BPO COMPLETED 2 weeks after offer was submitted
Location Pismo Beach, California
I recently sold our house in order to move to a better neighborhood for my young family.
Placed an offer on a short sale (2,200) sq ft home
List price $550,000
Offered $500,000
Seller accepted straight away. The house has been on the market for approx140 days.
It needs some work, 7000 n termite and new carpets etc. The ownersmhave looked after the place
The BPO was completed in less than two weeks.
1 lein holder (chase). The listing agent is a chase priority partner.
All seems to be going well. Just waiting for the BPO/bank response. In the last two weeks a house with a better ocean view (400 square foot less than our house) sold for 520,000. Another home two doors down just sold for 420,000 (no ocean view 1600 square foot).
I'm hoping the BPO comes in around 5-520. Am I being overly optimistic that this may be a quick short sale? Are there many hurdles yet to come. We're only in week 3 of negotiations.
The seller did not qualify for HAFA, so it's a regular short sale. The qualifying reason is a divorce.
Any feedbaack would be appreciated
I recently sold our house in order to move to a better neighborhood for my young family.
Placed an offer on a short sale (2,200) sq ft home
List price $550,000
Offered $500,000
Seller accepted straight away. The house has been on the market for approx140 days.
It needs some work, 7000 n termite and new carpets etc. The ownersmhave looked after the place
The BPO was completed in less than two weeks.
1 lein holder (chase). The listing agent is a chase priority partner.
All seems to be going well. Just waiting for the BPO/bank response. In the last two weeks a house with a better ocean view (400 square foot less than our house) sold for 520,000. Another home two doors down just sold for 420,000 (no ocean view 1600 square foot).
I'm hoping the BPO comes in around 5-520. Am I being overly optimistic that this may be a quick short sale? Are there many hurdles yet to come. We're only in week 3 of negotiations.
The seller did not qualify for HAFA, so it's a regular short sale. The qualifying reason is a divorce.
Any feedbaack would be appreciated
Replies to This Discussion
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Permalink Reply by Bryant Tutas on
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Having the BPO done in a timely fashion is always good news. Chase will accept the price on the table or counter at the BPO price.Hopefully the value will be inline and you can move forward.
Chase is fairly quick.
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Permalink Reply by Simon Kurth on
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Thank you for the feedback Bryant. Hoping for the best. Short sales aren't the most comfortable scenario for a family in between houses. This website has educated me in the process of short sales.
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Hi Bryant,
I have a great update.
The chase priority partner ( listing agents short sale specialist that works for the same really company))contacted our agent yesterday saying the short sale packet is complete and it is being sent to the investor for final approval. THE negotiator gave an an estimated two business days until we shoud no if they counter or accept.
Really hoping this works for my family. The priority partner program has been an excellent source of communication for us as buyers. It sure motivates us to stick it ut even though we have been tempted to offer on other desirable houses.
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Offer accepted! Very happy. It turned out there was a second lien holder (also with chase), but it has been approved. We're in escrow. Chase priority partner program is fantastic. Chase accepted our original purchase offer at 500,000
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Permalink Reply by Kimberley Kelly on
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Yes..Chase is one of the better Lenders to deal with.
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I just noticed that the property was just listed on Realty Trac as a pre foreclosure. Will this affect our offer since the short sale has already been approved? We are trying to close in 3 weeks if possible.
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Help!
Escrow was going well until a hostile neighbor decided to erect a 5ft fence that backs on to the rear section of the house. The neighbor has essentially blocked any view of the ocean we had from inside our house. I just received a heads up from our loan broker warning us the house may not appraise at 500,000 because of the loss of the ocean view.
The seller and myself both pleaded with the neighbor to reconsider to no avail. He said he was sick of living in a fish bowl and wanted extra privacy since his house is located on the next terrace down for our street. He has not solved his privacy problem as we can still clearly see into his back yard if we want to by simply standing next to the fence. The neighbor would have to construct a 7ft fence (that would no be to code) to achieve his desired goal. All that has been achieved is a dramatic loss of value on our desired property which we bid on with an ocean view.
Will chase re negotiate with us if the house does not appraise for 500,000?
I'm currently 1000 dollars in with a home inspection and appraisal. I'm still shocked that this has happened! Do I have any legal grounds to ask for the fence to be removed or lowered.
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We luckily received a appraisal at $500,000.
We still had to wait for the second lien (that we were originally told didn't exist) to be removed. As it turns out Both the first and second Lein's were approved the same day. Chase for one reason or another decided not to grant final approval in writing on the second Lein until three after notifactaion was given on the first! Go figure huh. My agent and I were dumbfounded and extremely frustrated to find the same approval date on both faxes.
We were very proactive in closing escrow as quickly as possible. With the amazing help of our loan broker we were able to secure funding in under 15 days. We submitted the final HUD 4 days before the desired close of escrow. Chase made us wait until 2:30 pm on the day of closing to approve the HUD. Our loan funded and recorded accordingly.
So yes, our short sale purchase was a very happy one. We closed the deal in 2 months from offer acceptance to purchase. The fact we had a chase priority partner working the file on the sellers end surely worked in combination with my own excellent realtor. Communication and diligence were key!
This website was a fantastic resource. It enabled me to ask pertinent educated questions that kept the ball rolling.
Thank you Short Sale Superstars!
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You might try to negotiate with the neighbor one more time indicating that since you bought the home for its views and the new fence has essentially eliminated that, you intend to erect a 2 story deck with stairs which will likely be visible from his property and into his property. Check with the city first of course to make sure it's doable. Or if in an HOA make sure he had permission to put the fence in without neighbor approval in the first place. Good luck!
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Permalink Reply by Paddy Deighan, Esq on
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Chase is very slow but very fair. Chase will discount 12-18% off of BPO. If you feel that their BPO was high, submit other BPOs and support why a lower BPO is appropriate..Chase will listen
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