I have been thinking of doing a new series here on the blog.
You may have seen the SNL skits where they poke fun at stupid stuff… “Really?!“ – Well, I tend to see, hear or come in contact with some pretty interesting stuff in my real estate business and in life in general. So, I’m going to start writing a few of em’ down.
The first example happened on a recent weekend when we successfully negotiated a cash sale on a really nice home in the east valley. As part of the contract, we agree to provide a “proof of funds” letter from my client’s bank.
The following Monday, our client called Chase and asked for a letter stating that she had enough funds to cover the purchase of the home. She also gave them the specific dollar amount needed to provide to the seller and why she wanted the letter.
The account manager offered to provide an account balance but would not write a letter for her.
Feeling that the seller didn’t need to know how much money was in her account to purchase this home, the “legal” department at Chase was contacted. After another offer of providing a balance of her account, she still did not have the requested letter.
The next morning, several hundred thousand dollars was removed from Chase Bank and I had a letter, exactly as it had been requested. From her new bank.
So, Chase… How hard can it be to provide a proof of funds letter for a stellar client? Was that a smart move?
Update to 2019 and we find another head scratcher from Chase Bank over on Mashable:
Apparently, people don’t like being told how to spend their money. Especially from a huge bank who was given a massive bailout.