Replies to This Discussion

Permalink Reply by Paul Aceto on December 19, 2011 at 8:56am

Hello Lisa. This is Paul Aceto.  If you believe that you have reached a stalemate with this negotiator, you may want to escalate the file to senior management or Chase Executive Offices. If you have not necessarily reached a stalemate with the negotiator you may simply need to push harder in defending your contract price of $110,000. Sending photos of the work needed at the subject property can sometimes help. Sending more details about the comps vs the subject property can also help. 

There should be contact info for Chase Senior Management or Chase Executive Offices on this site.

You may also want to message Bryan Tutas or Jeff Payne with short sale superstars directly. They are very active on this site. 

The info that I have for Chase Executive offices is

Executive Resolution Group for Chase, 866-605-9253

888-310-7995 (Executive office for Chase)

Be aware that opening a file with Chase Executive offices is more time consuming than escalating a file other lenders.  

Let me know if you have any other questions. Best of luck.  Paul

Permalink Reply by SE Davis on December 19, 2011 at 8:59am

Technically a lender counter offer is not a rejection.

Have the buyer if they are willing to counter at $119,000.

With that counter offer, write a separate appeal letter that includes the showing history, the list price reduction and the work that needs to be done.

Sometimes these lenders are confused by their original list price guidance, no internal comm log of the reduction of the list price and their BPO’s which can vary widely from actual market value. Sometimes they are just fishing to see if the buyer will bite.

Other times they make more money in this price range when foreclosing. In some cases, the servicer/lender and investor can get paid up to three times post foreclosure.

Permalink Reply by Annette Whitehead on December 19, 2011 at 10:39am

I would ask for the basis of their stance at $129k. Did you provide photos & estimate for repairs needed? These factors should be pointed out at the beginning. Escalation is a great tool, but be sure that you gave the negotiator all the facts & supporting documentation. If the buyer is being represented by an agent, I would have that agent provide a mini CMA narrative with great photos. Also, the buyer's mortgage professional could support the need for repairs in order to secure funding approval. Sometimes, it's just a matter of walking the negotiator through the actual buying process, because they don't always understand it. Your deal may not be dead, just need more diligence :)

Permalink Reply by Tammy Davis on December 19, 2011 at 4:32pm

This is called negotiating the short sale. I would discuss this with the buyer (or buyers agent) and counter their offer. But back it up with recent sales...and photos of the property.

I haven't had one yet when the lender wanted more than what we in contract for...that we negotiated.

And who knows maybe the BPO they have is wrong...you can always question the value, but be prepared to back it up.

Good Luck ~

Permalink Reply by Lisa Sarner on December 20, 2011 at 7:05am

Thanks so much, everyone!  It doesn't sound like the buyer is willing to come up at all, so I'm going to see what I can do in order to show Chase that the offer is reasonable.  I will try including a letter and photos and see if that helps at all.  Thanks again!

Permalink Reply by Annette Whitehead on December 20, 2011 at 7:08am

Take really good photos, consider including the buyer's inspection report (with buyer's permission) or a contractor's

estimate. Good luck!