One Year to Close Chase FHA Short Sale in Carmichael
Whose problem is it when a Chase FHA short sale takes more than a year to close escrow? I get so many calls from home buyers wondering why is that Carmichael short sale still for sale month after month, and I feel like telling them to go look in the mirror. Yet, this home I only sold 3 times, so that’s about right, on average it works out to about 4 months for each buyer. I am one of the few agents in Sacramento who will handle a short sale, which is why I have sold more short sales than anybody over the past 10 years.
That’s because I don’t need it to close in 30 days or 60 days to pay my bills, like some agents. If the lender messes up, I can fix it; plus, I’ll still stay dedicated to the transaction. I don’t bail when the going gets rough. If the buyer cancels, I’ll find another buyer. I don’t give up. I don’t take no for an answer. There is always a way to close a transaction, even a Chase FHA short sale.
We listed this home a year ago. Got a buyer, all documents submitted to the lender right away, and we received the Approval to Participate in the FHA short sale program in record time. Things were looking up. We postponed the trustee’s auction a couple of times and were on the verge of getting the approval letter when the buyer suddenly canceled after 6 weeks. And that’s when the file started to go head downhill.
Sold again immediately to a set of investors represented by their mother, a real estate agent. We burned through 5 negotiators for this Chase FHA short sale when things became very twisted and convoluted. Just as we were about to receive approval, the negotiator at Chase realized the buyer’s agent was related to the buyer and she denied the file. The solution, of course, was for the buyer to be represented by another agent, but the mother said no way, Jose. If I can’t get paid, we’re not closing.
Yeah, way to win Mother of the Year award.
The buyers canceled and we found new buyers and put them into escrow. Submitted all of the paperwork. Then, for some unknown reason out of the blue, Chase decided to approve the first set of buyers as long as the mother substituted a new buyer’s agent. The mother finally gave in, hired another agent, unwound the cancellation and we got approval. Eureka. The poor buyers whose offer we submitted was ignored by Chase. How do you like those apples? Chase approved the wrong file.
We moved through the home inspection and were getting ready to close when the investor buyers and their mom for unknown reasons abruptly canceled. Maybe their mother found them a deal she could get paid more on? Stranger things have happened. I went back to the second set of buyers who were shoved aside by Chase to ask if they were still interested. Their agent said far as he was concerned, they are still in contract. So we moved ahead with them.
Just as we were ready to fund, the negotiator at Chase noticed the buyer’s lender and the buyer’s agent had the same address. So he denied the closing. Conflict, he said. Chase gave the impression it did not want to approve the short sale, but I knew they would. The bank was just inept. So the buyers hired a new buyer’s agent and prepared again to close. This time the negotiator objected to the seller signing on the wrong line and asked to have the arm’s length resigned.
But you know, it closed yesterday. At the 11th hour. Just before the expiration. It closed at the same price we started at a year ago. So when you see a short sale has been on the market for a long time, this is probably what’s going on. If you need a Chase FHA short sale to sell, I’m the Sacramento Realtor who can get it done. Call Elizabeth Weintraub at 916.233.6759.