So here's the scenario, I'll try to keep it succinct;
Servicer = Chase, Investor = Deutsche Bank 1st UPB = $900K+
2nd = Hard Money lender = UPB $90K and negotiated acceptance of $3K to release
3rd = Judgment of $40K - negotiated for it to be removed at short sale recording no cost
4th = Lien $30K - negotiated for it to be removed at short sale recording no cost
IRS - Judgment $35K - IRS is waiting for final approval / HUD and they will release ASAP
Seller filed BK in 2008 and included property
Property Listed in January 2011 at true Market Value
First Offer received in late 2011 @ $400K
Chase countered at $725K
BUYER WALKED - (unrealistic price)
SELLER VACATED Property in early 2012 - (Stripped the house of appliances and sprinkler controls + shuts off utilities) 15,000 sq. ft. Lawn Dies.
After notice from City in June 2012 - Chase engaged LPS Property Preservation - LPS never actually ENTERED the property but turned on water, electricity, and gas. LPS Drained the pool / spa and built a huge wooden structure over both for safety.
Property Flooded - cannot get Chase or Deutsche Bank to do anything about it / cannot get water shut off. (Water isn't doing any good anyway since there's no sprinkler controls and the lawn is still dead)
New Buyer / New Offer - March 2012 $475K
Chase countered at $620K
Many negotiations back and forth - Buyer had to supply Appraisal @ $535K
CHASE / DEUTSCHE APPROVE Buyer's price.
Chase terminates LPS but all utilities except water are shut off during buyer inspections
Buyer Completes inspections, Structural, Roof, Mold, Termite, etc.
Serious Black Mold, Termites, and Structural issues - repair cost over $150K
Buyer revises offer down to $380K
Revised Offer submitted to Chase
Chase verbally declines and revokes current approval but will not return calls or put into writing
The City Code Compliance filed a Lien of $6.5K against property for not maintaining property and another $25K will be levied every 30 days. Chase says it's not their issue.
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