Chase Short Sale Approval
Lender: Chase
Amount owed: $129,000
Hardship: Loss of income and medical
The property was placed on the market on February 14th at $110,000. The price was slowly reduced to $85,000 on April 11th and went pending on April 18th at $87,500.
The complete Short Sale Package was submitted to Chase on April 24th.
On July 17th we were asked by Chase to reduce the Seller concessions from 6% to 3%. So we rewrote the contract at $84,500 and reduced the Seller concessions.
On August 4th the Buyer's appraisal came in at $60,000. We rewrote the contract at $60,000 and submitted to Chase with the appraisal.
We received written approval from Chase on September 1st for $60,000. The amount of the "Short" is $77,000 or 60% of the mortgage. No note or cash contribution is required of the Seller.
From contract to approval took 137 days. Not too bad for Chase.
Amount owed: $129,000
Hardship: Loss of income and medical
The property was placed on the market on February 14th at $110,000. The price was slowly reduced to $85,000 on April 11th and went pending on April 18th at $87,500.
The complete Short Sale Package was submitted to Chase on April 24th.
On July 17th we were asked by Chase to reduce the Seller concessions from 6% to 3%. So we rewrote the contract at $84,500 and reduced the Seller concessions.
On August 4th the Buyer's appraisal came in at $60,000. We rewrote the contract at $60,000 and submitted to Chase with the appraisal.
We received written approval from Chase on September 1st for $60,000. The amount of the "Short" is $77,000 or 60% of the mortgage. No note or cash contribution is required of the Seller.
From contract to approval took 137 days. Not too bad for Chase.
- Attachments:
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Chase Approval Letter.pdf, 35 KB
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Replies to This Discussion
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Permalink Reply by SanJuanita Guerrero Nelson on
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Hi Bryant- Did you need to address in the package the debt as paid as agreed in the credit reporting agencies as a condition of sale?
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Permalink Reply by Bryant Tutas on
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Hi SJ, I'm not quite sure I understand your question. I did not address the reporting status at all. I did ask the seller to check in a couple of months and let me know how it was reported. is this what you are asking?
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