The situation that I am in is with my landlord. He is ready to put about 8 properties into bankruptcy. My lease actually ends on 9-1-08. He is holding off on the house that I am currently in because I am trying to purchase it as a short sale. I sent over 53 pages to Chase on 8-7-08 with the listing contract, 2 CMA's, his hardship letter and other documents they required. I listed the house at $235K since I did the CMA in June at that price.. I did a current CMA that day and came up with $221K, outside the 1 mile radius. I did give them pending and actives as well to see the trend. On 8-08-08 I submitted 24 pages for my offer to them for $210K. The seller signed everything that I asked for. I included a cover letter explaining the situation and that if we couldn't come to an agreement, then my landlord would take the house into bankruptcy and I hoped we could work something out. I did put include the home inspection as I put 2 estimates of repairs that would need to be done immediately to the house. I called the woman I spoke with before in Short Sale Dept. and she said that she gave the faxes to the analysts who would be looking at my paperwork. She also said that I would not hear anything for about 30-45 days. The person in charge would then contact me and the seller at the same time with their answers. I had to re fax all documents on 8-20-08 to the analyst directly.
He owes the 1st $344K, bought the house at $276K in 2005. He owes the 2nd, Wachovia, $50,347.38. As of right now, I know paid the taxes, but is one payment behind on HOA fees and he is not going to pay them. I do know that he is 3 months behind on his mortgage and I have a letter to speak to both Chase Home Financial and Wachovia about his accounts. I have myself as the listing and buyer agent asking 6% with all closing costs to be paid as well, etc.
I looked up Chase's CEO and called the bank. They gave me his number and email address. I am wondering if I need to send him a letter now or wait a little bit and what I should say? I really want this house, I don't want to move especially when my two boys are just starting a new school.
If you can give me some advice and help me in this situation I would greatly appreciate it. This is the first short sale I am doing and go figure it has to be the one I am purchasing. I do not have one of those short sale calculators, so not sure if I am crazy or if I really have a chance? Can you help me?
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