Chase counters - buyer says they are only pre-qualified for offer

Hello all - hopefully some of you recongize my name as I have been a frequent poster on this great site (knowledge available from you all sharing is priceless). I am the seller. We got an offer on 6/24. Chase did not respond until this past Friday (8/5). They countered at $10K higher. The buyer had to respond by today (Monday 8/8) or the offer was off the table and Chase was closing the file. The buyers Realtor responded that they are only qualified for the offer price ($10K less then the Chase counter offer). My Realtor was to fax a note back to Chase with the buyers Realtors responce of not being qualified for the additional $10K. My question is this? How often does Chase come back and agree to the first offer price? and when can I offer to contribute?  Thanks...  

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Hi Dan - I was able to negotiate a lower price after I wrote a long letter and provided comparables to explain why the offering amount was reasonable even though it was lower than the BPO amount

Dan -

I'd bet 90%+ of the time.  Try to be patient.  By the time Chase gets to this point, the negotiator wants it to close.

Dan,

First, I can't give you an exact % of how often Chase (or any other lender) will go ahead and take a deal that they've countered on and the buyer refused (for any reason) to improve their offer.  But, I can tell you for a fact that I've had deals where this has happened and Chase eventually did accept the original offer after finding out that their counter was declined.

 

Given this, and if I was your agent advising you, I'd recommend waitint to see if Chase will accept the original offer after they've had time to digest the fact that their counter was declined before offering to contribute yourself.

 

Good luck!

Bunch of questions:

*What is the sales price; what is defaulted loan amount? If it is $40k, you are far apart. If $200k, you are almost there. Its relative. 

*Did the Settlement Agreement grant you release from deficiency? Do you know for sure? (Suggest consult with an attorney). If you have the $10k, is it worth making the deficiency and the debt go away for $10k? Sometimes $10k is nothing in the scheme of things. 

* Everything is negotiated. Weigh playing hardball with Chase vs. making it all end today!

* be careful that your Chase negotiator might be reading this too. If I were he, I'd be doing so. Then again, I'd never work for Chase! 


Thanks Michael - here are a couple of brief vague answers..

  • Difference in sale price to what is owed is $75K..
  • I have not received a settlement agreement or release from deficiency yet.
  • I would like to be done with this. I have asked my Realtor to approach Chase concerning me contributing.


Michael Hayley said:

Bunch of questions:

*What is the sales price; what is defaulted loan amount? If it is $40k, you are far apart. If $200k, you are almost there. Its relative. 

*Did the Settlement Agreement grant you release from deficiency? Do you know for sure? (Suggest consult with an attorney). If you have the $10k, is it worth making the deficiency and the debt go away for $10k? Sometimes $10k is nothing in the scheme of things. 

* Everything is negotiated. Weigh playing hardball with Chase vs. making it all end today!

* be careful that your Chase negotiator might be reading this too. If I were he, I'd be doing so. Then again, I'd never work for Chase! 

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