Ooooh, love some of these answers. Did anyone note that the entire short sale dept. computer system has been down since July 1st at Chase? Maybe things are getting done, but no one knows what. I've got an all cash deal that's been in escrow 120+ days with no answer from Chase- so much for responsiveness.

Anyhow, it's neither good nor bad that everyone is with Chase - it's neutral.

Jeff,
the asset manager at Chase will be in charge of how smooth the process will be. Chase and most other banks selling reos and short sale properties are experiencing an increase in activity and are short staffed to handle the transactions. However, being patient and keeping up on any updates with your agent may result in a great deal for you!

All the best,
Doug A. Kendall, REALTOR
Prudential Nevada Realty

Jeff,

Ditto on some of the below answers. My experience with Chase Agents is that they return calls and e mails promptly and do a great job. I am on my 3rd short with Chase bank and every time they actually assigned a real live American that returns calls and e mails (after about 4 to 6 weeks). Hanker down and have patience my young Jedi and hope interest rates don't spike up in the interim.

I would request right in the offer that you be cc'd all correspondence to and from lender and mark the dates in your outlook to follow up in case it does not get done. This is how we do all our buy side transactions now; I request to be cc'd to myself and my client and that seems to have some better accountability and you know it is getting done. Also watch your escrow close date and get the extension done about a week before if you really like the home, market is going up so fast in some areas you may not want to lose it.

By the way, congratulations; good timing; you are hitting some of the lowest rates in history and buying in the most dynamic job, recreation, tech, biotech, medical, sports and retiree driven real estate market in the world. I and my investors I coach are buying a house a month (1st time since 2004).

End


reno bank owned homes, reno foreclosures, reno foreclosure, reno short sales, reno homes, reno realtors, Coldwell Banker Select Real Estate Reno Nevada Nv.

Short answer. Nope.

The bottom line will be how close your offer comes to the current market value on the property, and how skilled the sellers agent is at working with the bank on a short sale.

Chase is pretty backed up at this time, so you can figure if all is smooth you're looking at 60 days minimum.

Patience is the key! Good luck.

Jeff,

Chase bank and Chase International are not connected. The single biggest key in getting a short sale done is where the listing agent is in the process. If there have already been offers on the property then the listing agent should have a pretty good idea as to what the bank is willing to sell the property for. If no offers have yet been made then this may take some time to negoiate a price with the loss mitigation officer.

It shouldn't matter what company your agent or the listing agent works for. It all comes down to how busy the loss mitgation rep(lien holder representative) is.

Jeff,

Will the bank respond faster? Probably not. It certainly can't hurt, but the truth is that large lenders are so flooded that they're simply not able to quickly do anything.

If the two agents know each other that may help in the negotiation process, but in terms of processing and underwriting your loan, it won't give you priority. Generally, and I make no claim to Reno specifically, banks are taking 4-6 weeks for approvals now. Your local agent may have a better timeframe for you.

Kind regards,

Jason Diperstein
E Mortgage Management
800.793.9633 ext. 156
jdiperstein@emmloans.com