Can't get a value despite numerous BPOs to move a Short Sale

Can anyone help advise us with how to get a short sale going or escalated high enough to make things happen.  A prospective buyer submitted an offer on 7/28/2015.  A negotiator was assigned on 8/13/2015.  He stated that based on a valuation on file from 4/2015 he couldn't get approval and ordered an updated value.  As least 4 agents have been out since 8/2015 and still no valuation. 

The owner received a property valuation last year dated 12/24/2014.  It now takes 4 months to do repeated BPOs still without receiving a value.  Through equator we continue to get notices on a biweekly basis that the negotiator is waiting on a final value.

No follow up or explanation has been shared with the owner although he was sent correspondence which states copies of valuation reports would be sent to him. On 2/12/2015 we were informed the offer at that time was in line with the value.  Although that buyer rescinded his offer because of the subsequent vandalism we now have a buyer who is willing to pay more.  What can we do to get this deal going?  The property will only continue to decrease in value with no upkeep and the harsh winters here in New York.  We have tried to work with the escalation team and have not made any progress.

Any suggestions will be greatly appreciated.

Brenda W.

Views: 117

Replies to This Discussion

Brenda - most of the larger banks have escalation systems on Twitter (BoA, WF, Chase, PNC, etc.). You'll need to start by following Chase on Twitter, and sending Chase a request to follow you. Once you have a connection, then you can't "tweet" a request for an escalation. Don't give any details in your tweet. An escalation specialist will then call you and help walk you through the escalation process. Good luck! Ken

Thanks, I will try that route.

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