Give in to Short Sales!
A True Short Sale Story; this happened yesterday.
Chase may be one of the first ‘BIG’ lenders in 2011 to start digging into their Short Sale Cases and trying to figure out what to do to unload more of their non-performing assets..hmmm..what a novel idea! They now have a “Pre-listing” team. This means that Short Sale List Agents, can actually contact them BEFORE the home is active, and get the Short Sale ball rolling. I haven’t done this yet, but am looking forward to trying to figure out this latest attempt to speed things up in 2011.
Something very interesting and unusual happened yesterday with CHASE. I got a call to ME on my own personal CELL from a CHASE negotiator. She didn’t have any of my files so it wasn’t anybody that I had been working with. She was calling me on a Short Sale that CHASE had turned down in October because “your Seller is not in a Financial Hardship”. On this particular file, I had brought them an offer approx. $20,000 ABOVE market value (CASH), and my Seller was bringing $10,000 more CASH to the closing. As most of you know, if CHASE turned the deal down, the home (vacation) goes forward to the Foreclosure Sale. My Seller turned off all utilities, pool and landscape maintenance, and stopped paying HOA’s. Why should they continue to maintain a home, hoping to Short Sale it, when the Lender has determined that the home would be better off vacant, rotting and open to Vandals as it heads to the Foreclosure Sale???
So..to continue my story. This negotiator asks me if my Seller would like to Short Sale this SAME home! CHASE has apparently, “changed their guidelines for hardship”, and would like me to Short Sale the property. Could this perhaps have something to do with the Foreclosure mess, (where IS that original note, Mr. Lender?), or has CHASE simply written off this loan as of December 2010, paid their CEO’s their Bonuses based on the inflated note values in their 2010 portfolios and are now willing to dump these properties without the hassle of foreclosure? I’m just saying…
So..my Seller says “yes!” I call the Buyers’ Agent, who, bless her, has already written 3 offers with this buyer on this home..each lower as time progresses. She writes an offer $15,000 lower , (way to go CHASE!), and we’re off and running.
That’s one file..then I ask this same mysterious and wonderful voice on the phone to check another rejected CHASE Short Sale for me. One loan, primary Res, an egotistical maniac for a negotiator who would NOT order a new BPO even though his came in $125,000 ABOVE market value, and bless THIS woman..she looks at my next file. “yes,” she says. I agree. (I almost stopped breathing at this point..who IS this woman?) I will order a new BPO for this one, and we will keep this offer active and continue to work this SHORT SALE.
”Understand,” I tell her. “My Seller is so disgusted, that she will NOT deal with this same negotiator, and if he is assigned to the file, you can pick up your keys on the front porch of ANOTHER abandoned home.”
“This call is being monitored so I cannot respond to that comment, but I assure you, this Short Sale will be assigned to a different negotiator.”
OK..so that’s TWO Short Sale files that were stuck in the Short Sale bank mud, and are supposedly moving forward again..fingers crossed, and eternally hopeful..I begin my daily follow up on my Short Sales with two NEW (not really) files..keep you posted…