Providing you with the knowledge and tools needed to succeed with Short Sales.
Another Chase approval
Yep....7 months ago I submitted a complete Short Sale Package to Chase on April 27 2009. After many months of frustration I received another Chase Short Sale Approval yesterday. We are closing on 11 December.
You know sometimes I am left just scratching my head. This one should have been a no brainer. The Sellers are both retired and disabled. They were able to purchase this home in late 2005 using a $100,000 cash settlement they received from a wrongful death suit for their son. Their son had always wanted to live in Florida so they took the $100,000 and put it down on a house that was selling for $183,000.
Of course what they couldn't have predicted was that their daughter who was supposed to move in with them and help with the mortgage payment decided after living in Florida for 2 months that she didn't like it. So she moved, Mom and Dad were now stuck with a house they couldn't afford.
When I first met them they were very depressed and couldn't wait for a buyer to come along and pay them $150,000 so they could move back home. Their mortgage balance at the time was about $90,000 and they didn't understand that their property was worth far less. How could they be upside down on their mortgage already?
These folks had done everything "right". They bought a house that was priced OK and put 60% down. Who would have ever though that within 24 months their equity was gone. And this wasn't just paper equity that we hear about so often. It was $100,000 CASH!
I sure wish I would have met them before they placed all the money they had into a property. Telling people of this age they have lost everything is by far the worse part of my job.
Eventually I was able to get them to understand that all of their equity was gone. They needed to pack up and move back to NY to be with friends and family. So that's what they did. Almost 80 years old and having to start over while living with their daughter. My job is so sad some days.
And to make it worse. They told me the only reason they were even doing the short sale was so I could get paid because I was so honest with them. WOW!!! Incredible strength in the face of adversity. It's almost over Alline....I promise.
Location:
- Kissimmee Poinciana Florida
Liens:
- 1st mortgage with Chase for $100,000. They agreed to accept $35,000 (35% or what's owed)
- Seller is bringing no money to closing and is NOT siging a promissory note.
- Listed and sold by Tutas Towne Realty at $39,900 with a 6% commission.
Challenges:
- The biggest one was getting Chase to understand that these folks were disabled living on Social security and did not have bank accounts and did file tax returns.
- Keeping the same Buyer on board for 7 months.
And there you have it. Another successful Short Sale approval from Tutas Towne Realty.
Tags: chase
Replies to This Discussion
-
Permalink Reply by Lynn Pineda on -
Bryant this really is a trajic story to be retired, 80 yrs old and to lose $100,000 and to know the monies came from the trajic loss of their son. Talk about a tumbleweed of awful events. These type of stories pain me so when you're retired and going through such awful life events. This is a time in their lives when they should be relaxing and at peace; far from it here. It's like seeing the elderly working bagging groceries as they shouldn't have to do that to survive....they should be relaxing at home. This must have been tough for you.
-
Permalink Reply by Bryant Tutas on -
Lynn, This is the part of our jobs that people don't see. I listed a short sale yesterday for a guy that's 83 and just lost his wife of 55 years. He's lived in his house for 27 years but had to take out a mortgage to help pay for his wife's medical bills. Now he has nothing. Very sad indeed.
-
Permalink Reply by Pacita C Dimacali on
-
Bryant ---
What's your experience with 2 loans with Chase?
Just listed home. Owner is now 70 years old and was just moved to a nursing home. Her two daughters are still trying to save her place. They tried to do loan mod. No response from Chase. Just listed the house as a short sale, received all cash offer at list price. Sending package on Monday. Offer is for about 60% of loan balances.
Never had a short sale with Chase, but one of our realtors did, and next to Bank of America, he considers them one of the worst, too.
-
Permalink Reply by Bryant Tutas on
-
Pacita, I have closed several Chase short sales. All took more than 6 months. They are very slow. They do approve sales though. Just stay on them. Be sure to keep asking if they still have the 2nd. Chase may sell the 2nd off to a 3rd party at some point. AIC (Allied International Credit) is who handled the Chase 2nd on my last deal. They were great to work with.
When submitting your package be sure to go ahead and allocate $3,000 to the 2nd even though both lenders are Chase at this point.
Pacita C Dimacali said:Bryant ---
What's your experience with 2 loans with Chase?
Just listed home. Owner is now 70 years old and was just moved to a nursing home. Her two daughters are still trying to save her place. They tried to do loan mod. No response from Chase. Just listed the house as a short sale, received all cash offer at list price. Sending package on Monday. Offer is for about 60% of loan balances.
