Chase paid my seller $20,000 to do a short sale!

Yes it's true. I didn't think it was when a potential Seller called me in December to see if I could place his Bellalago Short Sale on the market. He said that Chase contactied him and offered him $20,000 to short sale his Florida property. He had 3 days to get it listed and send them the listing agreement. They also told him he didn't have to provide them with any financial information. Just a listing agreement, contract, HUD 1 and a hardship letter.

My first thought was "Yeah sure". My second thought was "What's your email address so I can send over the listing agreement!!"

Once the property was listed I called Chase and they confirmed everything my seller had told me. I still had my doubts though.

Anyway, we found a Buyer and the documents requested were sent to Chase in March. Earlier this week we received the approval and sure enough....they are giving the Seller $20,000 at closing. Not only are they giving him this money but Chase also agreed to pay almost 3 years worth of pass due HOA fees totaling more than $15,000!!

This particular Bellalago short sale was bought as a Florida Investment home. It's currently vacant. The property was purchased for $325,000 in 2005 and just sold for $162,000. Chase accepted $115,000 on a balance of $300,000. Full Waiver of Deficiency. No contribution from the Seller.

Advice to delinquent borrowers: Be sure to open ALL correspondence you receive from your Lender. You may just receive "An offer too good to believe". Believe it.

Do you need help with your Bellalago Short Sale?

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Comment by michael j blue on August 4, 2011 at 3:16pm

The loans were with WAMU or EMC likely portfolio or owned by Chase. (Wachovia is Wells).  Because the servicing money was not there for Chase, they cut the loans loose, and all parties involved get paid.  The invite is the big part or for us agents find out if the loan is held by Chase and then go after the it.

Comment by Jim Stewart on June 16, 2011 at 3:00am
Bryant, do you know if this is something a Chase borrower can call and request or does Chase have to offer it first? Thanks!
Comment by Pamela Lester on June 13, 2011 at 8:34am
I have talked with two agents here in Oregon who confirmed Chase offers of $20K each as well.
Comment by Aaron Ayotte, Short Sale Monkey on May 24, 2011 at 4:52am
I read an article in the St. Pete times regarding this about a month ago.  Glad to know that they're really offering this to homeowners.  It certainly makes sense that these $20k contributions are cheaper than the real expense of getting another REO on the books.   Nice job!
Comment by Wendy Moore on May 23, 2011 at 5:15pm
It's happening in California too - but the one in our office had a 2nd and they didn't like the Seller getting that kind of money so they took $18K of it.
Comment by justin.hanke on May 22, 2011 at 2:30am
That's pretty awesome. I wonder why they go so far when traditional short sales are lucky to even get a full deficiency waiver without a seller contribution but for that transaction they are willing to do that + $20,000 incentive + eased documentation requirements....?
Comment by Bryant Tutas on May 21, 2011 at 5:41am
I heard these were old Wachovia loans. So they be trying to get them off the books. My seller had not made a payment in over 2 years!! I'm sure the 20k is cheaper than a foreclosure.
Comment by Wendy Rulnick on May 21, 2011 at 4:44am
Bryant - I'd be very curious to know "why"!  What is the financial or legal benefit to Chase to do this?  Do they have to meet a federal quota?  Is there an investigation on certain investor-held mortgages that they must dispose of? Obviously, the $20,000 probably comes from the investor....  Big "hmmmmm".....

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