Replies to This Discussion

Permalink Reply by joe beauchamp on August 31, 2011 at 6:10pm

Maybe someone can tell you more about Chase - I haven't touched them for many months. The general order is to get the BPO, put it into the calculation to get the NPV - value of the property.  Then get the bills from the banks attorney and the amount owed to the bank (payoff).  Then put that into the calculator with this investor's guidelines.  All together, that gives the negotiator what the investor wants.  At this point, the negotiator will give you the counter (very very unlikely the minimum that the investor will take).  I have found that I need to stay on their backs to log the BPO - they use it as an excuse to go do other work - the BPO isn't in.  Well, it isn't "in" until the negotiator logs that it is in.  This can take a week even while you are on their backs.

Let's say it takes 2 weeks to get a counter (I'd guess 3), and you don't feel like paying for 3 jet planes and want to counter back - that will be another week - depending - could be 2, rarely less than 1 week.  You have not yet accepted their offer and then a week or two normally to get the approval - unless it needs to be OK'd by the MI company and the investor - then add weeks to that.  You are past the end of the month - if this program is dead before then, you have no time to throw a wrench in there before getting that approval.  AND you (the listing agent) needs to stay on top of the bank reminding the negotiator of the program deadline.  It can be done, but that needs an interested negotiator and no MI/investor delays.

You may want to check into this program, look for the real deadlines (like starting the short sale as opposed to getting the approval as a deadline, exceptions), because (again, not knowing the current speed of Chase - and whatever this program at Chase may throw into it) you have run out of time and actually have not even started at this point.

Good luck!

Permalink Reply by Steve C on September 7, 2011 at 7:58pm

It is a month and a half, and as the buyer I still have not heard anything from Chase.  I hope I get a counter offer or approval this week or next week. 

Permalink Reply by Steve C on September 10, 2011 at 5:31am

Is it meaningful when the negotiator requests 3 months of pay statements and bank statements from the buyer?  Does this mean approval is near?

Permalink Reply by joe beauchamp on September 11, 2011 at 6:28am

I have never heard of such a thing.  Under what circumstances should a negotiator be interested in a buyer's paychecks or bank statements? The bank should be concerned about arms-length (fraud), and that your offer is real and not just to slow down foreclosure - a mortgage pre-approval/proof of funds.

Signs that an approval is near? There are no sets of signs.  At best, by asking the negotiator what needs to be done before you see the approval, you'll know what he thinks is needed - a clue.  However, I have found no sure path to approval - it is just a path to approval/denial. The closest I come is when I've accepted an offer from the bank - and at BOA, that does not mean that you have an agreement - multiple times, the bank has rejected my accepting their offer and made a new offer.  Until I have a valid approval in writing in my hands, I don't tell anyone that I have an approval.  Even then, banks have taken back approvals (none of my deals, thank goodness).

If the negotiator tells the agent that he thinks he can get it approved, if the negotiator gives a counter and the agent accepts it, if the negotiator says that he will have an approval soon, those are signs that an approval is likely to be coming - not for certain.  Asking for documents, especially off the wall documents is a sign of a problem. If you are looking for a sign of approval, astrology has more certainty.

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