Chase Bank is giving seller 30K to short sell! Has anyone heard of this?

I got a call from my client- she was sent a letter from Chase telling her that she can short sell, get 30,000 incentive, no deficiency plus 6% commissions to agents. She was told to find a realtor and list her property which we did. She had tried to do a loan mod with Chase for over 1 year with no results.

We do not have to submit any updated financials at all. Only resubmit the hardship letter and listing agreement plus 3 comps. Then follow up with the Purchase Contract. Also this is an investment property.

Has anyone heard of this yet?????

Chase must want to get rid of this loan fast??? They are in a big hurry for us to get info to them. They call me too, how often does a bank call us?

Has anyone heard of this?

 

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Permalink Reply by Catherine Myers on April 28, 2011 at 8:31am
Yes, they are doing this for some.  I haven't figured out yet what the criteria is for which clients get this offer. I'll be curious to know if anyone else knows...
Permalink Reply by Jeff Payne on April 28, 2011 at 8:36am
Bryant I believe is in the middle of one of these...
Permalink Reply by Kevin Vitali on April 28, 2011 at 10:59am
Never ever heard of such a thing but sign me up!!
Permalink Reply by Smitty on April 28, 2011 at 11:21am
I JUST read about this last week  http://shortsaledailynews.com/?s=%2430%2C000
Permalink Reply by Gwen Mark on April 28, 2011 at 12:18pm
Are you sure this is not a type0? I have heard of them offering $3000. for moving expenses, just like HAFA, but NOT $30,000. I would call on that to make sure.
Permalink Reply by Wendy Martin on April 28, 2011 at 12:42pm
Yes a current client I just listed got the same letter, offering 10k to be given to him 2 weeks after closing.  The letter states he will get this amount if he closes the short sale and satisfies "other terms".  Chase won't disclose what these "other terms" are.  I asked if anyone had EVER received 10k or any funds at closing but they did not "know".  Uh huh.  The letter also says "if we agree on a lower sales price".  Loopholes everywhere. We'll see what happens, but sounds like another bait and switch from the big banks.  BTW, this "new" Chase program promises an answer to the offer in 10 days.  They also want to negotiate with the 2nd.  THAT is SCARY.
Permalink Reply by Danny D on April 28, 2011 at 4:22pm
it is the "list assist" program.  nobody seems to know the formula on who qualifies and why.  seems about 1 and 4 in distress are getting this letter.  I am guessing they are all the junk loans absorbed by WAMU.  Not every chase borrower is getting them though.  Anyone have insight on who and why certain borrowers get the option and some dont???
Permalink Reply by Kathy Dyer Realtor Rosevillle Ca on April 29, 2011 at 12:34am
Kathy
Our letter is simply stated- no other terms. Short 30 day close. They are doing the BPO and want 3 comps from me. No financials updated from sellers- they tried for a loan mod, the finacials are old even. Odd... they seem to not care about it. Since they have the file from the loan mod.... they are using that. SInce when does the loan mod people communicate with the short sale team?? WOW. I will keep you posted on this blog for more later....


Wendy Martin said:
Yes a current client I just listed got the same letter, offering 10k to be given to him 2 weeks after closing.  The letter states he will get this amount if he closes the short sale and satisfies "other terms".  Chase won't disclose what these "other terms" are.  I asked if anyone had EVER received 10k or any funds at closing but they did not "know".  Uh huh.  The letter also says "if we agree on a lower sales price".  Loopholes everywhere. We'll see what happens, but sounds like another bait and switch from the big banks.  BTW, this "new" Chase program promises an answer to the offer in 10 days.  They also want to negotiate with the 2nd.  THAT is SCARY.
Permalink Reply by Julia Huntsman, 562-896-2609 on April 29, 2011 at 4:16am
I recently met someone who was offered $25,000 for his short sale. This was confirmed when he had customer service rep call me in a 3-way conversation. His original loan was bought by Chase (I think it was originally with WaMu), and if it's a loan bought up (or bought out) for very little money on the dollar, their bottom line may be calculated so that they make more money if a property goes short sale + the 25k-30k to the borrower vs. losing everything in foreclosure. As it was, the property had so many downsides to it, I felt it would have been unlikely to get an offer in the time left before foreclosing in a few weeks.
Permalink Reply by John Treadwell on May 1, 2011 at 1:41am
I had a small loan in short sale with Chase for over a year had been decline once  ,and we started over ,then all of sudden they call me ,and said give them some info ,and in a week I had a approval  wavied everthing.  They have changed there way of doing things all at once.
Permalink Reply by Patrick Grom on May 1, 2011 at 4:28am
Most major lenders are willing to give a seller credit ( cash at closing) to eligible homeowners.  We are seeing anywhere from 5k,10k,20k, up to 30k.  Unfortunately most homeowners and Realtors or negotiators know how to get this.  Chase is one of the few that is actually sending out this letter.  But almost all have this type of program.
Permalink Reply by Linda I. Rozales on May 1, 2011 at 5:37am

Yes, I have heard of this and was really surprised.  I was making an offer for my client on a short sale property and I was told by the listing agent that it is a Chase loan and the homeowner will receive $30K from the lender.  She did inform me that it is a real hardship for the homeowner.

 

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