does chase require an offer with a short sale to stay trustee sale?


#1

We have a notice of trustee sale. A Realtor said he can approach Chase to stay the sale. He said that Chase requires an offer to be presented with the package since we are at the trustee sale stage. He has an investor that will make a low offer and wants us to accept it so it can be presented to the bank. Does anyone know if it’s true that they require an offer to be included in the package? Thanks.


#2

Although a sale can be postponed if there is an active short sale pending there is no rule that I am aware of that would indicate that a sale will automatically be postponed if there is a short sale package submitted. It is true that a lender will not typically consider a short sale unless there is a bona fide offer from a legitimate buyer. The red flag in your question is the part about accepting a “low offer” just to get it submitted. On any short sale package the lender is going to do their due diligence in terms of the price. I would say to proceed cautiously with these folks. It may be time to interview a couple of professional realtor in the area that specialize in short sales.