If possible, I try to steer my buyers away from short sales, although I've had success with a few that closed this summer successfully-although not always smoothly. One of them had a last minutes surprise-a third lien appear during the title search! I thought, after the experience of that one finally closing successfully, putting an offer on a home with only one loan should be a piece of cake. Also, there is so much competition for lower priced homes in Fairfax County. All of the foreclosures had multi offers $20-30,000 over list price-outbidding my clients. Of course, in this one my clients also had to bid way over list price, but, they were the first to see this listing-and were so happy when their offer was accepted!
We've extended the lender approval date twice. Just before the date was about to expire, we took a look to see if there was anything else out there-NOT a short sale. They decided to keep waiting and extend the date again. At least they felt peaceful about the choice, knowing that they had the option.
I don't know how conditions have been in other parts of the country, but, I have to say, in Northern Virginia-Fairfax County-and Prince William County, it has been like to Wild West in Real Estate! Distressed homes are being snapped up, even before they hit the market.
I'm not the listing agent on this house, so, I'm not the one communicating with Chase Bank, but, they seem to be extremely slow and very bad at communicating-more than usual. The contract was ratified on September 29 and we have had very little communication from them about any updates. Finally, the listing agent found out on December 28, that it had been assigned to someone on December 14th but they refused to give any contact information on this person, including the name.
Perhaps, I need to encourage the listing agent to be more aggressive. Luckily, my clients had the option to move in with parents after their rental lease ended, but, that's not an ideal situation with two small children.
I'm wondering about others who have had experience with a Chase Bank Short Sale.
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