Chase has to be the worst bank to deal with on short sales!
They tried to cut my commission to 2.5% when I represented BOTH SIDES! And that transaction took almost one year. That was when they had both the 1st and 2nd loan.
Today I’m dealing with them on another short sale where they are the second loan. I am representing both sides and they want 50% of my commission! The first lender is willing to pay all my commission.
But the worst is that Chase will not settle unless they get 35% of the loan balance! We offered 14% and they refused, saying they will alow the sale BUT they will go after the borrower for the balance afterward. Their tactics are unethical. They try to get you to operate under duress by delays up to the foreclosure sale so you are operating under pressure. They ‘lost’ the package, then they asked for more docs for months (updated bank statements, explanations, budgets, -everything not normally in the package, ours was complete to begin with). Then also pretend there is a committee so that you think they are presenting offers to them. THERE IS NO COMMITTEE. It’s the same department trying to get more money out of you!! They hate brokers and keep saying they are liars and they hate dealing with them. DON’T GIVE UP YOUR COMMISSIONS. They have become the worst lender of all! They are completely dishonest and not too bright which makes things much worse. Trying to get to the President’s office, not an easy thing at Chase. Sorry I gave them a chance, won’t take another with Chase involved. DON’T TAKE TRANSACTIONS WITH CHASE, JP MORGAN CHASE or CHASE HOME FINANCE.

Hey, Kaycee, it’s their JOB to try to salvage as much as they can for their shareholders. Don’t take it personal. It’s business.

If you know you can’t stand to work with them, don’t make offers on their properties. There are plenty of other banks with properties to sell.

Foreclosures are practically being given away here. That would be easier than doing a short sale, and probably for less money.

I am working a chase transaction currently and I am working it with EUFEMIO RODRIGUEZ! Small world! There sure are more difficult to deal with than the rest, but it is do able.

Good Luck!

I have noticed that banks are getting tighter…

I think they read this board to learn how we do things so lets start a thread on how we over pay and how difficult “WE” are to deal with…

MichaelQuarles writes, "I have noticed that banks are getting tighter…

Yes, I have a feeling much of the low fruit has been picked in the last couple of years. As the Lenders have more and more training sessions on how to deal with SS investors, and this huge glut of FC’s clogging up the pipeline, it’s just not going to get any easier. The “easy” Short Sales days may indeed be over.

However, because of this huge inventory, and the number of newbies jumping on the bandwagon (I was one just a couple of years ago), the banks are going to get frustrated and heave a sigh of relief when then start talking to someone who actually understands that their goal is to … make money!

It cracks me up when people think they should just lay down and fork over thousands and thousands of dollars. Tatertot is right – the only people who used to get this much money out of banks used to have to carry a gun!

While I’ll agree with you, KAYCEE, that it would be a lot easier for us to be working with trained professionals on the front lines, and to never see one of our files get tossed in favor of the sheriff’s sale, the reality is there has to be a deep-seated animousity toward borrower’s who get all of this money and then don’t pay it back.

We’ve all heard of cased recently where the borrower moves into the house and never makes a payment. Think of how PO’ed you would be, were that your borrower and your cash! I loan someone $150,000 to buy a house and 6 months later, I’ve foreclosing and you’re wanting me to accept some fellows offer for $100,000?

35% of the loan balance? You can’t blame them for asking. And chasing the borrower for the balance on a 2nd? Isn’t that what you would do? The people who invest in these mortgage-back securities, the REMIC’s and the like; they’re not too anxious to settle for 14% of a dollar they invested, of their own hard-earned money.

Once the market regains momentum in the positive direction, and it will with the extended $8,000 Tax Credit, and the new $6,500 credit, banks will become more prone to tip the scale toward, “Ah, lets just foreclose and take our chances”, and we’ll begin to see the rate at which people are jumping into the biz to work short sales decline.

Now, everybody and his brother is picking up the book/program, “How I made $100K/Mo in 10 hours a week in the Short Sale Biz”.

Makes sense we’ll soon see a book/program, published by Mortgage Lending Associations titled, "How I beat up investors on a daily basis, saving my company $100K/Mo as I get them to, “Show me the money!”

In the meantime, kaycee, I appreciate the tip on Chase. Wells Fargo, BofA, Saxxon, have been in that dispicable group for quite a while, too, IMO.

After being in the industry for years I totally agree that people that are doing Short Sales and not knowing what they are doing really effects the progress of others. Also the problem is that they have a turn around like a Resturant. The turn over rate is higher then one would think. That is why I tell everyone that every file you take to ANY LENDER the first thing you need to do is have them put it on the expedite list. And get it as a emergency file. If you do them correct (EVEN CHASE) you can get the BPO done in as little as one week. I guess that I also just simply know who to call so that helps. I made it a point to learn who the good managers are and even some of the VP’s. Like it was said a few posts back we are in this as business not to make friends. So many times people come on and say the lenders are hard to work with and that is true. I just never take NO for an answer.

Now about the commissions getting cut in half. That is a normal practice in this industry. That is why if you notice even REO agents never show there own listings there is no point if you are going to make the same. If you want to get around this partner with another Realtor and you become the listing agent and have another agent show the property. And you do the same for them. Other then to Negoitate properly and make your money in other places this is highly recommended.

