What is Chase's Doing?
Saturday I received a call from a Chase Bank employee asking if I was interested in listing one of their client's condo in a short sale. I said I would like more information. I was conferenced in with the owner and the Chase person who asked the owner to tell me his situation. The owner gave me more information and we agreed to talk in more detail later that day.
In subsequent conversations with the owner I discovered that he stopped paying his mortgage at least eighteen months ago. He had not paid his property taxes but did pay the HOA fees. He called Chase to arrange a deed in lieu and was told he needed to list his condo for at least 9 months to qualify for a deed in lieu.
He is employed and can make the payment, he just chooses not to. He did research on way to extricate himself from the property and discovered that the best option for him would be to ask for a deed in lieu. Thus the call to Chase.
I spoke to a colleague of mine who was also called by a Chase representative to list a short sale for an owner who was in almost the same situation as the owner I spoke with.
We came to the conclusion that both owners were never going to be able to sell their properties in a short sale. The properties would eventually be foreclosed and we would be working for nothing.
Chase is evidently trying to accumulate statistics to show that they are trying to help their clients by offering short sales knowing full well that a short sale would never occur in these particular instances.
So, can you tell me What is Chase's Doing?