6 Questions to Benefit from the Chase Short Sale Program
The Chase short sales program is a transaction which involves the sale of a specific property using a line of credit or loan secured from the bank. The proceeds of the short sale transaction are intended to be used to cover a portion of the outstanding balance on a loan, which means that the status of the deficiency should be clearly discussed with the bank prior to the transaction.
The importance of the Chase short sales program is highlighted by the fact that it provides one of the highest incentives to distressed homeowners. It is necessary to understand that this option is open to homeowners who no longer have the financial capacity to cope with the mortgage payments on their property and have the desire to sell.
Usually, it is expected that a Chase Loss Mitigation specialist will work with the homeowner and the designated real estate agent for the duration of the process to make sure that the transaction is approved in a timely manner. Potential questions that may arise about the short sale include:
•How can the short sale begin if the property is not listed?
Initially, if the homeowner has a genuine desire to sell the property, it is extremely important that it is listed. This emphasizes the need for an experienced short sale agent to ensure that the property becomes listed. Normally, the real estate agent has the necessary expertise to ensure that the property is included in the MLS (Multiple Listing Service) of your locality.
This is why it is extremely important that a decision be initially made whether the short sale process should be pursued. Secondly, once the decision has been made, it is essential that a real estate agent with a solid track record on closing short sales should be available to you.
•What should be done if a listed property is not selling?
It is important to understand that the extremely huge incentives provided by the Chase short
sales can only be made available when a short sale transaction is closed. This would be impossible if there are no offers being received on the listed property. The first thing to do is to discuss the pricing with the Baltimore Maryland short sale specialist who should have adequate experience to ensure that the situation can be dealt with correctly.
With such a volatile economy, it is extremely important to have a competitively priced property listed in the market. Keep in mind that the pricing of the property is dependent on the prevailing market value in the area where the property is located. The homeowner together with the real estate agent should also consult with a Chase Loss Mitigation specialist so that the options can be reviewed.
•When an offer is received, what should be done?
Once an offer is received on a listed property, the services of a real estate agent are needed to prepare a Short Sale package to be submitted to the bank. It is important that all the documentary requirements should be submitted in order for the short sale transaction offer to be approved.
•What is the documentary requirements needed in the short sale package?
For the Chase short sales program, the bank implements its own Information Packet that contains all the information that they need in order to correctly evaluate the short sale request. The short sale package can be downloaded from the website of the bank, which contains a checklist of all the supporting documents that the homeowner needs to provide.
In general, the documentary requirements focus on financial information of the homeowner including the hardship affidavit detailing their current situation. If the required information has been previously submitted because of a loan modification request, the Supplemental Packet would suffice. Essentially, the bank would want to get more details about the proposed sale of the property.
•How long will the processing of the request take?
It is important to understand that in considering the processing time, you must likewise ensure that all the documentary requirements have been submitted, otherwise, this can cause undue delays on your short sale request. The Chase short sales program can typically come out with a decision within 30 days at a minimum.
It is equally vital to note that there may be some factors that can contribute to the delay of the decision like extremely low offers on the listed property. The bank needs to consider the prevailing fair market value and use it as a reference if the offer is justified. Another contributory factor would be junior liens that are being held by other banks or in some cases individuals. These other holders must also agree to the short sale request. These are some factors that you need to be aware of in considering the processing time.
•What is the incentive provided by Chase?
During the past few years, banks have begun to realize that by paying distressed homeowners, they become more willing to
move out of a home that they can no longer afford. With the Chase short sales program, it sends out solicitation letters to homeowners promising them remunerations of anywhere from $10,000 to $20,000, which is combined with the $3,000 incentive given out by the HAFA short sale program.
However, in reality, there are some homeowners who have received short sale incentives ranging from $30,000 to $35,000 out of the short sale program of Chase. This is extremely huge when compared with other programs that payout about $12,000 to $20,000 on the average. The Chase program even provides payment of 6% commission to the real estate agent. In the short sale industry, this represents large incentives that are hard to pass up.
In order to avail of the incentive from the short sale program of Chase, you need to be able to submit within 48 hours the preliminary HUD documents for final approval. At closing, the homeowner must also be able to send a copy of the Certified HUD-1 Settlement Statement, Affidavit of Arm’s Length Transaction, and copy of the wire transfer confirmation or certified funds check (escrow check), which are all signed and executed.
This short sales program is an excellent way for homeowners to deal with their current financial situation, considering its extremely huge incentive payments. It is important though to take these questions into consideration to truly benefit from the Chase short sales program. When it comes to your future, educating yourself on how to get yourself prepared for a promising future is important. Contact a short sale specialist Realtor today and see if you qualify for a short sale!
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Are you behind on mortgage payments and need to stop foreclosure on your Baltimore Maryland home,? Our Maryland short sale Realtors offer no cost assistance for you in your short sale! Our Baltimore MD area Distressed Property Expert real estate agents are here to help, and are Certified or trained in the Maryland Home Affordable Foreclosure Alternatives, or HAFA Government short sale program. Our services are 100% FREE to you!
Copyright First Coast Realty Associates 2012
Lender Processing Services has released new data that shows at the end of January, there were an estimated 6,082,000 mortgages in the United States that were unpaid. The analysis also includes loans that are more than 30 days delinquent as well as loans that are in foreclosure. The Lender Processing Services statistics came about their information from its loan level database of nearly 40 million mortgage loans. As of January, the national mortgage delinquency rate was at 7.97%. 
