The 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.