Comment

Comment by Tony Morales on November 5, 2014 at 4:46am

Also, did the listing agent state that the buyer must pay a negotiator fee?

Comment by Tony Morales on November 5, 2014 at 4:43am

The question is ..Is the seller giving any credit/concessions to the buyer for closing cost or anything else?

Comment by Marcia Vollmer on November 5, 2014 at 2:22am

Has anyone had an issue with chase wanting fees removed from the buyers side of the final HUD after an initial approval was received.  The buyer is paying a neg. fee and Chase is say the investor "USDA" will not allow (it is not being pd by concessions). We call USDA and they say as long as concessions are not paying the fee they don't care.  Chase will not back down.  Any ideas - this closer and supervisor and going to cause this short sale to not close. Legally the buyers can pay anything they want to on the buyers side of the HUD as long as the sellers concessions are not paying them right?

Comment by Tony Morales on October 30, 2014 at 8:28am

Melissa that is not correct  there is no specific percentage. The net is determined by the investor, not CHASE.   Investors have different guidelines on the net they require and they consider more than just the value in their counter. If it is an FHA short sales than they use a percentage usually 88%.  If your property is in a market where prices are increasing then the bank knows that and they want an offer at or near current market value

Comment by Melissa Polce on October 30, 2014 at 6:31am

Does anyone remember the % to "bpo/appraised" value Chase likes to get, in order to approve a regular conventional/jumbo short sale? Example: offer 650K, bpo came in at 690K, so they "soft countered" asking if buyers would come up at all...think they used to want 92% of value...but possibly 88-90%, anyone remember or have good intel? Thanks

Comment by Wendy Rulnick on October 2, 2014 at 6:27am

"Highest and Best" in Chase Equator form  by buyer closing costs.. interpretation?

Comment by Dianne Slutsky on September 16, 2014 at 5:55pm

Chase probably still has it with their bankruptcy department. You may want to ask to speak to their bankruptcy department & make sure they also have a copy of the signed motion to sell. Also, you may want to have the seller's attorney write a letter threatening litigation if they fail to cooperate with the court approved motion to sell

Comment by Patsy Clevenger on September 16, 2014 at 4:43pm

The 2nd is with Chase and Nationstar now has the 1st it was with B of A that's what started the delay in the 1st place when B of A serviced released the loan last year.  They are in a Chapter 13 with a 5 year plan that they are now 4 years into it and have been making payments to the trustee.  We got the motion to sell in May, since Chase has been part of the BK as it stands now on the HUD there is $2500 allocated to go to them since they will continue to receive payments for another year.  The problem has been Chase has just let the file sit and when they assign it to a listassit the file continues to sit.  I've gotten their twitter team involved and the file has been reassigned 5 times.  It's crazy.  It still not with a negotiator.  Nationstar just submitted the file today for approval which I told them is a bit premature since we aren't getting any where with the 2nd.  Even though the social media team seems helpful this process is taking way too long.  I've closed many short sales with Chase and have had to go up the chain before but this is getting to be a joke.  What I need is a lien release short sale approval so we can finally get into escrow.

Comment by Tony Morales on September 16, 2014 at 10:23am

So is this a 2nd mortgage with CHASE?  who holds the first?  Is it HAFA or traditional short sale? Are you asking them to release with no proceeds?   Also even after discharge of the debt, the lien remains unless the attorney filed a motion to remove it which normally gets an opposition from the secured creditor. I'm in Calif. let me know if I can assist you   I am licensed

Tony Morales

TM Short Sales Consulting

Comment by Patsy Clevenger on September 16, 2014 at 10:13am

We have the motion to sell have had that since May.

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