I have a short sale with Chase. I have three offers all at the same price. I submitted the one with the best terms. Chase will not even entertain the offer unless the buyer comes up 50K. The house isn't worth it. I asked for another BPO and they will not do one since it has been less than 90 days. I am asking the seller to get quotes for me on the work that needs to be done to submit to the bank to support our price. Does anyone have any other ideas? Have you come across this problem?
Did you meet the lenders BPO agent at the property, physically walk them through and point out deficiencies? Did you provide them with a CMA and comps justifying your list/offer price? Did you give them a copy of your offer and just level with the guy and say "I'm on commission, and I'd love to sell for more, but this is what I have to work with, help me out here"
You have to justify your list offer price or contract price or you will have these problems.
Sometimes unfortunately we have to wait past the 90 days to get another BPO. Had that happen before. I also had one where the lender demanded that no foreclosures or short sales be used for the BPO valuation. This unfortunately meant that they forced the agent to use ONLY new contruction properties for the BPO. This is NOT a method to value property.
Which brings up another question, can the agent who did the BPO for above market value be liable for causing a foreclosure or financial dammages to the homeowner? They did misrepresent the value of real property, and failed to use skill, care, or dilligence...
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