Chase is offering some of its clients a 10,000.00 incentive to do a short sale on their home.  I’m researching the information to see

1.  What are the qulifying factors.
2.  If their is a loan amount/limit?
3.  Does the home have to be lived in by Seller?
4. What are the debt to income ratio that qualifies Seller?
5.  Is this a certain government program or is this Chase?
6. Is there a time frame for completion of the short sale?

Obviously there will be many moving parts and qualifying factors.  I’m anxious to get the real scoop on this one.

Working a short sale with Bank of America, well several short sales, we came across some conflicting information on when to make some aggressive changes to the HUD1.  I was told last week that Bank of America has a 1500.00 variance, (wiggle room) at closing.  Then on a different file I was told we would have a chance to adjust the 4497.oo difference in Property tax at closing.  This is where intuition, gut comes in.  I did not want to have my file denied at closing for such a LARGE change in taxes.  Instead of settling for that answer I did ask the file be adjusted immediately instead of after approval.  To me that made more sense then to get an approval and fight for a variance.  When the approval finally comes the last thing Buyers or Sellers want to have to do is hold their breath on something that could have been handled upfront.