Learn how to get your Chase short sale approved in this Chase Short Sale Case Study.
Chase Short Sale Case Study:
Property Location: Seattle, WA - King County
1st Lender: Chase
Hardship:
“We could no longer afford payments on our home due to a drastic cut in my salary as well as my wife no longer working.
“We had hoped to qualify for a loan modification because we wanted to continue living in our home, but each time we were denied. Due to the stress of trying to keep our home I became very ill and hospitalized with stress-related illness that I continue to suffer from.
“When we left our home, people broke in and damaged the property. We have filed a report and await the legal process. The overwhelming stress brings us to a place where emotionally we realize we can no longer fight for our home. Please allow us to sell our home and settle this financial burden.”
Sales Price: $185,000
1st Loan Balance: $225,541
1st Loan Arrears: $1,357
1st Deficiency Balance: $89,092
1st Settlement: Deficiency waived!
Timeline:
On August 21, 2011, a signed offer to purchase the home for $171,500 was received. The completed short sale package was submitted to Chase, the lender, on September 20. On September 28, Chase indicated that a negotiator would be assigned by the following week.
On October 6, Chase confirmed that the negotiator had been assigned. That same day, the negotiator indicated that, although they would be countering the purchase offer at $204,000, if the buyers would come up to a minimum sales price of $184,500 he would submit the file to the investors. The Seattle Short Sales, Inc., case manager contacted the Listing Agent with that information, requesting the buyers to come up with their highest and best offer.
On October 10, the Chase negotiator followed up, looking for a response to the counter-offer. The Seattle Short Sales, Inc., case manager followed up with the Listing Agent, who indicated that he had not received any of her emails, but that he would now the buyers’ agent.
On October 13, the buyers agreed to come up to $185,000. The Seattle Short Sales, Inc., case manager immediately created the HUD and faxed it to the Chase negotiator. The negotiator requested a revised HUD showing the $20,000 seller incentive on it and the MLS listing report, which the Seattle Short Sales, Inc., case manager provided that same day.
The following day, on October 14, Chase issued their approval for the short sale, waiving the deficiency and providing the seller incentive.
Result:
The homeowners were not only able to avoid foreclosure by undertaking a short sale of the home that they could no longer afford - they were also waived of ever having to pay back the $89,000 deficiency on their loan. And, on top, they received a $20,000 incentive payment from their lender!
To download a copy of the short sale approval letter, click here: http://seattleshortsales.com/LiteratureRetrieve.aspx?ID=94761
If you are a homeowner, and would like to learn more about short selling your home, please go to: http://seattleshortsales.com/homeowners/
If you are a real estate agent, and would like to learn about our no-fee short sale service, please go to: http://seattleshortsales.com/agents/
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