Comment

Comment by SE Davis on April 20, 2012 at 7:08am

Julia;

I have been very successful on several transactions lately where we have used a listing agent prepared/signed comprehensive BPO with clear identification of range of deferred maintenance items and estimated costs.

The result of this strategy is to get the short sale lender to by-pass these inadequate “FLASH-BPO’s” and we demand that the lender orders a full interior appraisal report before they get into the counter offer non-sense on a seriously flawed valuation document.

Extreme Results: Got an approval yesterday from package delivery date to written short sale approval in only 21 days using this very strategy from a top 5 national lender. The HAFA stooge let the cat out of the bag on his AVM (+$50,000) the seller waived HAFA in a letter and I re-faxed the listing agent BPO and slam bang written approval in 3 weeks and we are projecting a closing by May 11^th with this buyers 60% LTV purchase mortgage. We acquired the second mortgage approval in less than 48 hours with one phone call made 2 weeks ago. This transaction would never have survived the HAFA listing restriction conundrum. The name of this lender starts with a C and ends with an E.  

This Listing Agent BPO works very well “when applicable” it is the first document right behind my package cover page.

 

Comment by Julia on April 20, 2012 at 6:35am

This is my first time getting a high BPO on a Murrieta property.  There was no appointment made, I guess the appraiser used the lock box.  They came back at $350,000 and the purchase price is $309,000 with closing costs.  I am guessing they used a comp model match down the street which was an REO complete rehab with a view.  There are model match comps around the corner with views in the $330,000 list price range, one just foreclosed.  I did have it listed in this range with no offers nor viewings.
My property has cracks in granite kitchen counter tops, major crack in fiberglass fireplace surround and a large rocky slop without plantings instead of view.
Negotiator stated just to get bid on repairs and ask the buyer to go higher.  How do i find a contractor to get a bid without their getting work...will they just charge a fee...do you know anyone...how would you handle the comp situation?

I do appreciate any help you may be able to offer in advance.  If not I do appreciate your time and god bless.

Comment by Bryant Tutas on April 20, 2012 at 1:21am

Thanks Tara. I'll add it up top.

Comment by Tara Samney on April 19, 2012 at 9:23am

FYI number to fax HELOC packages to is (614) 422-7171. Just got it from Chase. Even if both packages with Chase- the HELOC needs to go to this number per Chase. Hope it helps!

Comment by Tara Samney on April 17, 2012 at 10:35am

Thanks all for comments!  I went to straight loss mitigation number as was told sale date had already been cancelled and to confirm with attorney.  they were closed but website shows as cancelled. That's incredible. They said a new date had not yet been scheduled.  Sending a fax with contract to attorney just to be safe.

Comment by Tara Samney on April 17, 2012 at 10:04am

SE Davis- Thank you SO much!  Doing now

Comment by SE Davis on April 17, 2012 at 10:00am

Tara;

Call Chase short sale customer service direct.

Chase should postpone with just the buyers purchase contract in their possession.

Chase cooperates with a fully executed purchase contract you do not need an approval or conditions cleared.

Call Chase short sale department immediately and have them place an order for postponement. Then call back the last week of the month to confirm that that new status designation was implemented. Ask them to tell you the new sale date.

After confirming that new sale date I always send a fax to the foreclosure attorney in the name of your client advising them to postpone that sale date and ask them confirm it with Chase.

Comment by Tara Samney on April 17, 2012 at 9:56am

Catherine- Wow that gives me hope!  He is hard to get a hold of but called, faxed etc asking for postponement.  I'll just keep trying every day.  Thanks!

Comment by Catherine Myers on April 17, 2012 at 9:52am

Hi Tara, actually I've never had a problem with Chase extended, cancelling or postponing sale dates as long as they are actively working a short sale. In fact, sometimes they've delayed it without an offer if the client had been working through a loan mod process etc and asks for more time to go into short sale.  

Call the negotiator and request the postponement but just keep following up :)

Comment by Tara Samney on April 17, 2012 at 9:33am

Just found out have a trustee sale date - just scheduled for 2 weeks away.  My experience with these is you cannot get them postponed unless there is short sale approval and all contingencies stripped.  Negotiator has reviewed BPO and i'd expect we'd have approval in a week or 2.  Any one had any experience getting it postponed with Chase?  It is a VA loan if it matter- VA rep said he would try to stall if Chase wouldn't.  Don't know how much good that would do.  Thanks!

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