Forum

EMC (Chase) - BPO came in at 119k - But they will only accept an offer of 218k

Posted by berry.bowen on August 27, 2011 at 6:30am in Short Sale Discussions

Can someone explain this to me?

I have a seller whose going through a short sell with EMC

EMC ordered a BPO and that value came in at 119

My client had an apprasial completed value 115k

 

EMC says they will not accept anything less than 218,000

 

Does this make sense? Can someone explain this to me? EMC reps will not explain why or how they got that 218k value

You need to be a member of Short Sale Superstars to add comments!

Join Short Sale Superstars

Email me when people reply –
Follow

Replies

  • P Nicolas Velecico September 9, 2011 at 4:57pm

     

     When it seems that the servicer will not accept a SS or modication regardless of how much you think it makes sense for them to do so has to do with the original PSA agreement ( Pool Servicing Agreement ).

    If it has a restriction a SS will never be accepted regardless of your BPO or appraisal

     

  • Ray Snook September 6, 2011 at 5:56pm
    Sometimes this happens. You don't mention what the loan amount is, and that can have a bearing on how much the investor will be prepared to accept minimum. If the investor has MI covering the loan then they may net more in a foreclosure than in a short sale - just my fourpenneth. Happened to me recently with a BofA, the investor wanted  15k over market value and we could not get them to budge even after escalating. In the end a bofa rep called me to say that they would issue an approval next day for the 15k over price, but that even if we accepted it we had 14 days to close or it would go to auction. They refused an extension to the original sale date too.The investor wanted the short sale file closed and he got what he wanted.
  • Jake Jacoby September 4, 2011 at 5:31am

    Have you requested all of the loan docs with the intention of a Forensic loan audit?

     

  • berry.bowen September 3, 2011 at 4:18pm

    thanks.. it makes no sense to me at all

     

    i've went to the "executive office" waste of time  it seems

     

    but i was able to get the direct number to the EMC Short Sale presidents office. So I will see how that works out on tuesday

     - I was only able to get the number because an agent in our office had an emc short sale and EMC mistakenly foreclosed on the property and the president of the short sale department sent her a letter with apologies etc.

    • cat gellatly > berry.bowen September 8, 2011 at 2:07pm
      So don't leave us in suspense. What happened, did the president's office step up to the plate? I was told that EMC lost their servicing contract with Chase and since that happened they just don't seem to care. They were one of the best servicers to deal with on short sales. I am having the similar problem. I have a seller whose water pipes burst flooded the bathroom and bedroom. The carpet was taken out, needs plumbing work, the walls had to be cut sot hey could find the broken pipes. The water is now off but the buyer said he would still take the property if we can get the bank to come out and reappraise. I cannot get them to come out and do another BPO to inspect the house. They cannot do BPO's within 90 days of the last BPO. It's just so annoying -- all I hear is there nothing we can do. Their inability to get out of their own way, costs them money. It's just pitiful.
  • Carol Pease September 3, 2011 at 4:12pm
    It does not make any sense to me.  Have you tried to escalate this?
  • Alejandro J Morin August 29, 2011 at 4:47am
    Please try to determine on FNMA and FREDDIE MAC websites if the loan is theirs, or not. Many times a lender's representative will not be upfront and tell you who the investor is if they have authority as the servicer to make decisions. Then, the probability that they are using AVM to determine value is likely. Request escalation of your file, resubmit the appraisal, and present your trend report to help the negotiator, with photos and repair estimates, if any. Don't give up, keep pressing for a supervisor, manager, resolution management team, etc.
  • Catherine Smith August 28, 2011 at 9:51am
    This file may be one that they want to foreclose on because they would make more money doing that.  Not in a retail sense.  Wells Fargo is also one of those banks notorious for foreclosing.
  • Ellen Levy August 28, 2011 at 5:36am

    I am having a similar problem with Chase.  My BPO says $150K.  Their appraiser said $225K.  I have had four offers in 306 days, all around $140K.  The seller has signed an ofer for $144,500.  Chase may go ahead and foreclose.  A recent foreclosed listing nearby brought $57,500.  What is wrong with these people?

     

  • berry.bowen August 28, 2011 at 4:16am
    Wells Fargo is the investor
This reply was deleted.
********************************** like buttons ************************