At an empasse with Chase Negotiator..HELP!
Any ideas here would be welcomed. I had a high BPO come back from first offer 2 months ago. Negotiator said my offer was too far below "valuations" independent of investors and would not even counter the offer. Said I have to get $625,000 or forget it. The best I can get is $499,000..both offers came in at that. I submitted the new offer yesterday and today he sent an e-mail saying he is still the negotiator and until I get him an offer at his valuations, he will not accept this short sale.
Should the Borrower call and ask for another negotiator? Loss Mitigation is telling me too bad, he's our guy. I can only go to his manager which I have and to no avail.
They also will not close out the file and let me re-upload another offer. Refuses to close it.
Any place for me to go??
Replies to This Discussion
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Permalink Reply by Phil Hanner on
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Send him some comps and ask to appeal the valuation. I was recently able to get a new BPO done with CHase, but had to do a lengthy report justifying why the first BPO was garbage.
How did you get manager contact info?
Thanks
Phil
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Permalink Reply by Dianne Slutsky on
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When this happens, I complete an entire blank BPO form (you can download them) and even upload photos for the report. Then I ask them if they can order an appraisal also. You need to explain that no Buyer will be able to obtain a loan on a property that does not appraise nor will any Buyer be willing to pay more than market value for a property. Perhaps your MLS has the ability for you to print your listing history and you can send that also so that the short sale negotiator will know how long and at what price the home has been on the market. Otherwise, you will have to wait patiently for them to remove it from the system and then start over. One of my Chase short sales had a similar problem in August when they came back $90,000 over market value. Last month, I resubmitted again and now we are within $10,000 approved of market value. Finally, you need to know who is making the final determination of your value and acceptance of the short sale - is it the original investor or the loan servicer. Good luck!
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Permalink Reply by Wendy Smith on
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the inflated BPO should expire soon. After it expires (usually 90 days) a new BPO will have to be ordered.
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Permalink Reply by Kimberley Kelly on
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THanks for the responses. I got through to a the Chase Review department..have a guy named Michael assigned. He has all the Property History, New BPO which I ordered, Current CMA..and could see that we are over $100,000 above comps. He understands that it's because there is an enclosed Golf Cart Garage..which does NOT help the sale in this area of the desert. He said he is going to personally look at the file and I should hear by Wednesday.
If this fails, I am going to have Seller contact Chase to request to close file. Original bad BPO done in October so we're almost at 90 days. I'll then re-open and hopefully get a new appraisal done.
The worst thing is that the negotiator sent me an e-mail saying, once again, "this price is too far below valuations which are INDEPENDENT of the Investors to even submit to them. If you want us to consider a SHort Sale, HAFA or standard, y ou Must bring me $625,000! I'm sure you know the local market better than I do, but that is how it is going to work." What an arrogant man that is NOT working to unload properties, but rather thinking with his EGO. So frustrating, but I will NOT go away...
Investor is B of A, Chase is the Servicer. I know Chase has not even submitted the offer to B of A and that will be my next argument..
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