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Short sale moving targets- I didn’t get the memo. Did you?

The short sale process at Chase Bank

When you process and negotiate short sales en masse like I do, you begin to notice specific trends. Usually the trends that I notice are not issues or policies that I read about on the Internet or learn about at local Realtor® Board meetings and classes. The trends that I am speaking about relate to policies employed in loss mitigation departments at the major lending institutions.

The other day I noticed another one of these trends. My staff and I have been working on quite a few short sales with Chase Bank. Chase (by the way) also includes EMC and now Washington Mutual.

Generally, when submitting a new short sale package to Chase, you prepare your traditional stack of documents and fax it over with a pretty little cover sheet to the fax number indicated by bank personnel. Then, you call back and you hope and you pray that your fax has been received and uploaded into their system.

Suddenly, in the last few weeks, when calling to confirm that faxes had been received and processed, the staff at Chase is now requesting a completed Short Sale Information Packet. So, in order to continue moving your short sale along, in addition to the standard documentation, Chase now has their own short sale documents.

I didn’t get a memo about this new policy. Did you? Did anyone from the Executive Offices call any of you to tell you that this customized package is now required? I’m actually wondering whether the package has always been required, but the staff on the phone perhaps didn’t know the drill but went to a meeting about the famed package just last week. Or, is it just me who missed out on this important part of the process? (I’ve never heard of the information packet before, but miraculously have closed tons of deals with Chase.)

When processing and negotiating short sales, I see the role of the processor as a shooter always aiming at a moving target. The rules change all the time; the target moves from the east to the west and then back again. Agents negotiating short sales are required to aim and hit that target in order to get the deal closed. Well, it would be a heck of a lot easier to hit the target, if they would stop moving the darn thing!

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This post is intended to help you become more successful in hitting those moving targets. Here is the link to the Chase/EMC Short Sale Information Packet: Chase Short Sale Information Packet . Do yourself a favor and print it out. The next time you take a short sale listing and the mortgage lender is Chase, you may need to use this application. Or… you may not. It all depends on whether they move the target again. But, that’s okay. If they move the target, I’m sure they’ll give you jingle and let you know.

Written By

Melissa Zavala is the Broker/Owner of Broadpoint Properties and Head Honcho of Short Sale Expeditor®, and Chief Executive Officer of Transaction 911. Before landing in real estate, she had careers in education and publishing. Most recently, she has been able to use her teaching and organizational skills while traveling the world over—dispelling myths about the distressed property market, engaging and motivating real estate agents, and sharing her passion for real estate. When she isn’t speaking or writing, Melissa enjoys practicing yoga, walking the dog, and vacationing at beach resorts.



  1. Sheila Rasak

    July 27, 2010 at 11:41 am

    I agree, it is frustrating when they change the game, however there is a need for improvement. Chase is currently asking that we download their package requirements and then either fax or mail the documents directly to them. Then you must wait for someone on the other side to upload them into the system. I admit, it’s a bit antiquated compared to Equator, however I feel that I’ve been more successful in finding my negotiator and getting real answers vs. using the Equator system. With the Equator system, the Realtor is responsible for the uploads and then various tasks that follow. It almost feels like you’re more aware of where you are at in the process. Almost.

    Then again, the short sale process can be only as good as the negotiator you get assigned to…they really make or break the deals. You have to factor in how long they’ve been on the job, their attention to detail (like omitting the negotiated 2nd payoff as agreed to from the approval letter), or when their next scheduled vacation lies (Poof! Gone is your negotiator right before close and no one has been asked to step in on their files.)

  2. jim little

    July 27, 2010 at 12:17 pm

    How timely, I am going on a short sale listing in 45 minutes, thanks Melissa

  3. Shar Rundio

    July 28, 2010 at 12:00 am

    From what I’ve seen they’ve had it around for a while but it’s always been hit or miss as to whether it was requested or not. Better to be aware of it and armed with it than to have to mess with it later.

    Much success with your short sales!

  4. Augusta Ga Homes

    July 28, 2010 at 9:33 am

    Thanks for the timely information.

  5. Marc Holmes

    July 29, 2010 at 4:23 pm

    Like Shar I’ve also seen this form before. Early this year a client brought it to me after receiving it from a local Chase branch. I then looked for and found it online at I assumed you always needed it and am befuddled to hear that this hasn’t necessarily been the case. This pretty much confirms that nothing about shortsales should surprising anymore.

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