Chase is giving money away…….really!

I just closed a short sale in the city of Romoland. If you dont know where that is, dont feel bad. The news isnt where the property is located, what’s important is the fact that it was a short sale. It was previously sold for very close to $400,000 and we closed escrow at $165,000. I know what you’re thinking the buyer got a great deal on an acre of land right. Correct the buyer did get a great deal but what you might need to understand is that for being a short sale, the seller made out pretty well also.

The seller walked away with about $30,000, yes that’s thirty thousand for selling a home he was loosing. To top it all off it was an investment property with renters. It wasnt even his principle residence.

Not a bad day for a bad investment. I know standard seller that are making that much on the closing on their homes and all while making payments. I dont know what Chase is thinking but for a short seller to take that much cash at closing there has to be a significant amount of motivation on Chase’s behalf to not have that property hit their books.

Just an observation. In this case congratulations are in order for both buyer and seller.

If you happen to be thinking of short selling your current property, contact me. We can discuss what the pro’s and con’s of the process are for your situation.

Look forward to meeting you,

Ricardo