Now the other one that I LOVED the only people who used to get this much money out of banks used to have to carry a gun! See I do pack a gun and I still laugh at the people that advertise that lenders are taking 30 cents on the dollar and I will teach you for $15,000. Well save your 15k I will tell you for FREE… THE SECONDS ARE TAKING THAT NOT THE FIRST! LOL

Well hope everyone had a great Thanksgiving!

The recent Home Affordable program from the gov’t has clauses in their to prevent banks from cutting agent fees. That would have helped out in your case for sure !

I agree that Chase has become one of the worst to deal with. I have seen them use all the aforementioned tactics.

But what I dont understand is why agents are banging their heads against the wall trying to get these things done when they should just let go, and let a professional SS negotiator take on the banks. Most banks are much more receptive when they know a professional negotiation agency is involved. Especially if they already have a good working relationship with them after dealing with them on a number of files.

When an investor and professional negotiator are involved there is much more leverage because there is a spread with which the investor can come in and use as a bargaining tool. If the bank wants the borrower to sign a promissory note, the investor could come in and offer to pay cash in lieu of the prom note. (Just one tactic) The investor (if he is smart) will make sure the agent gets his full commission, whether the bank cuts it back or not.

Because there are two separate standalone transactions, the agent has an opportunity in some cases to make commissions on BOTH transactions, (up to 12%) and a good investor will make sure the agents, who bring the deals, get paid.

And the problem with your business plan and getting paid up to 12% (Key words there) the Realtor involved has to be able to find a end buyer willing to pay full price, so that way your company can double close it and make the split. So while you make 20-30k to do the double close. And the Realtor makes UP TO 12% (Could be 4% could be 12%) and has to locate someone that wants to buy a Short Sale and pay full price. Not to mention that they also have to wait for you company to negotiate the Short Sale which could take awhile. And if they have a FHA or VA loan or work with a lender that requires title seasoning they are still screwed. So in the meantime the property might foreclose. There is a bunch riding on that 12%. Or they could just do it the old school way and make UP TO 6% take out almost all the risk and get there buyer into a great deal. I personally would not sleep well knowing that I gave all the equity to a middle man on my buyers house. And I am willing to bet that if they found out they would not have many people call you. This is just my feelings on this


Then again I noticed that this was your second post on REICLUB and it got changed by a mod. So I am willing to bet you are just on here to sell your program and not here to help people.

Yes, the market really has gotten dismal. I think there is a lot of stress related to the political divide in this country. Ever since 9/11, we’re seen that divide become accentuated, becoming more like a third world country every day.

Whenever I try to have an intelligent conversation with one of my Repulican buddies, they want to accuse me of being a communist and I think they have become an anarchist or libertarian. With this current economic malaise; day after day of dealing with people who are financially distressed, backed into a corner by trying to live “the American dream”, of the “ownership society”, as advocated by the previous administration – “everybody is going to own a house!”, then having them discover that just because you can get a bank to approve a loan doesn’t mean you can really afford home ownership – well, it can be depressing.

So, if you think Chase is tough on short sales investors (and their OWN customers), you should see how they are on their Credit Card holders. Providian was purchased/merged into Washington Mutual, and Washington Mutual was merged into Chase. Thus, Chase is now the holder of a credit card that used to be a decent outfit to work with. They are not any longer.

There is a reason that Chase had the cash to bailout WaMu – they are absolutely relentless, ruthless, and very willing to abuse every poor sucker that ever made the mistake of becoming their customer.

They’re ruthless b$@&A%*s that could care less about your Borrower’s hardship. They just want their money. Now, is that a crime in this country? Well, no, even if they buried the borrower in a loan that they knew in advance they wouldn’t be able to afford, it’s not a criminal act. At least, not under Bush.

And, why did they make them the loan? Because they had access to cheap capital that was chasing exceptionally high rates of return, offering mortgage-backed securities that really weren’t worth much but cheap capital was flowing into REMIC’s and the like, and … ain’t it great!

In otherwords, greed, which can often be a good trait (it’s what makes we entrepreneurs get out of bed in the morning and try to make a living, for ourselves and our families), escalated to EXCESSIVE GREED, to the point where they are willing to exploit the common man for all he’s worth. They may not be Bernie Madoff, but they belong to the same country club.

Chase will exploit their own customers for every last dime they can squeeze out of them, so the ONLY argument that will enable the Short Sale over the Foreclosure is that your deal makes MORE MONEY for them than the option of Foreclosure.

Game - Set - Match. Will THEY make more money.

We have to be able to convince the Lender, beyond a reasonable doubt that they will make more MONEY with our shortsale offer than if they foreclose. Your mistake here, KAYCEE, is thinking these people give a flip about your borrower’s hardship. They do not. They are ruthless to the core and only care about their money.

Quit thinking of them as human beings with a heart; think of them purely as Scrooge wanting to accumulate more wealth for themselves; then figure out how to give it to them. And if you have no way, then you’re deal will not work. They are cold, they are ruthless, and for them, it’s only about them getting their money. Never mind that your borrower is about to commit suicide because of the financial pressure and their unrelenting calls. Just figure out a way to convince them that they’ll have a higher take from your offer than through foreclosure.

Good luck and hope you’re dealings with Chase will improve. I wouldn’t count on it, but if you can remember that you’re dealing with the devil incarnate, who is frothing at the mouth saying, “give me more cash, give me more cash”, that will help you to understand their position, and may enable you to help your borrowers.