Chase's Short Sale Rejection And An Older Couple's Gain $$..

Real Estate Broker/Owner with Realty Empire Incorporated


I was reading the Business section of the Washington Post when I came across an article By the Associated Press, Published: June 30  about: Home price gains bring ‘underwater’ sellers off sidelines, relieving frustrated buyers

It told of a great story or better said an inspiring tale of how one couple prevailed over their lender's rejection of their short sale because of the raising home price.

Here is their story of how the huge price increases produced an unexpected retirement gift for Larry and Diane Plaster, who were resigned in January to selling their San Diego home for less than they owed the bank, known as a short sale. They owed $352,000 but accepted an offer for $290,000.

Their bank rejected the deal four months later, leading the couple to put the home up for sale again. On the second attempt, they took an all-cash offer of $380,000, yielding a windfall of $6,500 after broker fees and closing costs. The Plasters, who live on Social Security income, fulfilled a dream of moving to a geodesic dome they built in Janesville, 130 miles north of Lake Tahoe.

The former Catholic social service workers were so angry when Chase rejected the short sale that they closed their account after more than 40 years.

“Now I guess I should send them a thank-you note,” said Diane, 66.

This is an awesome story and a sign of things to come. Prices are raising and now is the time to SELL!!! Even those who were underwater are finding out they can SELL and still have  some cash left over to start fresh.


If you are thinking of selling or underwater and would like to speak to someone regarding your situation then feel free to contact Stephanie Leon your Miami Short Sale Specialist at or 786-664-7710


Posted by


Stephanie Leon

Real Estate Broker
Realty Empire

6625 Miami Lakes Dr.
Miami Lakes, FL 33014

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Chuck Mixon
The Keyes Company - Cutler Bay, FL
Cutler Bay Specialist, GRI, CDPE, BPOR

Sounds like they owned two homes. I t was good for a second reason that Chase did not take the Short Sale in that they most likely would of been given a 1099 for the difference for the loan amount and the pay off. They would of just owe the IRS instead of Chase. But it was good news for everyone.

Jul 02, 2013 10:58 PM #11
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

I have dealt with Chase and they make no more sense than B of A or the others...As to short sales, the sooner they go, the better

Jul 03, 2013 12:05 AM #12
Ed Silva
RE/MAX Professionals, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

That is great for that couple. Now if only that pattern would spread East to our area

Jul 03, 2013 12:37 AM #14
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

This story is a real upper!  After several years of seeing homeowner pain, it is good to see some prevail now!  I too, am more than ready to see short-sales go.  It has been a really dark chapter in our history!

Jul 03, 2013 01:19 AM #15
Graziella Bruner
NCS Premier Real Estate - Detroit, MI
Associate Broker - Serving Wayne & Oakland County

Great story and thanks for sharing, what an awesome thing to happen and good for them.

Jul 03, 2013 01:21 AM #16
Edward & Celia Maddox
The Celtic Connection Realty - Queen Creek, AZ

One of the few good stories on short sales and the bank to come out.  Good for them.

Jul 03, 2013 01:25 AM #17
Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

That's great! I wonder how many people might be in a similar position. Of course, Chase also won by getting the full amount owed, which is also good. 

Jul 03, 2013 02:13 AM #18
Roger Stensland
Keller Williams Realty Puget Sound - Maple Valley, WA
Let's Move!

Good for them!  Sometimes rejection can truly work out in one's favor.  Especially in the current rising housing market.

Jul 03, 2013 02:56 AM #19
Jay & Michelle Lieberman
Keller Williams World Class - Agoura Hills, CA
Creating Calm in the Buying and Selling Chaos

A lot of discussions families were having at their kitchen tabels have been how to pay the bills and should be just walk away from the house.  This last year has changed that discussion for many people and it is great to see.

Jul 03, 2013 02:59 AM #20
Stephanie Leon | Miami Lakes Realtor®
Realty Empire Incorporated - Miami Lakes, FL
Turning For Sale Into SOLD!

First I want to say thank you to ActiveRain for the feature.

And Thank you to all who have commented here.

Short Sale hopefully will soon be just a memory..


Chuck- That's a very good point.

Myrl- I agree..

Roger- Well said...

Karen F- Chase did indeed get the full amount which actually makes it a win win for all...

Jul 03, 2013 04:24 AM #21
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

I am finding a large portion of sellers who call me thinking they have to do a short sale, yet upon a little homework are actually able to sell and pocket some money. So I don't believe anybody who calls to say they must do a short sale. I say, let me look at the comparable sales to determine if maybe you don't have to. They are pretty grateful when they realize they can actually sell as an equity sale. I love this job!!!

Jul 03, 2013 04:51 AM #22
Sharon Parisi
United Real Estate Dallas - Dallas, TX
Dallas Homes

Stephanie, I love stories with happy endings and this is one of the best!

Jul 03, 2013 06:25 AM #23
Caroline Gerardo
CMG Financial - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

Nice story ... If the market keeps improving perhaps more families who hung on and made payments on upside down homes will be able to: accept jobs in new locations, downsize as their children go away to college, or refinance into lower payments

Jul 03, 2013 06:53 AM #24
Jimmy Faulkner
Florida. Homes Realty & Mortgage - Wantagh, NY
The Best Of St. Augustine

Great story and it makes me feel that good people are being taken care of by a GOD. Patience is very important for anyone waiting for a short sale and this is one great example.

Jul 03, 2013 12:07 PM #25
Gary Frimann, CRS, GRI
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

I knew this would start happening sooner or later.  My only question is why did they have to short sell their house when they obviously had some asset such as their house in Janeville?  

Jul 03, 2013 02:02 PM #26
Pamela Seley
West Coast Realty Division - Murrieta, CA
Residential Real Estate Agent serving SW RivCo CA

What started as a short sale, ended up an equity standard sale. What a great ending, thank you for your post today,

Jul 03, 2013 07:26 PM #27
Michelle Carr Crowe,Altas Just Call...408-252-8900!
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

I LOVE it when miracles like this happen to good folks such as your clients.

Jul 03, 2013 08:04 PM #28
Ed & Tracy Oliva
West USA Realty - Arizona - Fountain Hills, AZ
The Oliva Team Arizona Agents

Good morning and great news as well,  keep up the good work and good luck with your business,  E

Jul 03, 2013 10:05 PM #29
Richard Burge Realty/ Burge Homes
Richard Burge Realty/Burge Homes - Conway, SC
Broker in Charge/Owner

I had 4 townhomes in short sale with all the same sellers and all the same buyers (REIT).  Same offer same terms for all and the same lender Wells Fargo.   Three short sales were accepted and closed and one was rejected.  Now 6 months later the townhome is back on the market after the foreclosure and guess what the price is??? lower than the short sale amount.  How can that be??   Wells Fargo needs to review their process or the managers in charge... something stinks in banking these days...

Jul 03, 2013 11:15 PM #30
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

There are Sellers who can paddle just above the water line...not everywhere..,not every neighborhood...and some homeowners who want sooo much for that to be their situation will be sure that it is....we wish that for everyone...not always true.

Jul 04, 2013 10:01 AM #31
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Stephanie Leon | Miami Lakes Realtor®

Turning For Sale Into SOLD!
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