Selling Poinciana One Property at a Time.: Chase is Paying My Seller $20,000 to Sell His Kissimmee Florida Short Sale!

Chase is Paying My Seller $20,000 to Sell His Kissimmee Florida Short Sale!

Kissimmee Florida Short Sale

Yes it's true. I didn't think it was when a potential Seller called me in December to see if I could place his Bellalago Short Sale on the market. He said that Chase contacted him and offered him $20,000 to short sale his Florida property. He had 3 days to get it listed and send them the listing agreement. They also told him he didn't have to provide them with any financial information. Just a listing agreement, contract, HUD 1 and a hardship letter.

My first thought was "Yeah sure". My second thought was "What's your email address so I can send over the listing agreement!!"

Once the property was listed I called Chase and they confirmed everything my seller had told me. I still had my doubts though.

Anyway, we found a Buyer and the documents requested were sent to Chase in March. Earlier this week we received the approval and sure enough....they are giving the Seller $20,000 at closing. Not only are they giving him this money but Chase also agreed to pay almost 3 years worth of pass due HOA fees totaling more than $15,000!!

This particular Bellalago short sale was bought as a Florida Investment home. It's currently vacant. The property was purchased for $325,000 in 2005 and just sold for $162,000. Chase accepted $115,000 on a balance of $300,000. Full Waiver of Deficiency. No contribution from the Seller.

Advice to delinquent borrowers: Be sure to open ALL correspondence you receive from your Lender. You may just receive "An offer too good to believe". Believe it. 

Do you need help with your Bellalago Short Sale?

Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders and Investors.

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Are you facing foreclosure in Florida?

 

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Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

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***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

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 Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales,  Orlando Florida Short Sales, Celebration Florida Short Sales, Windermere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

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Comment balloon 31 commentsBryant Tutas • May 21 2011 07:34AM

Comments

Well this is proof that all the "rules" about short sales being taught in various classes should be tossed out the window.  Not a principal residence, vacant, no hardship proof.  There is a Santa Claus!

Posted by Coral Gundlach, Real Lives. Not Just Real Estate. (Compass) over 8 years ago

Bryant,

What a great story.

I had heard of this happening as a possibility, but never an actual story.

That is worthy of a big media push for you.

Thanks for sharing

Phil

Posted by Phil Leng, Phil Leng - Retired (Retired) over 8 years ago

Congrats to you Broker Bryant. We are seeing more of these coming in. It is a good pro active move for the banks, isn't it? I can see why you would be doubtful. It is hard to believe after all the hoops to jump through that is the norm!

Posted by Dick and Dixie Sells, Realtors, Tampa Bay Florida Homes For Sale (Sells Real Estate, LLC) over 8 years ago

Bryant,  Thanks for the information.  Very interesting indeed.  My question is why "an offer to good to believe."?  And is this now an expected way for the banks/lien holders to do business moving forward?

Posted by Kathleen Vetrano, Helping YOU Achieve YOUR Dreams (RE/MAX Gateway) over 8 years ago

I have heard of this BB but this is the first where an actual payment was received.  I'm wondering how this will pan out in the appraisal puzzle? 

Posted by Kevin J. May, Serving the Treasure & Paradise Coasts of Florida (Florida Supreme Realty) over 8 years ago

BB - If only this was a  bank of america story. I think those guys must have a sweetheart deal from the feds to avoid short sale closings and foreclose instead.

Posted by Larry Brewer - Benchmark Realty llc (Benchmark Realty LLc) over 8 years ago

Really?  Usually if it sounds too good to be true, well you know......  This is a great story!!!

Posted by Ann Allen Hoover, CDPE SRES ASP e-PRO Realtor - Homes for Sale - AL (RE/MAX Advantage South) over 8 years ago

I can see why they would do this after viewing the damage to so many homes when people leave them vacant or trash upon leaving.  Throw a little cash to the old sellers and maybe they will keep them up nice and everyone will win in the end

Posted by Bob Jakowinicz, Michigan Real Estate Agent-- MI RE Adventures (National Realty Centers Livonia--Bob Jakowinicz) over 8 years ago

New that is truly one of those amazing stories that most people only hear about! Where can I find a seller like this????? Congrats!

Posted by Keisha Hosea- KASIHomes.com, Real Estate Solutions For Real People (KASI Homes ) over 8 years ago

BB: I have a seller right now who has been offered 30k from Chase and he is so worried that they send out false information and lie to you. But, 30k is pretty good. Heck, 20k is pretty good.

Posted by Melissa Zavala, Broker, Escondido Real Estate, San Diego County (Broadpoint Properties) over 8 years ago

Wow.  That makes me want to short sale everything I own.  How did he get a deal like that from Chase?

Posted by Rob Arnold, Metro Orlando Full Service - Investor Friendly & F (Sand Dollar Realty Group, Inc.) over 8 years ago

Bryant - that is a great story and good for you and the seller!  These types of transactions need to be given more attention so people realize they have options.

Posted by Tony Morganti, CRS, ABR, SRES - Cuyahoga Falls, Stow (RE/MAX Crossroads in Cuyahoga Falls and Stow, Ohio) over 8 years ago

Wow...it is amazing what they will do....did they offer a reason as to why they are willing to do this ?  Not that I dont' think that it is great....but I am just trying to understand! 

