Often short selling is the last resort for many homeowners. A rising home mortgage rate is increasingly making affordability difficult. Hence foreclosure or short selling is an option many people turn to. However, if you are thinking of short selling through Chase Mortgage then here are some things you need to know. See my Chase CD Rates page…
You could be turned down
Just because you are short selling your home doesn’t mean that Chase cannot turn down the offer. Since short selling always entails a loss for the mortgage company the latter has the upper hand as far as decisions are concerned. Many times homeowners who have gone through Chase have been turned down the offer. Instead foreclosure was initiated by Chase.
Long waiting periods
Another factor about short selling through Chase is that you will typically need to wait a couple of weeks before you know if the offer has been declined or accepted. At times homeowners have been known to wait even 5 weeks on end!
Type of loan
Many times the kind of loan Chase has will decide if your short sale offer is accepted or declined.
Getting an interior BPO
Often getting an interior BPO (broker price opinion) done can greatly enhance your chances at getting the short sale happen. Many times Chase just tends to see the outside of the house which maybe in good shape. In reality maybe the inside is in really bad shape. So getting an interior BPO done will make them realize that you really need to short sell the home and may agree. A BPO is a broker price opinion, and is less expensive and time consuming than a full home appraisal.
They can be rude
Many homeowners have had really bad experiences while trying to short sell with Chase. However, the trick is to keep persisting and going at it. Eventually they will agree.
Send in snaps
You would do yourself a world of good by sending Chase some pictures of the house interiors, the repair work to be done etc. These will basically justify why you desperately need a short sell on your home!
Other associated costs
There will suddenly be a lot of expenses that you would get flooded with and more so in the case of Chase. Right from winterizing costs to cleaning out, securing of property, tax proration, utility costs, commissions to give the broker when they short sell the home. Besides this a lot of holding costs will also be applicable like title insurance, pro-rated taxes, title costs etc.
What I Did In My Short Sale
What I did (hiring a real estate agent with short sale experience) worked for my situation. It may not for your short sale, but I found it the best option. Working with a real estate agent you at least can get a background on the person, and if they work for a larger brokerage you know they have resources to help you. Think short sales are hard for you? They are equally as hard on the real estate agent! Getting a short sale deal done (especially right now with the overwhelmed lenders like Countrywide) takes alot of work. I do think its the best option vs. foreclosure though. You can also read my 7 steps to a successful short sale guide.
You Need An Experienced Short Sale Agent!
From my blog here I’ve developed an extensive network of real estate agents that have short sale experience. If you’d like a referral, fill out the form below and I’ll have someone available in your area to help with your short sale ASAP.