What Is Chase's Doing?

By
Real Estate Sales Representative with Gallagher & Lindsey, Alameda, California
http://actvra.in/q5X

 

 

What is Chase's Doing?


 bank cartoon, yellow coins, white columnsSaturday I received a call from a Chase Bank employee asking if I was interested in listing one of their client's condo in a short sale.  I said I would like more information.  I was conferenced in with the owner and the Chase person who asked the owner to tell me his situation.  The owner gave me more information and we agreed to talk in more detail later that day.

 

In subsequent conversations with the owner I discovered that he stopped paying his mortgage at least eighteen months ago.  He had not paid his property taxes but did pay the HOA fees.  He called Chase to arrange a deed in lieu and was told he needed to list his condo for at least 9 months to qualify for a deed in lieu. 

 

He is employed and can make the payment, he just chooses not to.  He did research on way to extricate himself from the property and discovered that the best option for him would be to ask for a deed in lieu. Thus the call to Chase. 

 

I spoke to a colleague of mine who was also called by a Chase representative to list a short sale for an owner who was in almost the same situation as the owner I spoke with. 

 

We came to the conclusion that both owners were never going to be able to sell their properties in a short sale.  The properties would eventually be foreclosed and we would be working for nothing.

 

Chase is evidently trying to accumulate statistics to show that they are trying to help their clients by offering short sales knowing full well that a short sale would never occur in these particular instances.

So, can you tell me What is Chase's Doing?


 

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Topic:
Real Estate Sales and Marketing
Groups:
2011 December 31 Day Posting Challenge Group
ActiveRain Contests
Alameda California
Diary of a Realtor
San Francisco Bay Area Real Estate
Tags:
chase bank
short sale

Comments 17 New Comment

Anonymous
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Rainmaker
635,084
Evelyn Kennedy
Alameda, Real Estate, Alameda, CA
Gallagher & Lindsey, Alameda, California

Joan:

Yes, that is why I declined the listing. 

December 21, 2011 11:45 AM
Rainmaker
1,763,587
Roy Kelley
Retired Real Estate Broker, Maryland Blogger

Merry Christmas!

Santa Claus in Colonial Williamsburg Copy of IMG_8710

Photograph by Roy Kelley.  Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

December 21, 2011 05:56 PM
Rainmaker
635,084
Evelyn Kennedy
Alameda, Real Estate, Alameda, CA
Gallagher & Lindsey, Alameda, California

Roy:

Thank you for the beautiful picture of Santa Claus.  And Merry Christmas to you. 

December 21, 2011 06:14 PM
Rainmaker
94,542
Linda Holloway
REALTOR®, Your Next Home in Tampa Bay Starts Here!
Keller Williams Realty Tampa Central

Hi Evelyn, Thanks for the follow-up info.  You were wise to not waste your time by not taking the listing!  It would be interesting to know how this turns out.  Enjoy the last week of 2011!

December 26, 2011 11:17 AM
Rainmaker
635,084
Evelyn Kennedy
Alameda, Real Estate, Alameda, CA
Gallagher & Lindsey, Alameda, California

Linda:

I asked the owners if it would be OK to contact him in the future to see how his attempt to short sell his condo turns out.  He said OK.  Happy New Year to you.

December 27, 2011 05:18 PM
Anonymous
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Rainmaker
635,084

Evelyn Kennedy

Alameda, Real Estate, Alameda, CA
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