Accepted Offer!!

[missdre]

I'm hesitant to say this has been painless, as we still have a ways to go, but just 5-6 weeks after seeking a pre-approval, Chase Bank has accepted our offer on short sale! Took about two weeks total from our intial offer to today when we found out.

Details-

Preapproved for $300,000 FHA

Listing price on short sale condo: $249,000 (seller's agent told us Chase previously approved for $261,000 but the deal fell through)

IOur initial offer: $250,000 (agent said they had multiple offers and asked for best and final)

Best and Final: $262,000 w/ $6500 credit toward closing - seller and bank accepted!

I imagine the fun really begins now.....but for this moment, we're over the moon!

[IOBA]

Congratulations!!!

Just make sure the condo building is FHA eligible (for financing).

[missdre]

Yes, we already know that it is not yet FHA approved, so the offer is contingent upon being able to get that done.

And, of course, there's a new wrinkle...Chase apparently did not state anywhere in they're letter that they accepted the $6500 credit that we asked for so I'm not really clear on where we stand at the moment. Seller's agent says it's noted on the HUD-1, which we haven't seen yet, but my mortgage broker says they've seen this before with Chase - where they've said they accepted but the credit doesn't appear on any of the paperwork -  and it can be a huge problem with the lender.

So the saga begins, I guess. At least we got to be excited about it for a few hours!

[StartingOver10]

I do a lot of short sales with Chase.

Their letter is very, very specific as to exactly what and who is approved: the price, the terms and the parties.

Make sure you have a copy of the official short sale approval letter from Chase and it should be signed by the seller so you can present it to your lender for them to process. I would be concerned if your approval letter doesn't mention the specific dollar amount of the seller's contribution toward buyer's closing costs. The time to address that is now.

[missdre]

Thanks - yes, I'm pretty concerned as the letter I saw - which was the letter from Chase to the seller - seemed very specific but did not mention the credit. Both my agent and my broker are on it but the seller's agent is slow as molasses and hasn't even responded to our inquiries for the additional docs yet. I suppose this is just part of the short sale process - just an added layer of stress to an already stressful undertaking.