Chase paying investor/owner to complete short sale
Been talking with my Chase negotiator who wants our current purchase price brought up to $16K - current offer at 12K. Buyer said no would not go higher than 12K. I asked negotiator if the borrower could contribute if he agreed. Negotiator told me "it doesn't matter to me what he does with his $15,000." I was puzzled. What 15K? Negotiator told me owner would be paid 15K for a successful completion of the short sale. Wow. Chase is paying owners to get homes sold in short sales. And not some measly $3000 like HAFA or $1500 from FHA. $15,000 on a $16k purchase price. I am in shock!
Replies to This Discussion
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Permalink Reply by Sameer Punjani on
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I seen $10 / $20 / $30K, this was per the conversation I had for certain Chase customers. They have to receive a letter though in the mail to qualify for the program. Chase has figured out it cost more to foreclose, so they are offering bigger incentives. But I bet most the money is coming from government funds that they sucked out of the tax payers.
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Permalink Reply by Lori Young on
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Simply amazing!
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Permalink Reply by Elvira Quiray on
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What Chase program is this? How will the borrower qualify? This is shocking, indeed!
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Its their "chase short sale outreach" program. The way you qualify is just by receiving a letter from Chase inviting them to the program. After speaking to a customer service rep, its $10/$20/$30K. These are probably the loans not backed by Fannie Mae / Freddie Mac, so those crooks can't go to the feds to make up the loss. So they rather pay the borrower on a short sale, then risk foreclosure...that's my take on it.
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