Has this happened to anyone? Instant decline on phone for an offer
I have an all cash offer for a property in CA. $440,000
I faxed the offer 4 times with confirmation and didn't have a negotiator assigned.
I called in to the 800# and a negotiator assigned himself to the file and immediately countered the offer on the phone all in less than 10 minutes. No BPO ordered etc.
Home is scheduled for 12/13 foreclosure.
Buyer came up another $35K and negotiator immediately declined the counter and closed the file.
Funny thing is their "Home Mortgage Evaluation Tool" that consumers are encouraged to use to find the value of a property they may want to purchase estimates the property at $447,000 and they are shooting down a $475,000 all cash offer without a valuation? Negotiator insisting on $520,000. Based on what is owed, Chase will get $0.69 on the dollar if they accept the offer.
Do they have "estimated" valuations in their system they always use without ordering a new one?
Any suggestions/insight on how to get this escalated? Will they re-open the file if I call in again? Never had this happen before.
Only this EMC/Chase loan, no second. It is an investment property.
Thank you!
Replies to This Discussion
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Permalink Reply by Jeff Payne on
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I would send your escalation directly to [email protected] he is the CEO. Be detailed and state your case/complaint to him and most likely he will have someone from the executive resolution team contact you.
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Permalink Reply by joe beauchamp on
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I "hidden" factor can be the seller's credit report, etc. If he is loaded, why should Chase settle? He owes them and is rolling in cash. Doesn't matter what the home is worth, he's on the hook. So, you might want to see how his financials look.
Let us know what happens.. -
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Permalink Reply by Sandy Sparkman on
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Thank you Jeff & Joe for the quick replies. Seller is not rolling in cash and credit has taken a hit. Seller would keep the house if she could.
I will let you know what happens. -
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That is very true... I am thinking about pulling my sellers credit at time of taking the short sale listing. BofA, Wells and Citi are all working on programs that require much less documentation if the credit score is bad and Fannie is working on something similar. If the score is good, be prepared for the seller to pony up with some cash :(
joe beauchamp said:I "hidden" factor can be the seller's credit report, etc. If he is loaded, why should Chase settle? He owes them and is rolling in cash. Doesn't matter what the home is worth, he's on the hook. So, you might want to see how his financials look.
Let us know what happens.. -
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Permalink Reply by Pamela McKee on
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The loan may have been charged off already since it's close to the foreclosure date - in that case you need to speak w/an entirely different department - Charge Off Recovery at 866-497-4038. Call and ask if it is in a charge off status...the loss mitigation folks don't even know this information!
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Not I. Never heard that before.
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