Profile picture for chucknkaren56

Buying A Chase Short Sale Property

I just made an offer on a Chase short sale(Indiana - one lender)and Chase told the sellers agent to send the offer to them and not the seller.  Thought that was strange as it feels more like a foreclosure, but I know it isn't.  Within a couple days the bank comes back to the sellers agent and asks the agent to prepare a Hud 1, but still no direct response to my offer.  Is that normal? At first I thought the preparation of the Hud 1 might indicate that my offer was in the ballpark, because why order the Hud1 if it wasn't .  However, after  reading about how long these short sales take, perhaps my initial optimism is  misplaced.  Does anyone have any insight or opinion especially as it pertains to Chase?
  • March 21 2012 - Fishers
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Answers (18)

Profile picture for user4170922
We too are trying to buy a property through a short sale with Chase.Let me say if you have been only waiting for several months with Chase,consider yourself lucky.We put in a offer for a house(only 695 sq.ft.)that was on the market for 3 years,in September 2012,,and have not closed yet.It seems they have soebody that abritrarily assign a price on the property without even looking in at it in person.May I add this out of frustration,but maybe if certain office people were not playing candy crush or whatever on their office computers,it would not take so long.Be that as it may be,but we are working through a lawyer and the sellers lawyer,who I believe do not know who they suppose to be dealing with.And unfortunately it would be easier if I wanted to contact the president of this country then to contact the eguator,to fill them in with certain information,that the lawyers are not.For instance the shape it is in and that about one house has been sold in the area,not that people have been trying to sell their homes.I wish somebody was able to help me to talk to somebody in the bank itself.My opinion at this point ,is that unless you are going to save hundreds of thousand dollars,do not participate in a short sale with Chase,and let them it those houses.
  • August 01 2013
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Profile picture for user8006467
We are also in the process of buying a short sale (hopefully). One thing is put time limits into your contract, it won't push the bank any faster BUT it will give you a time limit that you can stick to rather than it going on endlessly. We have written in at what point the contract will be terminated if we haven't had the offer accepted by the bank (Chase), we have written in 60 days from contract signing with a view to close at 90 days. We still might not close within that time, but this will give us some control back as we shall walk away at that point.

Good luck everyone.
  • July 27 2013
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The bank will ask for a HUD and then see if the numbers make sense. There could be several HUDs requested before the deal is finalized.
  • July 25 2013
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Hi Chucknkaren56!!  Sold a Chase short sale with no problem at all and in half the time!!  settled in 45 days!!
  • July 25 2013
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I do a lot of short sales. I have closed over 350 short sales through the years. Short Sales work with good communicators and a complete short sale package. This includes sellers and buyers. If you are looking for help or have questions. Feel free to e-mail me at tammy.rubelius@coldwellbanker.com
  • July 24 2013
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Profile picture for destfla
I sold my home as a short sale with Chase as my lender as well as the buyers lender.  Took 4 months from beginning to end and actually closed today 7/24/13.  Alot of frustration with Chase and the attorney who handled the short sale as the communication on these deals is very limited.
  • July 24 2013
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Can the seller pull out of the short sale at any point?  I am the buyer in a Chase Mortgage and have hit the 6 month mark and still no close.  Was expected to close finally tomorrow 7/12/13 only to find that we are waiting for Chase to approve the final documents.  Will this ever end?  Is there any recourse?  We thought because we were a cash buyer that this would go much quicker.  We are now 12 days away from our Daughter becoming homeless because of this debacle of a system.
  • July 11 2013
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I, too, am buying a Short Sale home from a seller who deals with Chase Bank. Its has been 2 months since I submitted the offer. On Chase's website, it states that they will give a response to an offer within 30 days. That is such a joke. If you're going to advertise that you will respond within a certain amount of time, then do it. 

I'm getting ready to walk away because this is such a ridiculous process. As a first-time home buyer, this process is turning me away from wanting to buy a home. 

Is anyone else having this problem with Chase Bank?
  • October 25 2012
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Profile picture for JAppel85
Chuck,

I am buying a short sale with Chase as the bank as well.

Just wondering how far along you are today. I see its been over 3 months.

Thanks,

Jason
  • June 07 2012
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The Hud1 is normal protocol but the seller not signing the initial offer is not.
The seller is still the owner of the property and has to sign off on all offers first then it goes to the bank.  The seller and the listing agent have to decide if the offer is good, high enough for the bank to consider and if the buyer will stick through to close.  Then they send to the bank.  The bank should only work 1 offer at  a time so the selection of the buyer by the seller needs to be with caution because of the duration of the process.  3 months usually minimum to close. 
Good luck!
  • May 28 2012
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Profile picture for JimTrueblood
Every bank handles short sales differently.  Key is to stay on top of all paperwork requested and call daily to check on the status.  Otherwise, it seems like you never get an answer.
  • May 16 2012
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They order a HUD1 to see what their bottom line will be.  The HUD1 lists all the fees and liens on the property.   The seller has to sigh the offer before it goes to the bank.  The bank can not sell the house out from under them if it a short sale. 
  • March 21 2012
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Profile picture for chucknkaren56
Thanks Cindy!  It appears as though my agent and the sellers agent aren't as knowledgable about the process. What you said makes sense, so we'll just have to be patient.
  • March 21 2012
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The HUD1 is just one piece of the many documents that the lender will require to help make their decision as to whether to accept the offer or not.  The HUD1 will have the breakdown of all the costs that the lender will incur and will show them what their net amount will be.  They use that to evaluate the offer. 
  • March 21 2012
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When I first started listing short sales about 4 years ago we were taught not to have the homeowners sign the purchase agreement until after the lender had given approval of the short sale.  The thought was that if the homeowner signed, they could be bound by the contract and forced to sell to the buyer even if a short sale was not approved.  So much has changed since then. The lender will not make a decision until they have received all of the documentation which includes the HUD1, financials and supporting documents.
  • March 21 2012
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Profile picture for chucknkaren56
Thanks John and Ron!  I have now learned that the file has been turned over to  a short sale specialist, so at least it's moved from the first desk it landed.  I do know the seller is an investor and that they've never been in the home.  I suppose I simply need to be patient as I've read that it could take months before Chase responds to my original offer. Being ignorant of the process, I thought ordering a Hud 1 prior to responding to my offer was a positive sign. However, I'm now begininng to believe it doesn't mean anything other than normal protocol. 
  • March 21 2012
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Profile picture for nwhome.us
I've been working with Chase on a couple of sales.
There must be some confusion about the seller involvement.  Unless there is something we don't know, the seller is still the owner.
Chase (or any of the other major institutional lenders) are usually servicers of the loans.  Short Sale packages require a seller HUD1. It is an oversight of the listing agent not to include it in the submittal package originally.  Once Chase determines that they have ALL of the documentation that they want, they will send the file to a negotiator.
The duration of time it takes to turn things around depends on a number of issues but one of them is; Who is the investor? Find the answer to that question.
  • March 21 2012
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Something is wrong here. Chase does not own the property. Regardless of what they tell the sellers agent, the owner of the property still needs to sign off on a purchase offer.

Chase only has the right to say what they will accept as a short payoff. You might want to check and see that the listing agent knows the proper protocol of handling short sales. It sounds to me like they may not have a clue.
  • March 21 2012
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