We’ve often reported on all of the different short sale incentive programs available to borrowers participating in short sales. Of course, there is everyone’s favorite—HAFA. Then, there is also the Bank of America Cooperative Short Sale Program, there’s TAP, and there are even short sale incentives offered by such banks as Citi, Wachovia, and Litton Loan Servicing. But, the biggest short sale incentive of all and the one that is getting the most media hype right now is a short sale incentive program offered by Chase Bank.
In this program, borrowers (who receive letters in the mail from Chase Bank) can receive anywhere from $20,000 on up (just make sure that prospective short sale sellers are opening their mail and responding by the dates provided in the letter). In fact, sometimes this incentive is combined with the $3000 HAFA short sale incentive.
Want to see a Chase short sale approval letter with the $30,000 short sale incentive? Check out this short sale approval letter below from one of our October closings. Chase paid a 6% commission and the seller received a $30,000 check from escrow at closing. Now, that’s big bucks!
Short Sale Expeditor
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I received a call from a seller that has received a like letter offering $20,000.00 but she said she had to use a agent with a CDPE designation? Wasn’t sure if it was really a sales call from CDPE or what.
Yes, you alluded to this at the workshop, but I didn’t get a chance to speak with you. I have never heard that, and cannot imagine that a bank could control who lists a property that is not owned by them.
Thank you, Melissa, for all of your posts and great info you share! I recently closed one with Chase that the seller received $45,000 from Chase and $3000 HAFA! I researched the original mortgage, to see if there was a “reason” for this letter to the seller. It was originally a WAMU loan known as an Equity Loan (not a line, and 1st lien position). They are throwing lots of money around!
Sydney, I have seen several of those letters, never saw a cdpe requirement though.
I am recently in the stage of waiting for acceptance from Chase from a short sale offer for our home in Ohio. Chase did also request that $20k be in the HUD1 also. That is a good sign. Hoping this closes before 12-31-11……God willing!
Best wishes for your closing. It sounds like it is right around the corner!
SIdney: I have the CDPE designation and so far I have closed 3 deals using the Chase incentive program. They have NEVER asked me if I am CDPE. As a matter effect, NOBODY have ever asked me if I hold that designation.
Can someone tell me what the qualifications are for this? I have several short sale clients with Chase. When I call Chase to discuss the guidelines they tell me I have to speak with the negotiator assigned to that particular file. ???
I am now doing, as I write this May 9th 2013, a Chase/Bank owned short sale with the 20,000 incentive to the seller. I got the approval letter yesterday. They have informed me that as of November of 2012, they only pay 5% commission on there traditional bank owned short sales. Yes I did battle with them and refused to agree to the reduction. She made is clear that she has no ability to negotiate it with me. It is a new policy and it is set. I of course do not have a copy of the changes. And no I do not mean the new Fannie and Freddie changes which still of course do pay the 6%…….factual feed back any one. Love to get a copy of the Chase guidelines.
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