Forum

Chase - What Will They Pay?

Posted by Rita Cox on May 27, 2013 at 2:55am in Short Sale Discussions

Has anyone had a short sale with Chase where they paid for termite treatments? I represent the buyer in this case and we found out about the termites when we did our inspection. However, this was after short sale approval. Has anyone been successful in renegotiating with Chase to cover the treatment and possibly the repairs? Would love some advice.

You need to be a member of Short Sale Superstars to add comments!

Join Short Sale Superstars

Email me when people reply –
Follow

Replies

  • Alexander Villegas June 11, 2013 at 11:19am

    In my experience, Chase is pretty good with crediting necessary repairs when you provide them a reasonable invoice, especially if it's a portfolio loan. Otherwise, they may need to obtain investor approval...and that can vary.

  • Shel-lee Davis June 10, 2013 at 1:47pm

    My experience, the short sale lenders will pay for "structural damage" but not to "kill bugs".  That seems to be the story on my short sales.  I always make it very clear to the buyer that the bank will not kill the bugs and they should write their offer accordingly.  Of course, I also have the seller get the termite report done when they list the property so we can provide that to the buyer at the time they make the offer. 

    Hope you can get this worked out for your clients.

  • Mark Sanner June 2, 2013 at 1:02am

    I had this happen with a Chase HAFA short sale. The termite treatment was paid at closing out of the seller's $3,000 relocation incentive.

  • Minna Reid May 30, 2013 at 4:35am

    Yes - I have. They did not give repair funds up front, but did credit the buyer for termite treatment at close. This was a Chase portfolio loan. I am thinking a Fannie/Freddie would not have been as flexible.

  • 31cg1fw8yxswn May 29, 2013 at 4:09pm

    Definitely get two or three bids and make sure structural is inspecited...

    also make sure the selling agent is notified in writing of the actual condition, that the MLS listing is updated to show termites active there...and that the lender has copies of it all.

     Disclosure issue now and must be disclosed regardless. This will probably help push things forward with at least some bending to get it closed. 

    Just having the disclosure in the MLS and known by the bank makes it a bigger issue...must be disclosed no matter what kind of sale.

This reply was deleted.
********************************** like buttons ************************