Chase Mortgage Short Sale Application, Forms And Packages

Finding The Right Agent

There are a very few professionals who know how to deal with short sale properly even as short sale is commonly occuring event. There should be as less surprises as possible. We have a Nationwide spread team of professionals to serve you if you have not yet figured out where to turn to. Click here to request a call from a short sale pro or call 888-934-3444. 

Get The Property Listed!

The other thing you have to do to keep your short sale process going is to get your property listed. The lender will expect from you to always work with an agent to et your property listed so that your property gets a fair review. It will not be possible for you to just bring up an offer to them. Some Documents such as the MLS Listing and MLS History may have to be submitted to prove that the property was properly listed. You can not take your process of short sale any further untill you have completed this process and the first of the documents that you will need for the process to go forward will be the listing agreement.

What is a short sale?

If an offer on the property is ot enough to pay off all the debts on a property then the sale is known as a short sale. Reviewing of your application for short sale is not possible without an offer. The other thing that they will need to consider is that how much net amount you will make them after all the closing costs have been paid. Past due taxes, non-recurring closing costs, attorney fees, settlement fees, title fees, and anything else that may apply are all included in it.

Find The Right Buyer For Your Short Sale

Strong Short Sale Buyers

Readiness to wait is the most important quality a potential buyer should have. A buyer who is patient and ready to wait os much better as compared to an all cash buyer or even whose offer is more than the others. To make sure the offer is solid the broker will need to interview the candidates. Only the buyer is not important but the broker representing is also very important.

Previously Approved Chase Short Sale

Brikers are often seen advertising that their short sale was previously approved by Chase Home Mortgage. This is misleading. Even if their offer was approved by Chase Home Mortgage still, they will complete a complete review.

Submiting Your Short Sale Package to Chase To Get The Process Going.

What is in the Chase Mortgage Short Sale Package?

All the lenders insluding Chase Mortgage generally ask for the same documents. Following Documents are usually required: a listing agreement, a purchase agreement, proof of the buyer’s ability to perform such as proof of funds or a prequalification letter from the buyer’s lender. That’s only the beginning. As a short sale seller it will be a requirement from you to submit your financial information such as a monthly budget, your tax returns for the last two years along with a 4506t to show the returns were actually filed, pay stubs or proof of income like a profit and loss, bank statements, reason for requiring to do a short sale, and a hardship letter.

Getting The Right Value Goes A Long Way.

Completing a value is the only way by which a lender can know whether you qualify for the short sale or not. A value is completed by an agent by comparing camparables in the area. The properties which have been sold between 3 to 6 months as well as the properties which are currently listed in the area are compared by the agent. Many conditions like home’s perceived condition, the size of the living space, the size of the lot, how many stories it has and whether or not it has a pool are considered by the agent. Market conditions and how fast homes are selling in the area are taken into consideration. There are many factors that are taken into consideration.

Short Sale Appraisal Values

The lender obtains a Brokers Price Opinion (BPO) from an agent, The reason why the lender gets this is because he is already taking a loss. If the lender wants to get a deeper review they will get an appraiser. Appraisers have specific licenses for valuing properties. Some investors such as Fannie Mae (FNMA) complete two appraisals. The type of value completed varies from lender to lender and investor to investor.

Filing Value Disputes and Variances

Sometimes the value returns too high, Then what happens? This can happen to both the rookies and the experts. Sometimes the broker will compare those properties which have nothing in common because he/she is not from the area no matter how hard you try and meet regularly with the broker or appraiser.

Chase Mortgage’s Short Sale Time Line Coming To An End.

The next step that come is one of the last ones in which the undersigned or administration will decide whether to present your case to the lender or not. Usually an auditting process occurs before presenting the file to the management and then there is a another before issuing the approval letter.

Chase Counters Short Sale

This can also prove to be hard time because this can be the time when Chase issues a counter to your application or altogether reject it. A special set of skills is required to compete with these situations which can be only achieved from experience. Easy tasks can be done by anyone but it is the difficult tasks that are hard and seperate the experts and rookies.

Short Sale Escrow.

Short sale closure is very much similar to the closure of traditional or typical escrow. Once all the debt holders have given their approval, it will be possible to move forward with the escrow process. A title search should now have been completed to assure that all the parties affiliated with the property have been addressed.

Chase Issues Short Sale Extension

What happens if the approval letter expires and we are not able to complete the short sale process? This is a question we get all the time and there isn’t a simple answer to it. It depends on delinquency of the mortgage, whether the value they had expired, and many other details. Consult one of our professionals if you need more time to see what we are able to get approved with Chase’s Management. Results may vary greatly but the best part of our services is we only get paid if the transaction successfully closes (we are generally paid from the real estate comissions awarded to the agents involved and paid out of Chase’s net).