Hello, I am now 8 months in to trying to buy a short sale condo (1 bedroom) in Westwood Los Angeles.  This area has multimillion dollar buildings next to smaller lower end buildings.  My offer is for a lower end building and was submitted at $453k which is little high for this unit (ground floor, all original and no view).  I was told by the negotiator that BPO came back at over $600k which is just insane (clearly done by someone who is unfamiliar with this neighborhood or was written up as a 2 bedroom) and now the bank is demanding $556k.  They refused to submit a counter offer, just said that I needed to raise my offer. I then had an appraisal done which came back at $415k, I submitted that along with a dispute, provided details about the unit and condition and the inspection report.  I kept my offer the same and they refuse to budge or counter.  Any suggestions on what else I can do to get them to be more realistic? $140,000 over the appraisal value is ridiculous.  I have a realtor and short sale negotiator but things have stalled, I feel that I need to take some of this matter into my own hands.  The title is with Chase, I feel at this point I need to reach out to someone higher up, does anyone have any contact information someone that I can contact?

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Who is the investor on the loan? Has a case been open at the OOP at chase?

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Hello Brett,

Thank you for your reply,  I am the buyer so I would have to ask the
negotiator who the investor on the loan is.  I don't know what OOP means?
How would I request to open a case?

It's the Office Of The President at Chase. They likely won't be able to resolve your issue, but they can assign an analysis so another pair of eyes are reviewing the file.

The more important factor is the investor as potentially the value dispute with the investor can be made directly with them depending on who the investor is. You're in a tough spot as their value did not change and you completed an appraisal. When was the banks value completed and when does it expire? Is there a foreclosure sale date on the property?

How do I get the number for the OOP?  I have an extremely unusual short sale with Chase/SPS.  To make a long story short, they want more for the property than the original loan.  In all of my short sales, I have always had them drop the fees and interest.  In this case the bank foreclosed, did a Trust Deed, took the owners name off the property and then said they did NOT foreclose.  Four years later after she sued and $250,000 in interest, fees, etc, put the house back in her name but did not drop the charges when it was not in her name.   I could go on and on but I need to get to the top, I would love that number!  Thank you in advance. 

The BPO was done the last week of March so it's over 5 months old, I would imagine that it has expired by now. That is the only value analysis that I know of performed by the bank.  I am not aware of a foreclosure sale date. 

I will have my realtor get the investor info from the negotiator.  Do you have any name or contact information for the OOP?  Would I be contacting their headquarters in New York or would there be a west coast office?

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