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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Rainmaker
313,173
Frank Laisch
Stewart Title Company - Tampa, FL
"The Insurance Guy"

Very interesting...I agree with you. I am sure the Banks want to tell the world how they are help their customers....Thanks for Sharing & Happy holidays!

Dec 20, 2011 11:54 AM #1
Rainmaker
570,044
Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos

Hi Evelyn,  The big lenders are setting up a atrategy to show how they are trying to help distressed sellers.  Your experience identifies why it is just window dressing !

Dec 20, 2011 12:02 PM #2
Rainmaker
652,335
Evelyn Kennedy
Gallagher & Lindsey, Alameda, California - Alameda, CA
Alameda, Real Estate, Alameda, CA

Frank:  That is exactly what the banks are doing.  Good luck with that.

Bill:  You are right on.  This strategy is so transparent. 

Dec 20, 2011 01:22 PM #3
Ambassador
1,168,088
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Evelyn - The banks have no shame, but apparently great creativity in finding new ways to game the system. They have become malignant parasites, and we can't afford to let the problems they're causing continue to go untreated. And it doesn't sound like the seller you talked to is much better.

Dec 20, 2011 01:32 PM #4
Rainmaker
652,335
Evelyn Kennedy
Gallagher & Lindsey, Alameda, California - Alameda, CA
Alameda, Real Estate, Alameda, CA

Dick:  Yes, this is an interesting ploy by Chase, if that is what it is.  But it is a big waste of an agent's time.

 

Dec 20, 2011 01:46 PM #5
Rainmaker
148,646
Susanna Haynie
Falcon Property Solutions, LLC - Colorado Springs, CO
Colorado Springs Realtor - CNE, MCNE, ePro - Cell:

My first reaction was "Wow, great! So glad you got a listing" ...until I read on. I am surprised at the tactics the banks employ. Is it just Chase or are other banks in it as well?

Dec 20, 2011 02:50 PM #6
Rainmaker
652,335
Evelyn Kennedy
Gallagher & Lindsey, Alameda, California - Alameda, CA
Alameda, Real Estate, Alameda, CA

Susanna:

I am glad the owner gave me all the information and was upfront about his desires. 

Dec 20, 2011 05:46 PM #7
Rainmaker
94,742
Linda Holloway
Keller Williams Realty Tampa Central - Tampa, FL
REALTOR®, Your Next Home in Tampa Bay Starts Here!

Hi Evelyn, If I'm reading correctly, I'm actually with the bank on this one... I'm seeing that the owner CAN afford to make the payment and is CHOOSING not to?  That's not the bank's fault.  He doesn't qualify for the short sale, as you say, because there isn't a financial hardship.  I don't believe the banks should be responsible for bailing out people who can afford the mortgage but just decide to stop paying it.

Dec 20, 2011 08:39 PM #8
Rainmaker
162,824
Elisa Uribe Realtor #01427070
Wells and Bennett Realtors - Oakland, CA
California Homes for Sale in the East Bay

 Well at least you saved yourself a lot of time and energy by not taking the listing. If there is no hardship, how does he expect the short sale to move foward to a successful close? And the bank just plays along? Argh!!

 

Dec 20, 2011 08:59 PM #9
Rainmaker
889,963
Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

That's definitely not a good sign.  I would watch these properties to see if they ever even go on the market.

Dec 20, 2011 09:10 PM #10
Rainmaker
652,335
Evelyn Kennedy
Gallagher & Lindsey, Alameda, California - Alameda, CA
Alameda, Real Estate, Alameda, CA

Linda:  Yes he can, but he is $200,000 plus underwater and wants to move on.  I agree that the owner is shirking his responsibilities.  He is willing to hand over the property to the bank, he just wants to do it in the best possible situation for himself.

Elisa:  He doesn't understand about short sales.  The bank rep suggested a short sale.  When I talked to him I discovered that he is not eligible for a short sale.  That is why I declined the listing.

Jane:   I will keep an eye for the property in this article.

Dec 20, 2011 10:06 PM #11
Rainmaker
1,428,328
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Evelyn, what a waste of time!    In a short sale, the seller's packet would indicate they can pay their mortgage, there is no hardship, and you would be working for free!    Interesting!

Dec 21, 2011 10:34 AM #12
Rainmaker
652,335
Evelyn Kennedy
Gallagher & Lindsey, Alameda, California - Alameda, CA
Alameda, Real Estate, Alameda, CA

Joan:

Yes, that is why I declined the listing. 

Dec 21, 2011 11:45 AM #13
Rainmaker
1,972,365
Roy Kelley
Retired Real Estate Broker, Maryland Blogger - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Merry Christmas!

Santa Claus in Colonial Williamsburg Copy of IMG_8710

Photograph by Roy Kelley.  Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

Dec 21, 2011 05:56 PM #14
Rainmaker
652,335
Evelyn Kennedy
Gallagher & Lindsey, Alameda, California - Alameda, CA
Alameda, Real Estate, Alameda, CA

Roy:

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

Dec 21, 2011 06:14 PM #15
Rainmaker
94,742
Linda Holloway
Keller Williams Realty Tampa Central - Tampa, FL
REALTOR®, Your Next Home in Tampa Bay Starts Here!

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!

Dec 26, 2011 11:17 AM #16
Rainmaker
652,335
Evelyn Kennedy
Gallagher & Lindsey, Alameda, California - Alameda, CA
Alameda, Real Estate, Alameda, CA

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.

Dec 27, 2011 05:18 PM #17
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Rainmaker
652,335

Evelyn Kennedy

Alameda, Real Estate, Alameda, CA
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