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Short Sale with Chase Bank

Updated: Nov 14, 2020

I completed a short sale after 18 months of working on it. Chase was the mortgage company and was very slow in reviewing paperwork. The representative was helpful and pleasant but time was going by while the mortgage was not getting paid. You would think the bank would hurry the process so they get paid quicker but not the case. This process should have taken 3 months but here is what happened.

  1. Put house on market for price I felt was market price

  2. Submit requested documentation from seller

  3. Received offer from buyer and after my seller accepted it, submitted to Chase for review.

  4. Chase ordered a BPO (Brokers Price Opinion) to make sure my fair market price I had chosen for the listing price and the offer price were close to what their BPO is.

  5. During that review period . . . 30 days went by

  6. All of sudden Chase asked me for more documents from the seller. (they could have asked for them after they received the other documents in the beginning of process.

  7. Wait another 30 days

  8. Buyer decides doesn't want to wait any longer.

  9. Contract falls apart

  10. Back on Market . . . receive another offer right away, seller signs and back to Chase

  11. Another 30 days

  12. Covid 19 hits USA

  13. Buyer nervous of market conditions and walks away from contract

  14. Back on the market

  15. New contract comes in, seller signs and back to Chase it goes

  16. 30 days goes by

  17. New BPO is ordered

  18. Another 30 days goes by and gets approval . . . wait for it

  19. Loan gets transferred to Carrington Mortgage and cancels the short sale approval we had.

  20. Back to the beginning

  21. Needless to say Carrington Mortgage completed the short sale and we closed within 30 days

  22. Short sale complete

Not all short sales are easy but we can still complete them if everyone is working together!

Stella Barbour Principal Broker

NoVa Brokers, LLC 1483 Chain Bridge Road Suite 103 McLean, Virginia 22101-5703 571-814-3002 OFFICE 703-999-6104 CELL 571-281-2866 FAX

Serving Maryland and Virginia

Free Market Analysis

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