Florida Short Sale Approved by Chase in 137 days!

Another successful Short Sale approval in Central Florida!

Lender: Chase

Amount owed: $129,000

Hardship: Loss of income and medical

The property was placed on the market on February 14th at $110,000. The price was slowly reduced to $85,000 on April 11th and went pending on April 18th at $87,500.

The complete Short Sale Package was submitted to Chase on April 24th.

On July 17th we were asked by Chase to reduce the Seller concessions from 6% to 3%. So we rewrote the contract at $84,500 and reduced the Seller concessions.

On August 4th the Buyer’s appraisal came in at $60,000. We rewrote the contract at $60,000 and submitted to Chase with the appraisal.

We received written approval from Chase on September 1st for $60,000. The amount of the “Short” is $77,000 or 60% of the mortgage. No note or cash contribution is required of the Seller.

From contract to approval took 137 days. Not too bad for Chase.

Available Short Sale Training:

Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://CentralFloridaShortSales.com

http://ShortSaleSuperStars.com

***The content of this blog is solely my opinion***

 

 

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