Comment

Comment by Bryant Tutas on March 19, 2011 at 1:04am

Dekeka. I'm happy you like our site. Wendy and I are proud of our little baby!! Chase has improved their short sale process quite a bit over the last couple of years. The amount approved is usually very close to fair market value minus the expenses of the sale.

 

Just keep pushing to get a buyer. Chase does not want to foreclose. Whether or not they will require a cash contribution depends on your financial position and if this property is your primary residence or not.

 

If they have already ordered the BPO then that's a very good sign that they want this short sale done. I have a short sale right now with Chase where the seller was offered up to $20,000 at closing. I too am curious to see how that plays out.

 

Good luck to you. Be sure to have your agent join our site. Thanks

Comment by Kristine Halverson on March 16, 2011 at 7:10am

@Steve - if we can get the file out of this employees hand and stop the sale date.  I will definately order this certified appraisal.  Although I did this on another file and they rejected it.

Comment by Steve Early on March 16, 2011 at 7:01am

@ Kristine - the best way to fight the value ("insane sales price") is to have an independent appraisal done by a certified appraiser. When they ask for a lot of cash it is usually because they know the seller has the cash or can afford to pay off a promissory note.This request is most likely coming from either an MI company or the investor, or both and it is made based on the seller's finances.

Comment by Kristine Halverson on March 16, 2011 at 6:56am

We have a luxury short sale $2mil plus.  A bank employee in the loan mod dept. has take a HOLD of this file.  They are asking for ridiculous cash from Seller and an insane sales price.  It would be great if you could share a Senior Level contact!!  We are under the deadline of a foreclosure and strange employee.

 

Comment by Michael J Wollen on March 13, 2011 at 3:54pm

Larry Davis-Thomas Dombrowski is called a Consumer Outreach Specialist and the # i have is 877-518-8429.  Would love to have the contact information for Frank Bisignano

Comment by Michael J Wollen on March 12, 2011 at 11:06am

Thanks Larry. We are doing just that now in addition to sending a letter outlining the scenario for my seller as to why he should be reconsidered.  Sending it to Thomas Dombrowski.  We will see if he reads it. 

Comment by Michael J Wollen on March 10, 2011 at 5:16am

I Need Help!!!

I have been working on a short sale with my seller since September through Chase Bank.  Yesterday the negotiator told me Freddie Mac, who owns the loan, deined the short sale because the seller hadn't made any payments since 2009.  Really???  The negotiator said Freedie Mac would not extend the sale date, March 9, 2011 due to the amount of cost that had been incurred over this period of time and they needed to stop the bleading. Today I went to the auction and the sale was put off until March 30,2011.  Calls to the negotiator went unanswered or returned. He may call in the morining???? 

The opening bid was set at $140,000 and we have an offer in with Chase for $210,000.  What is the logic?  I realize the bid process would drive the price up but probably not to $210,000. It is not a fixer so not likely rehab bids would come in leaving an owner occupied purchaser being the only likely bidders. 

My seller wants to contact Freddie Mac directly and I noticed a number on the home page for this group. 

Has anyone had this experience and is Freddie Mac inclined to be persuaded to reconsider if they are given real world information about the the properties real value. Chase has it at $244,000 and nothing has sold for more than $215,000 as of today.

Who is the best person to contact at Freddie to discuss this matter? should I go up the food chain at Chase and who would I call?

Does Freddie Mac or Chase have to send a formal denial for short sale along with the guidelines that support the denial?  

Comment by Thom Colby CA Brkr 888-391-5245 on March 9, 2011 at 12:20pm

Interesting....  I have a $1+ MIllion listing - Chase 1st (serviced for BofA) and Chase 2nd (direct).  We received an excellent offer about 50% cash & fast close.  After 4 months of waiting and calls to List Assist and ERG, it was countered with an increase in price of $200,000 which is WAY OVER  market value.....  I requested a small $ for the sellers to relocate on the HUD since they are truly pennieless.  Chase rejected the offer, cut the commission (2 agents different companies), cut the relocation $ completely, and want an answer immediately so they can continue foreclosure on 3/23.  This property is in SoCal. 

 

I don't get it.  If this deal doesn't happen, Chase will take another "hit" on the REO Market of $200,000 less than the current offer!

 

Of 100+ Short Sales closed in the past 5 years & 20+ not closed (not closed are all "Chase")

 

Oh, well time to move on - Chase Short Sales are a complete waste of time.

Comment by Michael Schneider on March 9, 2011 at 12:12pm

Do we have the same client, Wendy?

Also, 1st and 2nd, with Chase.  Total debt around $250K.

Chase services both, but they probably have different Investors.

Are the two cases you are referring to ex-WAMU loans? (Mine is.)  Maybe Chase is liquidating a portion of their deeply discounted WAMU portfolio?

Comment by Wendy Smith on March 9, 2011 at 12:02pm

yep, I have a client that received an offer of $10k - I called to confirm it just like you did, sure enough, it was real.  I read about someone who received an offer of $30k.

My client has a 1st & 2nd with Chase totalling about $200k.  What is the debt on your clien'ts property?  Perhaps the offer is be relative to the debt?

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