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Permalink Reply by Ben Balsbaugh on April 19, 2011 at 10:07am

I should add, the negotiator was very rude and short in my one and only conversation with her.

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Permalink Reply by Wendy Rulnick on April 19, 2011 at 10:42am

Ben - I've heard that Chase negotiator's files have doubled recently.  I was also told the best way to reach negotiator is to FAX them - goes directly to them. 

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Permalink Reply by Crystal Sheppard on April 20, 2011 at 2:11am

Chase always wants something.  They are asking us for 1/2 (yep...1/2) of the second lien on one of our shorts right now.  Looks like home will foreclose as a result.

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Permalink Reply by Daphne Nelson on April 20, 2011 at 3:37am

Well, as my husband would say - is it worth having this done and completed for $5,000?  There are all kinds of potential negotiations that could be made with this $5k figure given to you by Chase.  Some might say to stand and fight for the $90k, but you take the chance that Chase means what they say. (By the way - do you know what Chase's BPO/appraisal amount is?)

Chase did the same thing to us ~ they wanted $370k and we had an offer for $350k. The buyers Countered, Chase countered back at $370, the buyers countered again - increasing their offer to $360k, Chase countered back at $370....the buyers said ok.  (We were not rep'ing the buyers). The buyer's lender had the home appraised and it came in at $370k. (Are your buyers all cash?  Or do they have an appraisal on the property?)  We actually had 3 offers - and Chase turned down the all-cash offer (that was marginally lower than what they wanted).  They did not care one wit about cash vs. a loan. 

Will Chase accept an offer that is $5,000 higher?  Or are they insisting that it come from the sellers?  I'm assuming your deadline has passed - what happened?

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Permalink Reply by Linda Susan Fox on April 20, 2011 at 3:57am

I just had the same issue with Chase and when I could not get the buyer to come to the price the negotiator wanted she closed the file.  I sent her a new HUD1 showing the additional $5000 contribution and a market anaylsis of the property values and never did hear back from her,  I called her supervisor and he told me that I had only 2 days to get the higher price and since I did not they closed the file and Freddie Mac was going to foreclose.  I tried everything I knew including having the seller call Freddie Mac to get a postponement on the trustee sale.  Chase would not reopen the file or submit the offer to Freddie Mac and the home went to foreclosure last week.  This is my first file that went this direction.  I faxed, emailed, called, beggged but no one at Chase cared.  I could not get anyone to call back once the file went dead.  I spoke with the Short Sale general call number and was told the 100% the home would be foreclosed on the date of the sale.  The $5000 was unreasonable as was the price they wanted.  The market would not support the increased price Chase was asking and I believe that they did not want to do a short sale as it was easier to let the property go to foreclosure.  Shame on Chase and Freddie Mac!!!!!!

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Permalink Reply by Ben Balsbaugh on April 20, 2011 at 4:49am

Daphne, They won't tell me their BPO amount and no they wont let me build it in the sales price. That would be impossible anyway, seeing that they want well above market value already.

Linda, Thanks for the great news :)

 

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Permalink Reply by Gretta Alvarez on April 20, 2011 at 5:03am

Hi Ben, Give me a call, I MIGHT be able to help you. 561-628-8419 Gretta, Get Closure, LLC

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Permalink Reply by Jim McCormack on April 20, 2011 at 7:38am

Unfortunately, I have generally found that Chase is the worst large lender with respect to short sales.  I always start short sales with the question: Who owns or controls the mortgage loan?  In other words, is it Fannie Mae, Freddie Mac, FHA insured, VA guaranteed, etc.?  Depending on the answer you may have some additional options.

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