Is it true that Chase is now requiring 90 days of "Marketing" before approving a Short Sale!?
Submitted by David Mortaz
from CA
- 06/16/2010 - 4:59am
Hi Folks - I was told by my Short Sale specialist that Chase is now insisting on a minimum of 90 days for marketing before they approve a Short Sale during which the property can NOT be set to "PENDING" even if you have submitted an offer?
My 1st impression is that this is a tactic to buy time for the backlog of the application since there is no need to market for a 90 days if we are able to submit 40 offers in ONE week to the lender!! If this delay is intended to determine the Fair Market Value of the property; there are better ways of accomplishing this, such as a AVM or a 2nd appraisal.
What do you think?!
Comments
It wasn't explained to me Directly by my Negotiator, But what else could it be other than to buy time.
I just had a short sale approved with Chase with in 72 hours.
Hi Amanda,
We have heard great things about Chase recently also!! We heard of a short sale being approved in 5 days that included a counter offer. Chase appears to be on fire when it comes to short sales!!
That is really interesting! I am going to repost your comment in our short sale report to see if anyone else has heard this from Chase. I would be interested to hear what the DRE says about this practice.
as distressed asset fiduciaries, chase is just going through the motions to show they've fulfilled their duties of highest and best. if they took the time to figure in carrying costs, marketing, time value of money etc., they'd see that earlier short sales or bulk sales at .68 the day after trustee sale nets the bank more on a net present value basis than full retail paid 180 days out. they just can't get their minds around it.
Some of the loss-mit reps at BofA are telling homeowners the same thing. Yet when you initiate a short sale, they say there is no such rule...
Sounds like an excuse to buy some time. They lose more money in 90 days than they gain. No common sense with this bank at all. One of my short sales took 8 months to approve ( I was working directly with senior management on this one from day 1) and sold for $80,000 less than the first two offers because of their delays and poor negotiating.
Yes, it's true, they've asked me to list it for 90-days. It sort of makes sense, to show they've tried their best, but in today's market, the houses will be worth less in 90-days then today.
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Cassandra
www.dbpdf.com
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