Never had a short sale with Chase, but one of our realtors did, and next to Bank of America, he considers them one of the worst, too.
-
Permalink Reply by mai on -
Bryant, I am trying to help my parents, who put in a short sell offer a few weeks ago. To their knowledge they are offering about 50-60% cash up front. They are retired so the waiting game is difficult and they asked me to see if there is anything I can do to speed up this process. I understand that most of the work should be done by the realtor but I want to do what I can to help this process through. Chase won't talk to me because I am not the mortgage holder. At this point I just want to make sure the correct process has been followed. I have been researching this process. Am I correct that 1) you have to submit the short sale form, AND 2) the seller needs to submit the CHASE Short Sale/Loan Mod packet at the same time or else the short sale proposal will be rejected? What is a letter of authorization? Who can talk to chase to do the negotiation? any info you can provide would be a great help. thanks so much and congrats on your closing.
-
Permalink Reply by Bryant Tutas on
-
Hi Mai, There is really not anything you can do. The agent for the sellers is more than likely the only person authorized to speak to Chase on behalf of the seller. As long as the agent is submitting the right documentation then it's just a matter of waiting on Chase. Chase is very slow so count on 6 months or more.
mai said:Bryant, I am trying to help my parents, who put in a short sell offer a few weeks ago. To their knowledge they are offering about 50-60% cash up front. They are retired so the waiting game is difficult and they asked me to see if there is anything I can do to speed up this process. I understand that most of the work should be done by the realtor but I want to do what I can to help this process through. Chase won't talk to me because I am not the mortgage holder. At this point I just want to make sure the correct process has been followed. I have been researching this process. Am I correct that 1) you have to submit the short sale form, AND 2) the seller needs to submit the CHASE Short Sale/Loan Mod packet at the same time or else the short sale proposal will be rejected? What is a letter of authorization? Who can talk to chase to do the negotiation? any info you can provide would be a great help. thanks so much and congrats on your closing.
-
Permalink Reply by Elizabeth Weintraub on -
I just received approval from Chase Bank. Listed the home on October 2 for $300,000. Received 5 offers. Went into active contingent status 3 days later on an offer at $352,000. Just like clockwork, 120 days later, received the approval letter. No seller contribution. Approval letter good to the end of March. Chase knocked a point off my commission, from 6% to 5% Grrr. I almost hope the buyer's appraisal comes in low, LOL.
About
ShortSaleSuperStar Products
As way of disclosure REGrow, LLC gets paid if you purchase a product from this site. Some of the products we have created and some are products we have tried and endorse as affiliate partners. None will make us rich.
Your purchase does however help us pay for the costs and time involved with maintaining this site.
And of course you always have the option of just continuing to benefit from all of the great information being dished out for free. The choice is yours.
Forum
FHA SS 1 Reply
Started by Sherry Wheeler in Short Sale Discussions. Last reply by Bryant Tutas 5 hours ago.
Midland Funding LLC 3 Replies
Started by Jimmy Williams in Short Sale Discussions. Last reply by Barb Van Stensel 20 hours ago.
REO or BPO 1 Reply
Started by Sima Saboury in Short Sale Discussions. Last reply by Sam Purtle 16 hours ago.
Is HAFA toothless with the junior lien holder, if the lender does not participate in HAMP?
Started by Victoria Frieberg in Short Sale Discussions Mar 15.
Real Time Resolution 6 Replies
Started by Brenda Mull in Short Sale Discussions. Last reply by Paola Lopez De Armentia Mar 15.
Bank Of America short sale expert needed -I have an approved short sale but issus with the type of release 9 Replies
Started by Al Goldin in Short Sale Discussions. Last reply by Paola Lopez De Armentia 16 hours ago.
Has anyone had issues with PMI? 3 Replies
Started by Travis Bryant in Short Sale Discussions. Last reply by Christine Donovan 1 day ago.
PNC Bank 1 Reply
Started by jim coddington in Short Sale Discussions. Last reply by Amy Cole Mar 10.
Obama Paying $1,500 to Homeowners who do a Short Sale
Started by Neil Leavitt-Kentucky Solutions in Short Sale Discussions Mar 8.
BOA as a server for Rural ECON (type of loan)
Started by Wanda martinez in Short Sale Discussions Mar 6.
© 2010 Created by Bryant Tutas on Ning. Create a Ning Network!
