Nothing. Called November 14 and was told I would need to speak to the negotiator for any news. Problem was, she never answers my calls. When I told them that, I was given the supervisor's number.
I called the supervisor, and she answered right away. Checked the file and said the negotiator was on vacation the beginning of November! Very apologetic. Told me she would put a rush on the approval letter, and I'd have it 48 hours. Got it in 24.
Approval letter terms: followed the letter of the HUD1. No denying payments for anything. No commission reduction.
September 12: Offer Accepted
September 25: Short Sale Package submitted to Chase
October 30: Short Sale Package Approved
November 15: Short Sale Letter Received
Closing Scheduled: December 16
Buyer and Buyer's agent are happy. Seller is Ecstatic!
John M Scott, Broker / Owner, Scott Keys Properties, Certified Distressed Property Expert (CDPE), Council of Real Estate Brokerage Managers (CRB), serving San Francisco and the surrounding San Francisco Bay Area