Another short sale was just closed with Chase. Although the property was located here in San Diego, our sellers lived in Colorado. Although they are located out of state, it does not cause a problem in getting the short sale approved.  All of the communications are handled via email/phone and the paperwork is done through FedEx.  Our sellers trusted us because we stayed in constant communication throughout the entire process. Here’s some information about the property

10627 Caminito Banyon
San Diego, CA 92131

Sale Price: $203,000
Financing: Cash

1st lien: Chase
2nd Lien: N/A

Chase Short Sale Approval Letter

Over $200,000 was written off, the sellers were released of any deficiency rights and they did not have to bring in any money to close.

This short sale was not an easy process.  It took almost a full year (we took the listing in April of 2010) to get this finished.  Because of the condition of the property, it was difficult to get a buyer, yet alone keep one!  On top of that, the BPO came in a lot higher than what any buyer was willing to offer.  We had to constantly go back and forth with comps to show that this was at fair market value.  After a lot of negotiation between the buyers and Chase, we were finally able to reach a price that they both could agree with.

While not an easy process, especially with the sellers living in another state, we’ve learned once again, that persistence and patience pays off.

If you have any questions about Chase short sale or approvals, feel free to contact us! We’re here to help!