Last Monday, Chase, the lender, finally sent the approval letter to me. It had been a little over 4 and 1/2 months since the short sale package plus offer was submitted to Chase. While we had verbal approval at the end of May, it just took forever to get Chase's letter -- and you can't close a short sale transaction without having an okay from the lender in writing. Since the buyer was paying cash, we -- meaning, mostly, the escrow officer -- was able to slam this shut on Friday. (Paying cash is a much faster transaction than getting a loan.) We had worked in advance with both buyer and seller and had all disclosures and other contractual items reviewed and signed off in June.
A couple of details. Yes, there were two loans. Both, however, were with Chase, so Chase just wrote the 2nd off. The seller/borrower was still current on her HOA payments and mostly current on her taxes, and there were no other outstanding liens against the property. The seller could definitely prove her hardship, as she was denied a loan modification in 2009 and was laid off this year. Since I represented both the buyer and seller, the commission was cut in half. Bah. But it's closed now and everybody is happy.
Congrats!
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