Comment

Comment by Bryant Tutas on January 31, 2011 at 7:51am

Hi Sandy. Did the seller have to provide financial info? My seller stated when he spoke to Chase they said he didn't but now that the property is listed they are asking for a full package. My seller's balking at giving it to them since he swears they agreed he didn't have to. What say you?

Comment by Sandy Skover on January 31, 2011 at 7:33am

@ William that was my first thought when homeowners told me about the program.  The bank doesn't give away anything for "FREE"! email me at [email protected] and I'll send you the approvals and letter.

@ Wendy-one of my negotiator's read me the $10K letter as well.  He didn't know anything about the program

** This cash incentive for Short Sales** had a wave of letters that went out in December to homeowners in active foreclosure.  I was told to have the homeowners call 877-392-3884 to see if they got one of the letters.

Comment by Wendy Smith on January 31, 2011 at 6:43am

I have seen such an offer and have discussed it with a coupl eof different people at Chase.  Seems to be legit.  The offer I saw is for $10,000

Comment by William C. Black on January 31, 2011 at 6:40am

Sandy,

This is the first I have heard of an approval letter- we have multiple clients with "offers" of $10,000 or $20,000 IF they proceed with short sale but Chase would never give law firm details of the transaction and stated it was an investor guideline specific.

Could you please share with us the approval so I can have our attorneys review for legitimacy as I have doubted this a reality and assumed a "bait and switch" you are the first I have heard of getting it in writing on an approval.

Be sure to cross out personal info:)

Comment by Sylvia Barry on January 31, 2011 at 6:32am

@ Sandy - no, I have not heard of  this program.  Would love to know the types of loans your clients have with Chase and the status of the loans before receiving approvals with cash back.

Comment by Sandy Skover on January 31, 2011 at 6:14am

Can't believe it but I have gotten 2 approvals last week both giving the homeowner cash from the new Chase program.  One client got $30,000 and the other got $15,000.  So far it looks like a program for Chase owned loans only.  The $30,000 was for a home that had been in foreclosure for 19 months.  The $15,000 only for 6 months.

Anyone else know more about the program?

Comment by Melanie Ford on January 28, 2011 at 12:26pm

Does anyone have a current email address for Michael Cavanagh CFO for Chase

Comment by Kevin - Greenville, SC on January 27, 2011 at 3:00pm

gotta love Chase - Recent $350 Full appraisal for $395,000, a $75 BPO for $507,000. Guess which value they are sticking with??? If you've been doing Short Sales or have worked with Chase it's an easy guess. Oh.. btw it's a Fannie Mae loan... and Chase is telling me Fannie Mae rejected the offer for $423,500. (they probably didn't submit it to Fannie Mae or (forgot) to mention there is an appraisal for $395,000).

Comment by Thom Colby CA Brkr 888-391-5245 on January 25, 2011 at 4:52pm

Karyl,  I strongly suggest you remove the "identifying information" from the  Arm's Length Chase issued to your client.  You may never get another transaction approved from Chase for sharing this info.....

 

Best of  luck,

Thom Colby

Broker

Newport Beach CA

 

Comment by William C. Black on January 25, 2011 at 4:44pm

We have two clients with a $20,000 letter.... no offers yet but anyone close one of these. I am from the "if it sounds too good to be true it usually is" group so let me know that this is truly an incentive or a bait an switch.

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