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?

Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders and Investors.

Chase Short Sale
Sun Trust Short Sale
GMAC Short Sale
Wells Fargo Short Sale
Bank of America Short Sale
US Bank Short Sale
PNC Bank Short Sale
Citi Short Sale
HomeEq Short Sale
Fifth Third Bank Short Sale
ING Direct Short Sale
GreenTree Short Sale
Capital One Short Sale
ASC Short Sale
First Horizon Short Sale
E-Trade Short Sale
Transland Financial Short Sale
USA Bank Short Sale
IBM LBPS Short Sale
Nationstar Short Sale
BAC Florida Short Sale
Real Time Solutions Short Sale
Fannie Mae Short Sale
FHA Short Sale

Can we add you to our list of successful Short Sales?

Are you facing foreclosure in Florida?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

You need to be a member of Short Sale Superstars to add comments!

Join Short Sale Superstars

Comments

michael j blue 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.
Jim Stewart 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!
Pamela Lester June 13, 2011 at 8:34am

I have talked with two agents here in Oregon who confirmed Chase offers of $20K each as well.
Aaron Ayotte, Short Sale Monkey 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!
Wendy Moore 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.
justin.hanke 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....?
Bryant Tutas 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.
Wendy Rulnick 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".....