Posted on May 14th, 2012
Good afternoon we’re Dennis and Jesse with Pickett Street Properties, Seattle’s main short sale team. We’re at the moment working through several Chase short sales. Unlike any other servicers we have worked with, they are calling us. Often when I send in a file I do not hear something until I send in an offer. Nonetheless with Chase, as soon as my client has notified Chase that they are making use of for a short sale, Chase instantly puts me within the loop and they check in to see if we have now any offers and make sure we have now all paperwork complete.
Chase has been very proactive. They reach out to us, the actual estate brokers and see what they can do to get the property sold and the short sale completed. The fact is that Chase short sales are not fast, I wouldn’t say this quickens the process it simply makes it really feel like there’s someone on the different end of the line, and you do not need to do every part on your own. There are other lenders who are horrific to work with and there is no communication. Chase has made it simpler to speak to somebody and get questions answered. Chase could improve their programs and time frames.
The principle factor is we get Chase short sales accepted fairly regularly. Now we have several we are working on now. The factor to know if you are a home-owner with a mortgage through Chase who’s considering a short sale, you’ll completely be capable of remedy that by a short sale versus a foreclosure as a result of Chase is proactive in working with those files. What you also need to know is that this isn’t going to be a four week process with Chase. It’s almost definitely going to be a six to twelve week process with Chase. That is after you’ve gotten a proposal from a buyer. It’s essential for us to know that because we inform the client of this. Chase is not bad to work with, however they will take longer.
That’s our experience with Chase. Once more, we are Pickett Street Properties, Seattle’s main short sale team. Feel free to give us a call when you have any questions. Check out our short or stay calculator in case you are considering a short sale. Thanks.
Filed under Chase Bank, Communication, Estate Brokers, Good Afternoon, Lenders, Mortgage, Paperwork, Principle Factor, Proactive, Proposal, Quickens, Remedy, Seattle, Time Frames, foreclosure, foreclosures, short sale | No Comments »
Posted on May 14th, 2012
Hey, I am Jesse Moore and that is Dennis Pearce and we are with Pickett Street Properties. We are one of Seattle’s leading short sale teams. Right now we are going to speak about arms-length transactions and what that means within the short sale process. Arms-length within the authorized sense actually talks about not having relation to on this case a seller. The banks are going to take a dim view on someone who is making an attempt to sell to family. It is a method for the financial institution that’s approving a short sale to make sure there’s less chance of fraud.
I can think of some examples. A husband and spouse divorce, the wife retains the home and the husband isn’t on the mortgage. The wife is in a state of affairs where she needs to sell the house and the ex-husband tries to buy the house. This is unlikely to happen. They want to make sure that the whole lot is completed properly and so they don’t want the properties in collusion. The explanation it’s a requirement by the financial institution is to verify there is no short sale fraud going on.
What it’s good to know in case you are contemplating a short sale or in case you are within the short sale process is you cannot list the property with a family member. Some arms-length definitions even include plutonic relationships that means friends and enterprise relationships as well. We’re primarily talking about blood relatives. Be mindful you will probably be required to sign an arms-length affidavit. You do not want to sign it having it state that it is an arms-length after which have it not be. That is considered mortgage fraud and I consider the FBI tracks it.
When you’ve got any questions on short sales or the short sale process, please give us a call. Again we are Pickett Street Properites, one of Seattle’s leading short sale groups and we’re right here to assist you. Thanks and have a fantastic day.
Filed under Banks, Blood Relatives, Collusion, Definitions, Dim View, Family Member, Fantastic Day, Financial Institution, Groups, Jesse Moore, Length Transactions, Mortgage Fraud, Pickett Street, Seattle, State Of Affairs, Whole Lot, affidavit, divorce, fbi, foreclosure, foreclosures, relationships, short sale | No Comments »