Comment

Comment by michael j blue on August 4, 2011 at 3:02pm

I'm in CA, if it's on the HUD and agreed it's not against the law to be compensated.

Comment by michael j blue on August 4, 2011 at 3:00pm

Chase is doing the Outreach Program to short sellers for the reasons Jeff stated, in Florida and New York it can take years to foreclose, no payments, declining market, HOA fees, vandalism.  They can actually add to the bottom line by just offering the seller money.  But from my understanding it is on MORTGAGES OWED BY CHASE not just serviced by Chase.  They make .025% to service a loan and .050% to service a defaulted loan.  If its not their loan and make more money, they aren't motivated to see it go away. I'm looking into one now, seller current and wants to stay current, non owner occ, property worth $90k.  A short sale agent called and told the seller they could get $20k.  I had to tell them each deal is different with different people involved with different financial situations.  I certainly don't want to over promise and under deliver.  I don't think current files have priority, am I wrong.

Comment by Jeff Payne on June 4, 2011 at 4:13am

I agree with Bryant and Harry, there is nothing illegal about a seller getting cash from the sale as long as it is disclosed on the HUD and the bank agrees to it.  From Chase's perspective, it probably saves them money because the homeowner is more likely to not destroy the home and Chase does not have to repair to sell as an REO.  As far as the comments about SSG, those guys are very bright, Trent is a friend of mine and from my understanding, Lee is no longer there.  SSG, SSSuperstars, CDPE, SFR are all great resources but keep in mind, you will get out of it what you put into it

Comment by Bryant Tutas on June 3, 2011 at 11:34pm

Trina. I understand it could be an oddity. But law? Are you able to connect me to this statute. I just want to be sure we are giving out accurate information. Thanks

Comment by Trina Gonzales on June 3, 2011 at 3:54pm

@ Bryant

 

I can't speak for Florida because I'm not licensed there but in California it doesn't happen like that.  Now, there is a HAFA "relocation" benefit of $3000 to seller.  But here, a seller cannot receive proceeds as a result of a shortsale.  I only list shortsales since the market flipped over backwards.  I asked agent friends of mine and it's definitely an oddity.  I'm only speaking on California because that how it's always been here.  But as we both know, there's nothing "normal" about this market. I'm over getting surprised anymore.

Comment by Tara Polley on June 3, 2011 at 8:57am

I'm sorry, but after reading the letter, I don't see anything that says the homeowner must use a CDPE to sell the home and recieve $30,000. I only see a recommendation to use one, as an agent who is Certified is sure to know how to handle the transaction. Nowhere does it say they must fire their current agent. It sounds to me as though the original agent should have educated their homeowner so they could keep the listing...

Comment by Eric Baskett on June 3, 2011 at 8:39am

I'm all for sellers getting money at closing, which is legal here in CA.  Wachovia is the most common lender giving $5,000 for cooperation.

Comment by Bryant Tutas on June 3, 2011 at 8:28am

Trina. This was a program Chase started in December. One of my sellers in Florida is getting $20,000. Why would it be illegal in CA? That makes no sense at all. The seller can cut any deal they want with their creditor.

Comment by Trina Gonzales on June 3, 2011 at 7:41am

Wow!  This is a new one.  I've never heard of it happening before and of course, I haven't had it happened to me.  I'm trying to figure out how Chase was able to do that at all when in California, it is illegal for a seller to gain proceeds in a shortsale.  What ended up happening with this at the end of the day?

Comment by Neddie B. on May 29, 2011 at 6:41am

Well Jennifer, I do know who Lee is and I have a lot of respect for the guy; he recently used your Chase letter and blogged about it.  I do thank you for your recommendation regarding short sale genius but I'm not sure how to take your comment regarding that ONLY SSG members are capable of handling all the curves that banks throw at us.  There are many talented agents out there that are handling these curve balls effectively, many in this community.  But I think what you were really saying is that SSG is better than CDPE and you know, that is possibility.  In reality, we can all learn from each other.

Regarding the comment about direct referrals from the bank, every one of us is different and have our own set of personal standards and integrity, some will be tempted to not do the right thing when getting these leads directly from the bank but I'm sure that many that strive to do the right thing will continue to do so to under any circumstances.  

I read the letter from Chase that you are referring to and I don't see why this seller couldn't have said to the bank that he already had an agent that was experienced and whom he felt comfortable with.  I don't think that the bank can make this or any seller pick a specific agent.  Of course, that is easier said than done...I'm sure this seller saw the $30K incentive and he wanted to be 100% sure he would get this money.

In closing, I am always the first to admit that I do not have all the knowledge there is to have about anything, not just short sales.  Life is about learning and a never ending process.  

 

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