Chase with B of A as investor (California) -- help please!
I am almost 6 months into a short sale with a Chase first (balance owed is $562K) and a second with First Tech (who has been awesome). I had been working with an offer of $470K for about 3 months when I received notice about 6 weeks ago that the investor (who we learned is B of A) required a net of $480K. I put the property back on the market and got them a purchase price of $520K with a net to the investor of $489K. About a week ago they insisted we include the HAFA incentive on the HUD when we were not pursuing HAFA (and at the same time they were reducing agent commissions). None of this made any sense. We submitted the revised HUD and they almost immediately turned us down for HAFA (go figure). The short sale was then transferred to the traditional short sale department where the short sale was declined. I spoke to the negotiator this morning who said the investor now wants a net of $525,000. The sellers have $100K in a retirement account, and I am guessing they are going to try to see if the sellers will kick in money, which they won't.
The market will not support this price. I asked who else I could talk to, and I was told by the Chase negotiator that if I tried to contact the investor they would blackball me for any future transactions. Apparently I am not supposed to know who the investor is.
The sellers are prepared to let the house go to foreclosure, and will then file bankruptcy. How and with whom should I pull out this card for leverage? It is ridiculous for them to not accept this amount because they will not get it as an REO, and will not be able to pursue after BK.
Any advice would be very much appreciated. Thanks in advance.
Replies to This Discussion
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Permalink Reply by Luis Cardozo on
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Noel,
Have you heard about QWR-Quality Written Request? This is what HREU- Harris Real Estate University recommends when the lender/investor is being unreasonable. QWR forces the lender to process the request to check the quality of the loan. This will buy you time and who knows there may be something wrong with integrity of the loan. You can then use this as a leverage to negotiate for them to accept your offer so you can release the request for QWR.
I have not done this myself but it may be worth pursuing this approach.
Good Luck
Luis
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Permalink Reply by Noel Crider on
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Thanks Luis! I'll give that a try.
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Permalink Reply by Jeff Payne on
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If you dont know who the investor is you should ALWAYS send in a qualified written request. Short sale 101 my friend.
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Awesome, thank you.
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I'm on hold with Chase Escalations. So far he has told me the same thing, than when it's with an investor there's nothing they can do to change their decision. He is talking with his manager at the moment.
Has anyone ever contacted the investor on a loan? This decision makes no logical sense since the house will not bring the price they want in our market if it becomes an REO.
As I said before, I've been warned about contacting the investor and that it would negatively impact future business for me.
Thanks again.
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Chase escalations said they can't help me. I called Executive Group and they referred me to my first point of contact. Vicious circle.
At what point do I contact the investor, and through which department?
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Permalink Reply by Joy Baker on
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If the servicer is behaving badly, I always contact the investor. With regard to Chase, send me a "Friend" Request on this site and I'll give you another contact.
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Permalink Reply by Sheila Vardakis on
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Joy,
I would love to know your other contact at Chase. I just sent you a friends request!
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Permalink Reply by Jim Schneider on
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Noel,
Personally, I think those threats are pretty empty. Now sometimes you can get somewhere talking to the investor, and sometimes you can't but let them speak for themselves, but I think Chase just doesn't want you going over their heads.
Good luck.
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Thanks Jim.
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