Chase ignoring their BPO's

I have been working on a short sale now for longer that I care to mention (astronomically high Days on Market :-). We had three negotiators on both sides (attorneys, chase experts negotiators etc..) multiple BPO's (I have met all of the BPO agents) and BPO's supported the agreed prices.

Chase continues to counter around $280'sK on a property that on a good day is worth very low $200's. I have a cash offer that once again they have countered at $280'sK. Everyone that has been involved has thown in the towel. The seller is ready to give up - cash buyer will hang until the bitter end - so will I.

This week I will sink another bunch hours running this one up the flag pole. If anyone has a good escalation number that may work - I would love love to hear it.

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Replies to This Discussion

Permalink Reply by Kimberley Kelly on November 7, 2010 at 2:09am

They do not want to do this Short Sale. Chase just declined one of mine for the 2nd time. They actually told me they would leave money on the table because my Seller "could" make the payment, but doesn't want to. It's now going to foreclosure where they will lose at least $30,000, which I netted out to them so they'd understand. Walk away and move on to the next one.

Permalink Reply by Jose Milanes on November 7, 2010 at 11:11am

Thanks for the heads up - more than likely the route I will need to go.

Permalink Reply by Karyl Moore on November 8, 2010 at 4:39am

The same thing happened with me. Does anyone else get the feeling Chase just doesn't want to do short sales? Are they doing ANY short sales? Meanwhile, it seems like B of A is working faster and better. Why isn't Chase?

Permalink Reply by Jeff Payne on November 8, 2010 at 6:13am

Yes, I get that feeling for sure. Send [email protected] an email and ask him. We should all bombard him with emails

Karyl Moore said:

The same thing happened with me. Does anyone else get the feeling Chase just doesn't want to do short sales? Are they doing ANY short sales? Meanwhile, it seems like B of A is working faster and better. Why isn't Chase?

Permalink Reply by Jose Milanes on November 8, 2010 at 8:17am

I agree with the BoA comment they do seem to getting better at moving these along or atleast getting a reasonable counter that you may have a shot at closing. Chase is taking too long and on occassion out source to IBM and tehy do not communicate ...

Permalink Reply by Amanda Lynn Smith on November 10, 2010 at 5:59am

I haven't had a short sale with B of A yet however, they offered a workshop in my area in the summer where they let us know what was going on at B of A and what their goals were for processing short sales. They really seem to be trying to get things moving. In the meantime I have had 2 short sales with Chase and they have been comepletely uncooperative. I wish more banks would at least tell us what they want from us but then they would actually have to complete a short sale so I guess I won't hold my breath.

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