This morning I talked to a loss mitigation officer with Chase Bank that is assigned to one of my Bank Short Sale contracts. This is a home I have listed in Cape Coral Florida is for sale at $80,000. Recently after having a deal fall through with the last previous Home Buyer, I now have an accepted offer from my seller and an approval from Chase Bank in two days for the short sale.
This contract is still subject to a home inspection and the appraisal, But I feel real good about this deal and the value of this home it will not be a problem.
One very strong point in doing a bank short sale in getting them closed, is submitting all the required documents from the lender all at one time. Many people I talk to, do not understand that you must prove as a Seller you can not afford the home anymore period. Just because the value has dropped and you do not want to keep paying on on mortgage is not a reason for the bank to forgive your debt and approve your short sale.
You must have written proof you are truly under a hardship! Your written hard ship letter to your mortgage company must explain in detail, what has happen in your recent life history that you no longer can afford to make the payment. This is a very important part in getting your lender to agree on the short sale.
If you are thinking about a bank short sale? Please give me a call and lets talk about your current situation? You can avoid foreclosure and having foreclosure on your credit report for years to come!
I look forward to talking to you.
Joe Kendall, Realtor Sandals Realty
Waterfront & Foreclosure Specialist
Phone 239-560-0726 Fax 239-236-0422
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Joe Kendall, Broker Associate
Right Choice Realty
Phone 239-560-0726
Email joek4realestate@aol.com
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Joe, I picked up a listing last night, seller has Chase 1st t.d. and a line of credit with Chase as well.
Will Chase provide a package for the short sale? what do you recommend to start doing specifically with Chase? Seller owes $370k plus $37K on the credit line. Took listing at $259k
You seem to have a smooth experience with Chase, hope the same for me. Thanks
Dan