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Short sale

roland_7707roland_7707 Posts: 2,833 ✭✭✭
Does anyone have any experience with putting their house for sell on a short sale? We have been doing this for about 2 months through Chase mortgage and they have had little to no contact with us or our realtor.

Just kinda want to know that there is light at the end of this tunnel.
One God, One Truth


  • clearlysuspectclearlysuspect Posts: 2,124 ✭✭✭✭
    Sorry brother. The only experience I have is on the other side of the deal. It took 8 months to close on the house. I do know that getting approval for short sale is much different than finding a buyer. What usually happens is they'll approve for short sale at a certain price, then each month it will drop by a certain amount until someone makes an offer. Then it's back to the bank to see if they'll be happy with that price.

    I hope things work out for you.
  • RhamlinRhamlin Posts: 8,817 ✭✭✭✭✭
    Shows how dumb I am. I never even heard of a short sale.
  • roland_7707roland_7707 Posts: 2,833 ✭✭✭
    Yeah, us too. It's a big monthly payment on an empty house that we need to get rid of. I hate paying a mortgage and rent.
    One God, One Truth
  • perkinkeperkinke Posts: 1,572 ✭✭✭
    If your loan is through or guaranteed by Fannie Mae or Freddie Mac there are special rules that force lenders to speed up the process, but I'm guessing that's not the case. You might call your county or city, you may have a non-profit around that can give you a hand with the regs, paperwork and understanding your rights. the county I work for contracts with a non-profit to provide those kinds of services.
  • roland_7707roland_7707 Posts: 2,833 ✭✭✭
    Thanks, ill have to look into that.
    One God, One Truth
  • jencoopjencoop Posts: 1
    According to RealtyTrac's quarterly report on the foreclosure industry showed that more than a fourth of all domestic home sales during the first quarter of the year were deals on foreclosure properties. Excessive foreclosures bring down the cost of homes, making market recover more difficult. The news, regarded with last week’s grim jobs report, further supports the conclusion that the slow economic recovery is not picking up much steam at the moment.
  • roland_7707roland_7707 Posts: 2,833 ✭✭✭
    So, after working with Chase for two years, filling out paper work, talking to representatives , and their supervisors, blah blah blah, we finally have our house listed for a short sale. I HATE CHASE.

    However we did get an offer today, but the paperwork looks iffy. Says she wants to pay cash, $15k less than what we want, but she has a letter from the bank saying she has been approved for a loan. Weird.
    One God, One Truth
  • roland_7707roland_7707 Posts: 2,833 ✭✭✭
    So, today we got an offer on the house for only 3K less than listed. And we took it. Now we just have to wait for Chase to approve the buy. Things are looking up. Thank you Lord.
    One God, One Truth
  • avengethisavengethis Posts: 5,669 ✭✭✭✭✭
    good luck
    Team O'Donnell FTW!

    "I've got a great cigar collection - it's actually not a collection, because that would imply I wasn't going to smoke ever last one of 'em." - Ron White
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