Posted by Deborah Byron Leffler BzyBee Real Estate Lady! (Keller Williams Realty Boise) over 8 years ago

An amazing deal for sure...but I'm with Larry #6...where's the money coming from?

Posted by Tricia Pearson, Real Estate Broker, San Antonio/Hill Country Homes for Sale (Tricia Pearson - Pearson Real Estate - Texas Hill Country) over 8 years ago

Any clue as to a reason why Chase did this?  It would be interesting to know.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) over 8 years ago

Wow!  That is an amazing story.  Have not seen in replicated in this area but our market has not taken the hits that you have had in Florida.  Good advice to always open bank correspondence!

Posted by Kathryn Maguire, Serving Chesapeake, Norfolk, VA Beach (GreatNorfolkHomes.com (757) 560-0881) over 8 years ago

Chase sent out solicitations to select borrowers in December making these kinds of offers. I don't know how they selected the borrowers. This one only had one loan. He was delinquent by about 2 years. And the property was a vacant investment home. The 20K goes on the HUD as an expense on the seller side and the seller is given the money at closing from the proceeds.

Several of out Short Sale Superstars have also closed on these.

It's a good deal for all involved.

Posted by Bryant Tutas, Selling Florida one home at a time (Tutas Towne Realty, Inc and Garden Views Realty, LLC) over 8 years ago

Kevin #5. I don't think this will have any affect on the property's value as it was not an incentive to the buyer.

Posted by Bryant Tutas, Selling Florida one home at a time (Tutas Towne Realty, Inc and Garden Views Realty, LLC) over 8 years ago

Wow! That is extremely interesting and I can see why you had initial skepticism. But to hear a great ending to this story is wonderful.

Posted by Cal Yoder, Homes For Sale in Lancaster PA - 717.413.0744 (Keller Williams Elite) over 8 years ago

Good job on that one, Broker Bryant! Full waiver and money to boot for your seller - a good day.

Posted by Maria Morton, Kansas City Real Estate 816-560-3758 (Chartwell Kansas City Realty) over 8 years ago

Please tell Chase I will do the home inspection for a bargain $19K price.

I'm available any time.

Thanks.

Posted by Jay Markanich, Home Inspector - servicing all Northern Virginia (Jay Markanich Real Estate Inspections, LLC) over 8 years ago

BB - So maddening to see them do this and turn down loan modifications, where people actually want to stay in their homes.  Why must they be vacant to get an offer like this?  Well, it's a start.  Let's hope the banks see that vacant homes don't help them or the housing market.  It just brings everything down.  Let's keep homeowners in their homes.

Posted by Gail Robinson, CRS, GRI, e-PRO Fairfield County, CT (William Raveis Real Estate) over 8 years ago

BB ~ Yes, I'm aware of this too with Chase. I'm told it's based on what "pool" the loan is in. A seller here was paid $30,000 at closing, I didn't believe it here at first either.

 

Posted by Lynda Eisenmann, Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co (Preferred Home Brokers) over 8 years ago

BB - Makes it easy on the seller and the real estate agent. Everybody goes home happy. Let the games begin.

Posted by Judy Chapman (Referral Network of Illinois LLC) over 8 years ago

Congrats to you and your client. This type of program will help sellers move on and may help the market finally recover. Was there any restriction on the type of agent - needing a short sale designation or anything? Or did your client come to yuo on his own?

Posted by Anne M. Costello (Weidel Realtors) over 8 years ago

Bryant - That's great! the homeowner gets out of a bad situation with the short sale and gets startup money to get back on foot.

Posted by Goran Utvic, We Buy & Sell Chicago Houses Fast (606 Homes LLC | Chicagoland Brokers Inc, Chicago IL 60656) over 8 years ago

Anne. The seller contacted me. He was free to use who he wanted.

Posted by Bryant Tutas, Selling Florida one home at a time (Tutas Towne Realty, Inc and Garden Views Realty, LLC) over 8 years ago

Well if the cash for keys program was worth $1K - $2k I guess the whole house should be worth $20k. Some of these programs don't make fiscal sense to me but that just reinforces the old saying about a fool and his money shall soon part.  I must admit that I haven't met very many smart bankers lately.

Posted by Jim Paulson, Owner,Broker (Progressive Realty (Boise Idaho) www.Progressive-Realty.info) over 8 years ago
Great post.
Posted by Jim McCormack, Nashville Short Sale REALTOR - Stop Foreclosure (Nashville Short Sale Specialist - Jim McCormack - Edge Advantage Realty, LLC - 615-784-EDGE (3343)) over 8 years ago
Did you ever ask why Chase was so generous on this short sale? Was this a government or other short sale program, or a one time special offer?
Posted by Jim McCormack, Nashville Short Sale REALTOR - Stop Foreclosure (Nashville Short Sale Specialist - Jim McCormack - Edge Advantage Realty, LLC - 615-784-EDGE (3343)) over 8 years ago

Hey Bryant, I just closed a deal with the exact situation.  Seller was non-owner occupied, no financials, received no deficiency judgement and $20k at closing.  I've got another going right now just like it.  Whodathunkit?

Posted by Randy Elliott, REALTOR : Lodi / Stockton, CA (RE/MAX Gold) over 8 years ago

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