Chase Short Sale Circle Torture
I have an efficiency condo on the market which is a short sale with Chase. All the paperwork is there and we've submitted via Equator two offers, both of which were lower than the price they wanted me to set on the condo. I've had two price reductions in order to gen up a contract and the last did the trick. Started at $275,000. Reduced to $260,000. Final reduction to $240,000 and got a $225,000 offer.
So I dutifully submit and it goes to the negotiator to review. And then comes back with a counter of $277,000. Hello?
It's not the value Chase thinks is there. Six months on the market is not enough reason to take the offer when it comes? The BPO agent who has no idea of the construction issues which impact this listing has given them a number they can't back down from.
So now the file is denied and if I call I'm back in with a processor again, who of course has no power to do anything and wants me to get another offer. I'm not exactly inclined to get any more offers right now since I understand their game. This is a ridiculous waste of time unless I can get some escalation on the file. So that is my question.... How do I get someone's attention who can pay attention?
There must be a way to crack this. Otherwise it's going into foreclosure with my and the seller's blessing. I'd say if that is what Chase had wanted they could simply have done so in the beginning so there must be some semblance of desire to get rid of this property before they own it.
Any advice?
Replies to This Discussion
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Permalink Reply by michael j blue on
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It all hinges on the BPO most of the time up front. You mentioned the BPO, did you do set up the appointment with the BPO agent and go over the info you mentioned? Did you add the info into the MLS after you took the offers and add pictures for the BPO agent to see? Many agents do not do this part of the work and run into trouble like this. I did a BPO for Chase last week on a deal that closed 2.5 months ago for $355,000 in Encinitas CA west of Interstate 5 on a 1/4 acre. The value today is much higher...by alot, if fact our market has been hot for awhile. They wanted to pigeon hole me into putting the value near the $355,000. The most affordable comp homes (3) are in the $599-$699,000 range. Just the opposite of your situation. This is my market, I grew up here, I own prop here, someone got a hell of a deal @$355k.
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Permalink Reply by Josette Skilling on
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The plans for the building next door are in the MLS and the other site is an open dynamite pit to see :) But I think the only way to fight this is to get another one done. Why are we fighting the BPO when the house is not sold for six months??? That's just stupid real estate logic.
Is there any other recourse?
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I sent out a message on Twitter and have a response back there. I'll see it that gets anywhere.
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Permalink Reply by Uilani De Motta on
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Have you called Escalations department...877-496-9025. Try that. If you send me a message at my email I will see if I can find escalation email addresses also. I've had a real doozy property, 4 plex, murder on site, 2 raids for illegal firearms because all the units had squatters that were for the most part criminals. We got it closed, it took some tenacity but if that's possible with Chase, I do believe all are. They originally also asked for about $50k over market value.
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I'll call them tomorrow! I have gotten a message back from the Twitter group and I sent them a history from my Evernote account and included building plans. I'll go by and take some more photos of the construction to add to it tomorrow.
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Permalink Reply by Ben Benita on
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As always, you just need to get to the person that cares.
Talk to the people that WRITE the scripts and not the lower level negotiators that READ FROM the scripts.
Escalate your file to the executive offices, and also find out who the Investor is on the loan and speak to them directly, both of these work 9 times out of 10.......you can reach me directly with questions on either.
Can you email me:
who/where you went on Twitter for help?
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I went to @chasesupport They were worthless.
I called the escalation number. They were worthless.
I have typed up the entire history, documented it with pictures and a CMA and put that into Equator. We'll see what they come back with in a couple of days and then go for the next round.
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