Chase declined Short Sale - offer was 90% of BPO, Bank would rather do Deed in lieu? Why?
Okay, so I have had Investment property condo on market for almost a year. Had a lot of offers, but not high enough. Finally, got a cash offer that was 90% of BPO. Chase will not go lower than 100% of BPO. I escalated this short sale issue to Executive Resolution. Our new contact was fantastic. Very nice and easy to reach and talk to. She said give me a couple of days. She got back to us this morning and said Chase will not accept less than 100% of BPO and declined the short sale offer and asked us to file for a Deed in Lieu. Why would a bank rather take the property back than a short sale? How is that an advantage to them? I owe $290K, market value and BPO was $260k and short sale offer was $235K. Will they get more money thru a deed in lieu? Very confusing to me.
Thank you Bet.
Replies to This Discussion
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Permalink Reply by Lori Young on
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Who is the investor? Maybe the foreclosure attorney is pushing the DIL for that bonus $1500 for doing a DIL. Fannie Mae is giving out foreclosure attorneys a bonus for a DIL. Do some research and If you need to directly to the investor.
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Permalink Reply by Ben Benita on
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check to see if there is mortgage insuranec on teh property, and, find out who the ivenstor is on the loan and report back to us.
I would bet, the way many mortgage insurance companies run, the investor on teh note WILL in fact make more money collecting on the mortgage insurance rather than doing a foreclosue (I know you wish you knew this going in so you could have avoided WASTING a year of your time and efforts, not to mention all the stress I am sure you have experienced).
Check on the above and keep us posted....you might also try just asking the executive office the reason for their decision -
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