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Another successful Short Sale approval in Central Florida!

Lender: Chase

Amount owed: $129,000

Hardship: Loss of income and medical

The property was placed on the market on February 14th at $110,000. The price was slowly reduced to $85,000 on April 11th and went pending on April 18th at $87,500.

The complete Short Sale Package was submitted to Chase on April 24th.

On July 17th we were asked by Chase to reduce the Seller concessions from 6% to 3%. So we rewrote the contract at $84,500 and reduced the Seller concessions.

On August 4th the Buyer's appraisal came in at $60,000. We rewrote the contract at $60,000 and submitted to Chase with the appraisal.

We received written approval from Chase on September 1st for $60,000. The amount of the "Short" is $77,000 or 60% of the mortgage. No note or cash contribution is required of the Seller.

From contract to approval took 137 days. Not too bad for Chase.

Available Short Sale Training:

Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://CentralFloridaShortSales.com

http://ShortSaleSuperStars.com

***The content of this blog is solely my opinion***

 

 

Customer Testimonials

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,USA 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,US 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,Selene Finance Short Sale,DTA Solutions LLC Short sale,Flagstar Short Sale,IndyMac Short Sale

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Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales,  Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

 
This post has been included in Florida Real Estate News Osceola County, FL Real Estate News Kissimmee, FL Real Estate News Poinciana (Kissimmee, FL) Real Estate News
Post is included in group: Real Estate Rookie
Post is included in group: Sharing Information of Short Sales
Post is included in group: Short Sale REALTORS®
Post is included in group: Short Sales and Forclosures ONLY
Post is included in group: Short Sales Specialists

22 Comments on Florida Short Sale Approved by Chase in 137 days!

SEP
02
2009
548,980 Points 110 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

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4:12pm • #1
347,635 Points 1 Featured Post

Just horrible, but I am sure they never thought there was a problem. Our tax dollars at work.
4:16pm • #2
513,866 Points Outside Blog

In our area, only 14% of Short Sales close escrow before going into foreclosure.l  Dismal response from lenders.
4:29pm • #3
175,854 Points 14 Featured Posts Called Shot Master

My goodness Chase is getting fast!!!!!!

My partner was on the phone with them yesterday and after talking with them for an hour, 3 folks, they wouldn't give her a call back number when she requested it in case they got disconnected. Guess what? Chase hung up.
4:43pm • #4
288,572 Points 38 Featured Posts Outside Blog

Wow that's some forgiveness - great job.
4:50pm • #5
367,865 Points 38 Featured Posts Outside Blog Hit Router Called Shot Master

Bryant - Great job with slow Chase!
5:28pm • #6
616,408 Points 9 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Someone got a pretty good deal too I would say! Nice job!
5:58pm • #7
447,818 Points 36 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Bryant,

137 days and the borrower saved $27,500 seems like time well invested. If a person has the time and temperment a short sale is a great oppertunity.

137 days is nothing for Chase! I've got Wamu checking and they still have our accounts screwed up.

Bill
8:36pm • #8
1,599,687 Points 154 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

That maybe some kind of record for Chase. I'm working on one that at the pace we are going it could be under sixty days from offer to close. But, we will see what kind of delay comes in the next week.

Todd Clark - www.LivingBeaverton.com
9:46pm • #9
1,254,469 Points 242 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

That is so strange that you have these comments that Chase is slow and that 137 days is short for Chase. We have a great negotiator at Chase who does all our non Freddie files. He is awesome and we get to closing in 40 to 90 days max on all our Chase deals except for two. One is an exception, long story so I will blog about it. THe other one is a Freddie loan and our negotiator on Freddie files at Chase is awesome too, she had the file approved and ready to send to Freddie within 2 weeks, but then at Freddie, well, it fell in some deep hole, never to be found). We always ask for our negotiator and love Chase short sales!
10:16pm • #10
225,419 Points 4 Featured Posts

Good to hear about success stories with Short Sales! Gives me hope for some folks I'm working with, as I have a couple of buyers waiting for short sales to be approved on homes they want to buy here in Southern Oregon.
10:26pm • #11
457,013 Points 22 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Hi BB - I haven't had any of my short sales through Chase yet, but after your post and the comments of others and 137 days being considered fast for Chase, I'm not looking forward to doing one with them either. 

Right now I'm stuck in a Countrywide short sale, and B of A is continuing its collection efforts against the sellers despite being told over and over that we are in negotiations through Countrywide.  It seems that there is no way for the two entitites to communicate.  I know they are on two different computer systems, but come on!
10:29pm • #12
591,941 Points 22 Featured Posts Outside Blog Attended Rain Camp

Only 137 days? Gee what a great job they did. (not) I don't get why the banks can't get their acts together, and expedite the process. It's just a matter of setting up an efficient system. I know it CAN be done if it would just be a bigger priority to them.
11:54pm • #13
SEP
03
2009
880,148 Points 210 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Well, it's a done deal and your seller was helped....and that's what matters :)
1:47am • #15
975,451 Points 17 Featured Posts Hit Router Called Shot Master

Way to go Bryant.  I have a couple with approval in 15 days.  Though with small banks.  Working one with Bank of A.  Now going on 4 months and no word.
7:19am • #16
482,602 Points 53 Featured Posts Outside Blog Called Shot Master

Bryant--You are certainly the Short Sale Expert! Knowing how to properly negotiate is a skill that not every agent has developed. Congrats to you and your clients!
8:44am • #17
220,536 Points Hit Router Attended Rain Camp

Hello Bryant, thanks for laying out the time-line with this transaction.  That seems quite a wrinkle to throw in there when the Buyer's Appraisal came in about 1/3rd below the price it went Pending!  Are low buyer appraisals occurring often for your transactions?  Thanks!  John
11:45am • #18
SEP
04
2009
282,563 Points 19 Featured Posts Localism Sponsor Outside Blog

Just getting it approved is not a bad thing...then the next challange is do you still have the buyer?  Or perhaps a standby buyer?
6:48pm • #19
232,757 Points 10 Featured Posts Outside Blog

Bryant, you would think that the Lenders would be streamlining their processes better by now and shortening these time frames; hmmm, I wonder when we'll be able to look back and wonder why approvals ever took so long?!
10:30pm • #20
SEP
05
2009
781,245 Points 71 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

BB Congrats on another successful short sale. I know from reading you are having a very good year! Don't let TLW spend it all in one place:)
3:09pm • #21
OCT
14
2009
316,586 Points 2 Featured Posts Attended Rain Camp Called Shot Master

Congratulations on another  sucessful short sale! Working them here in Tampa area. I know the feeling of sucess when one closes. You have helped another family avoid foreclosure. Great job!
5:54pm • #22
APR
16
2010

I am a buyer and my agent submitted an offer for a short sale from Chase for a property located at Orlando Florida.  As soon as I submitted my offer the property was take off  of the listing.  I was guessing if my offer was approved. I has been waiting for 2 weeks with no response.  How long do you think I need to wait for an approval?  When the property was listed said that the bank had been approved the pricke $115K, I offered $120K and $3k for closing costs (because my agent recommend it). Do you think that the process could take less time?  I cant wait so long to have the house I like it. 
Liris Done
7:19am • #23

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Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc

Poinciana, FL

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Bryant Tutas-Tutas Towne Realty, Inc

Address: 628 Grand Canal Dr, Poinciana, Fl, 34759

Office Phone: (407) 870-9003

Cell Phone: (407) 873-2747

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