Chase Short Sale Buyer - Questions on Liens and Other Info

Hi Y'all,

I'm trying to buy a short sale property from Chase in the Buffalo, NY area where there are two mortgages on the property and three liens as well. I'm no real estate expert by any means but I did purchase, renovate and sell for a substantial profit a duplex property recently and now I'm trying to get a single in a nicer area before going after more investment properties.

This house is nice but it needs significant repairs and it seems that the Realtor for the property (on the seller side) keeps changing her story and it's getting annoying. I've done my homework this far and looked at the property twice. I went downtown to the Clerk's office and dug up all the filings for the property. There are two mortgages on the property, both from Chase but one was released and I doubt it was because he paid it off. Does anybody know why Chase would release it? Would it be because they held both of them and consolidated? The property has been unoccupied and on the market for over three years and it was listed for 173,000 last year, but now its 190,000, why? Because they didn't include the liens in the purchase price but now they are? Or because of accumulated taxes/fees that they're paying? When I originally started dealing with the realtor on the seller side she was all happy and said that as long as we had a way to take care of the liens then we would be able to get it. She also sad that there was another offer on the property but it would go nowhere because the buyer didn't get what the real deal was and that they were underbidding and didn't have any way to take care of the liens. So I bid $173,000 based on the obvious repairs that are needed and then she suddenly changes her story and says we have to bid higher because there are "other higher offers". What?

Does anybody know how long it takes for an approval letter, and does Chase typically counter offer if your initial offer is too low? Another question I have is how do I find out the principle balance, and does it even matter? This situation is unorthodox because what the seller side realtor stated initially is that the bank wants a cash deal. They basically want somebody to walk up and pay off the liens on the property with absolutely no real guarantee that the title will transfer, which is insane. We can purchase the property because we appealed to a consumer advocacy group that can get the mortgage written, including the cost of liens, hold teh amount in escrow, and then satisfy all parties involved at closing. We've been approved but now it seems that the realtor is causing prblems because we requested for her to provide the attorney for the advocacy group the contact info for the Chase account manager but she hasn't even done that yet. It's like she's trying to jokey the deal in her favor. Why, I don't know but it's becoming annoying.

I knew that this would be difficult but I didn't think that I would be getting hassles from one of the relators, who seems like she's talking out of both sides of her mouth now that we are going to the negotiating phase. I mean, come on, nobody has bought this property in three years and now there's a more than one bidder competing on it when she said there was only one before and that it was "going nowhere"?

What are the rules of engagement for a deal like this? Do I have to run everything through the bank's realtor or can my attorney deal with Chase directly? And what does anybody make of this? Is this strange or is it just me?

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Replies to This Discussion

Mistake #1 - you used the Listing agent for your side of the transaction.  You should have used your own agent to look out for your interest.

You've made an offer in writing?

Any responses in writing?

Thanks for the reply, and I didn't mean to miscommunicate but we do have our own realtor, who actually works for the same agency that that is listing the property. Our agent doesn't really have much experience with these types of transactions though.

We produced an official offer letter but the seller side agent told us that we have to attach a rider to it in order to clearly state how the liens will be satisfied, as she said that she "cannot submit an offer that will include the private liens.  Chase, the bank holding the two mortgages on the property, will not allow the additional liens to be paid on the HUD 1.  I have been told on numerous occasions that it is not acceptable per short sale regulations. The liens need to be paid separately."

So, we're waiting for her to actually get us the info on who is handling the account for Chase so we can move forward on this.

Do you have any ideas on some of the other questions I asked? Any ideas would be appreciated.

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