Chase

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Comment by David Dee 6 hours ago

SSS rocks! Thanks Stephen! Will post an update here once I get an answer on how this one pans out.

Comment by Stephen B. McWilliam 9 hours ago

Typically it will be a 10-15 year term. The Seller can always attempt to negotiate that note away with 1 lump discounted payment in the future.

The HUD Addendum will be disclosed to all parties. I would never suggest anything to the contrary. The new purchase money lender will object to any Buyer's funds being used toward short sale expenses. The $3k credit to Seller will be itemized on the HUD-1 Addendum for the Seller's other closing costs including but not limited to real estate commission.

Comment by David Dee 9 hours ago

Stephen, thanks for the tips. For the no interest 16.5k note, what term would be appropriate in this request?

There is a mortgage involved in the purchase. So this separate HUD-1 addendum will be sent to both lenders. Would they questioned why it was not originally itemized in the original HUD-1 and create a red flag?

Comment by Stephen B. McWilliam 9 hours ago

First, ask Chase to agree to accept a no interest $16500 note which is the difference between $8500 and $25k. Next, see if the 1st will increase their offer to Chase anything. Failing the 1st lender's increase to cover the full $3k difference advise the Buyer they must "Credit the Seller $3000.00 at closing". If there is a mortgage involved in the purchase the title company will need to adjust the $3000.00 on a separate HUD-1 addendum to reflect that the Buyer is paying for various, non short sale related, closing costs.

Comment by David Dee 9 hours ago

Just got an approval from 2nd lien Chase today but here's the catch. The loan is for 55k and we offered them $5500. Chase countered back at $8500 which is over 15%. They indicated that ONLY the lien will be released NOT the deficiency. If deficiency is to be waived they said they must get a settlement of 25k! That's ridiculous since the loan balance is only 55k! Gotta go back to the 1st to see what can be done. Any suggestions?

Comment by David Dee on February 6, 2010 at 11:41am

Avg sales? You've got to be kidding me Katerina! Would love to join that group in a heart beat! It doesn't surprise me that you're also on your way there. :D

Pacita, I haven't run into a scenario with both loans being with Chase yet.

Comment by Katerina Gasset on February 6, 2010 at 12:58am

David- That is her average sale too:) We are not there yet, moving on up though. We cracked the 2 to 4 M ceiling and now we are working on the 5 to 9 M but it is a tougher market since it is all word of mouth.

Comment by David Dee on February 6, 2010 at 12:41am

Katerina, with shortsales we do run into clients who are destitute as you've indicated. It's a sad situation but looks like they hired the right listing agent to assist them. :) That was a classy move by the s/a. Wow, a 9 million listing! That must have been some enormous macmansion.

Anna, that is something to consider to alleviate some of the buyer's concerns.

Comment by Pacita C Dimacali on February 6, 2010 at 12:31am

Just picked up new listing where both loans are with Chase. The owner's daughter has working on behalf of her 70 year old mother. Since June, they've tried loan mod to no avail. They even authorized their attorney/accountant to follow up with the banks. Now, their last resort is short sale....but they've already receive a Notice of Trustee Sale and everyone is running scared.

Can someone share their experience when Chase holds both loans? How long did it take to get through to the lenders, and did you have to deal with two negotiators (my experience with Bank of America, as bad as it was, was to have one negotiator for both loans).

Help!

Comment by Katerina Gasset on February 5, 2010 at 11:21pm

We had a listing where our seller was so destitute she could not even keep the electricity on, investment property, divorce, x won't pay, she makes min. wage- long story- semi luxury home. ( was considered luxury before the boom bust)- buyers agent, all cash buyer, bank approved short sale, buyer walks on home inspection clause ( this was before we implemented our new inspection addendum) we had to pay to turn on power and water for the guy. His agent reimbursed us for all the out of pocket expenses we incurred because of her buyer. Not an issue- buyer is a multi millionaire and the last listing the buyers agent sold ( she sells listings too) was 9 million at full commission. We did not ask for the reimbursing - just a classy lady she is.

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