San Jose Real Estate * REALTOR ® * Richard Gonzalez

I just hung up the phone with a representative from CHASE who introduced herself as a coardinator for a new loss mitigation department created by CHASE to speed up their rediculously slow short sale approval process.

How do you spell relief?

I spell it  A P P R O V A L.

All kidding aside it has not been a a very plesant experience for some of our WAMU/CHASE clients looking to short sale thier home. in fact is has been excruciatingly slow. It literally took seven months for me to get an approval from CHASE on one of my listings only to find that the buyer who had waited for the entire time walked himself into another home. Many sellers we encounter who have WAMU loans has found themselves in the same situation. For that reason I always set an expected six month worst case scenario on WAMU short sales.

How do I use this new information?

If you are contemplating short sale as an option and have a WAMU/CHASE/EMC loan the first thing to do is compete the CASE short sale packet updated in April 2010.

Download CHASE Short Sale Packet

You will also need the following information:

• Listing agreement
• Letter of Authorization for your REALTOR to communicate with the lender
• Listing History from the MLS
• Hardship Letter
• last two years tax returns
• Two months bank statements
• last 30 days proof on income wage earner or self employed (paystubs or profit & Loss or bank statements)
• Purchase contract and pre approval letter from a buyer

Uncharted Territory

Nobody really knows what all this movement means in terms of the approval process because every short sale situation is different. Perhaps this is CHASE’s way of adopting HAFA into their systems. What I do know is that we have come a long way in the last six months and the effort by the lenders to streamline the short sale approvals if much appreciated by the people who need it the most, our clients.

CHASE Short Sale information: www.chase.com/shortsale

I week ago I attended the California Association of REALTOR meetings in Indian Wells and attended an open committee meeting with high level managers from Bank of America and Wells Fargo. I added a video describing these changes to my Youtube Channel.

Click on the video below to see my report from the Indian Wells Resort.