WaMu Chase Short Sale Blog Part 2
Comments Off
These Blog entries are about a good cash offer on a property that I represent the seller. I am dealing with Chase – which was given WaMu loans by you and me – our government – at a very low price on the dollar. A long time bank employee told me that he thought Chase “purchased” WaMu loans for 30 cents on the dollar. 30% – a 70% discount. I have not found any documentation on the price Chase paid for WaMu – so if any of our readers know where that is in print – send it to us! Thank You.
Friday I called the number on the Short Sale package for Assistance – 800-848-9380. I talked with Elizabeth in New York. Elizabeth looked up the Chase loan by the number I gave her and told me that Chase had received both my FAXes – Thursday and Friday morning. I have heard horror stories from other Realtors on Short Sales where the bank claims to never have received the Short Sale package.
I ask Elizabeth if Chase was recording our phone and she said “yes”. I ask if it would be OK if I recorded the call also? She said “It is against company policy for anyone else to record the call”!
I ask Elizabeth the time frames for approval from Chase on a Short Sale. Elizabeth said that the Chase would order a BPO – a Broker Opinion of Value – within the next 7 to 10 days. Then someone in Chase would review the BPO and produce a Reconciled Market Value report with the next three to four weeks.
So now we are out 4 to 6 weeks. Next Elizabeth said that the bank would assign a Negotiator to the file. That person would contact me three to four weeks after they were assigned the file. Now we are talking 7 to 10 weeks before we might receive an answer from Chase.
Cash buyer. More than the value. Wait 7 to 10 weeks?
What are your stories about Chase Short Sales? Do you think Elizabeth is giving me the straight story on the time frames? Let us hear from you in the comment section at the top of this post.
