Which Way is the Wind Blowing on That Chase Bank Short Sale?

By
Real Estate Agent with RE/MAX Gold DRE #00697006

chase bank short saleThe thing about selling tons and tons of Sacramento short sales is you eventually get to see it all. Even those slow moving Chase Bank short sales eventually close. But I have a Chase Bank short sale at the moment that seems to reverse course depending on which way the wind blows. One day, Chase says it must give the seller, oh, let's say 25% of what the house is worth in cash. Yes, you heard me right. 25% of market value in cash. Chase Bank is trying to get the seller to take that money. We don't know why.

But the problem is the seller owes a second lender, and that lender won't let the seller take the money. The seller just wants to close and doesn't give a hoot about the money. The seller wants the Chase Bank short sale and not to go to foreclosure.

One solution is the seller gets no money. So, the next day, Chase says OK, no money to the seller. We got approval this way once. But the buyer walked away, for whatever reason, as flakey buyers often do. You can't always spot the flakey buyers. And sometimes, to be fair, due to the length of time it takes to get a Chase Bank short sale approved, the buyers grow weary, and curl up in a ball and die.

The fun just never stops for this Sacramento short sale agent. We have a new twist of events this week. Read more about a Chase Bank short sale.

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Weintraub and Wallace Realtors

 

 

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Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

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Topic:
Home Selling
Location:
California Sacramento County Sacramento
Groups:
California Short Sales, REO's, and Foreclosures
Short Sale Specialists & Pre-Foreclosure Education
Short Sales Specialists
Lyon Realtors
Legal Aspects of Short Sales, Foreclosures, Loan Mods
Tags:
sacramento short sales
sacramento short sale agent
chase bank short sale
cash for a short sale

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Ambassador
1,961,902
Fernando Herboso - Broker for Maxus Realty Group
Maxus Realty Group - Broker 301-246-0001 - Gaithersburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

Chase has their good points and bad. . .still is one of my favorites ones to do a short sale. .

Aug 23, 2012 12:45 AM #1
Rainmaker
2,189,557
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

Hi Fernando: Say what you will about a Chase Bank short sale, but they have some of the nicest negotiators in the industry. Their short sale process is just too slow though. I can't wait for them to get into Equator. I keep hearing it's going to happen but it continues to be postponed.

Aug 23, 2012 12:53 AM #2
Rainer
232,743
Pamela Smith
Award Realty - Sun City West, AZ
Sun City West, Corte Bella, Sun City Grand

I am glad Chase is coming around.

I love you furry little friend!

Aug 23, 2012 02:06 AM #3
Ambassador
3,084,895
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

I saw one of those Chase offers once upon a time and wondered what kind of issue was lingering on the paperwork end of things that could prove a nightmare for them if they went to foreclosure.  

Aug 23, 2012 12:51 PM #4
Rainmaker
2,888,126
James Dray
Fathom Realty - Rogers, AR
Exceptional Agents, Outstanding Results

 

Morning Elizabeth and the beat just goes on and changes with the wind.  With Chase setting on the fence it does keep you on your toes 

Aug 23, 2012 08:35 PM #5
Rainmaker
1,488,078
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

Elizabeth, so what happened next? Did you find another buyer? Did a seller got his cash after closing? How long did it take?

Aug 30, 2012 05:14 AM #6
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