Buying a Chase Short Sale, Why So Long????

I’m in the Bay Area in Northern California.

Submitted my offer mid December day the house came on the market for $500 over asking. I was the only offer and it quickly went into Sender Pending Lenders Approval. I am pre approved and ready to go.

Short Sale Specialists are the middle negotiators.

Chase has the 1st and Bank of America the 2nd. B of A has agreed to the short sale and asking for $5,000 from the 1st (Chase).

The house sold for $540,000 in 2005 and listed for $375,000. the B of A was a credit line of $100k I think, I’m not sure how much the 1st was.

Why is this taking so long?? :banghead It seems every wednesday I get an email from the middle short sale specialists saying that the file is still under review by the negotiator at Chase loss mitigation. I’ve been reassigned a Chase negotiator once already.

Can I do anything to speed this up? I would like the short sale specialists to pound the phones and call Chase daily. I only get a response every Wednesday so I’m thinking they call, get told its still under review and hang up.

Unfortunately Chase is one of those very slow to move banks.

The short sale specialist can call daily until they get tired of taking messages on this
one loan, however, they may have a lot of short sales on their table and are unable to
do this.

I don’t know.

In their defense Chase is one of the worse banks to negotiate with.


I don't know the specific law in California for a bank or lender to convey title, or the requirement for title insurance in California.

My thought however is that maybe Chase is having a hard time coming up with the deed in order to make a commitment and convey to a new buyer, you.

I had a property I was working on 4 years ago that Chase was the supposed 1st TD holder, but what really had happened was the mortgage was sold to a fund that broke it down in fractions in some investment bank and they could not find the original papers, the note and the deed so title could not convey and they were unable to make any commitment to sell.

Who knows what really goes on in that “Black Hole” called the bank?

Good luck,