Chase - Asking for Cash Contribution

By
Real Estate Agent with HomeSmart Scottsdale Real Estate

Myself and my team have closed over 30 short sales this year, but this is the first Chase has asked me to bring a cash contribution to the table in order to close the file.  I know a few other banks have gone this route, but have any of you had Chase start asking for this?

 

It seems that they are asking for a $5000 contribution.  They don't care where it comes from, but they claim they must have it to sign off on the short sale approval.  It can be from the buyer, seller, or agent(s).

 

Any input? or Past Experiences?

Posted by

Timothy Grossglauser, Pllc

Rock Point Realty

Cell: 480-720-3389

www.VIPbyTIM.com

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I am not surprised by anything when it comes to short sale - no matter who the bank is.  I was told by a Wells Fargo negotiator that they will ask and all the homeowner has to do is reject the request since they are in hardship.  But for the record, they will ask and not all will tell you that the homeowner just needs to put in writing that they cannot afford it.

Nov 12, 2009 06:02 AM #1
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Robert L. Brown
www.mrbrownsellsgr.com - Grand Rapids, MI
Grand Rapids Real Estate Bellabay Realty, West Michigan

Banks who got bailout money are asking for us to dig into our pockets to help them out? Have they lost their minds?

Nov 12, 2009 09:22 PM #2
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Tim Grossglauser

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