Oct
11
Chase gets a pretty bad rap for being one of the more “difficult” banks as far as short sales go, so I thought I’d share my recent adventure with Chase.
I got a call from the client just a few weeks before his strict foreclosure sale date. He had had his property on the market with a different realtor for the previous two years as a short sale, and no progress had been made. I suppose at some point he just gave up. Stirred by my mail piece he decided to give me a call. Seeing as we had limited time I put the property on the market with an agressive price and was able to secure a buyer within a few days.
With no time to spare I got his foreclose date delayed for the next 45 days so we could pull the short together. A-OK. Nothing out of the ordinary there.
What happened next blew my mind. My full short sale package went in on August 25th. Despite a few ”surprise liens” popping up and causing problems, after a few discussions with Chase - I got an approval letter September 15th. CHASE GOT ME THE APPROVAL IN 21 DAYS. Fantastic - especially for one the “big guys”.
The next problem - Sure there was an approval, but Chase only gave me 3 weeks to get the buyer closed on his FHA loan. We had to close by October 9, or back to the bank to renegotiate. I mean…23 Days to close an FHA loan? Come on people…I’m not a miracle worker.
Well - what do you know. The buyer clearly made the right choice picking his mortgage broker because he did in fact GET THAT FHA LOAN TO CLOSE IN 23 DAYS.
We closed Friday - October the 9th. This had to be one of the smoothest short sales I have ever seen. My seller finally eliminated the foreclosure that had been looming over him for the past 2 years, WITH A FULL SETTLEMENT AND NO DEFICIENCY; In fact, none of this cost him a single red cent. The buyer ended up with a very nice property at a very good price. All the professionals involved saw a payday and got to feed their families. And it all got done within 2 months of the day the seller picked up the phone and gave me a call.
Not a bad day in the life of a short sale agent.
If only they were all like that!
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COMMENTS (2)
Minna, what where the numbers? How much was the lien for? What was the offer to buy the home? What did the bank accept? These answers may help understand why the banks jumped on this short sale!! October 26, 2009 at 3:07 pm
Hey Mike - Well I dont want to expose my clients financial details, however I'll generalize. He was well overleveraged (obviously). I priced the property about 10% below market value because I had no time to play with, so a buyer was secured quickly. The buyer offered a few thousand over my asking, but still below market. Chase countered with ( what I presume to be their BPO value ) a figure 9 k over the agreed price. The BPO they had was slightly below market also. The buyer upped their offer by 2k. Chase agreed. So there was nothing particularly exceptional about the buyers offer. Ath end of the day the buyer paid 5% below BPO, which IMO was about 10% below market value. I think key here was that my docs were right the first time, I followed up relentlessly but without irritating my negotiator who I developed a good rapport with, and the property was so very close to foreclosure that I think it was high priority for them. October 27, 2009 at 10:14 am