My first HAFA, they want me to list 15% higher than FMV not to mention known defects.

Short Sale Seller got some CHASE  documents yesterday by FedEx. CHASE's letter sorta says "Borrower is now HAFA approved", which I though was good news. My first HAFA.

However, that document said I had to list it $30.000 -$40,000 higher than FMV where I am using my comparables. CHASE haven't factored in the amounts needed to remedy recently discovered issues. As of today $33,200 known in repairs. Needs New septic $28,000, $4,200 Termite & $1,000 roof.

ALSO Got a buyer that had a offer being reviewed by CHASE but he walked this morning, after getting the Termite & Septic Report back.

 

My CHASE Negotiator is the guy named JOHN GONZALES the one that the Superstars like.

.
Do I ask to see the BPO they used that supports their list price? Will they even tell me?
Does debating their list price ever work?
If so, what do I do? Specific tasks 1) 2) 3)
Do I send them reports that just came in this week = Termite Reports $4,200, Septic is shot and need a new system replacement cost $28,000 & Roof repair $1,000????


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Replies to This Discussion

Permalink Reply by Ben Benita on June 20, 2011 at 4:59am

I would argue up the food chain as usual, and, contact the Investor on the note directly (always the best move).

 

Also, where you have to "list" the home, is that also reflective of the "gross" they need to approve the deal?

Does your current "net" meet their guidelines?

 

 

Permalink Reply by Suzanne Kensington on June 20, 2011 at 5:46am
I would dispute the BPO value.  Give them your comps and your inspection reports.  I would also give them your MLS listing history and your lockbox showing report. Do whatever you can to get the negotiator on the phone.  He will tell you that he can't discuss the BPO value with you, however I have always been able to get them to tell me pretty close what it is and discuss in detail the comps they used. Chase is so backed up right now it is hard to get quick responses.  I would market the property at what you believe is FMV and document everything.  Once you have a new buyer have them get their appraisal done right away and use that  appraised value for leverage.
Permalink Reply by Maya Thomas on June 26, 2011 at 2:23pm
The bank won't let you see the BPO.
Permalink Reply by Maya Thomas on June 26, 2011 at 2:24pm

@ Suzanne, love your response.

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