Does anyone have any insight on how to get Chase to make some decisions? Long story short ,I have a short sale with them. Had a full price offer in the first few days and they said it was too low. Had a bpo done beginning of March have been told week after week that they will be in touch. Bottom line, they keep just checking and rechecking to make sure that all the paperwork is in but will not tell me what they are willing to work with. In the meantime, I have no showings and just keeping dropping the price 10K every 10 days ...UGH...
if they turned down a full price offer, did they give you any indication of what they would take? they need to give you some guidance, ask to speak to a supervisor until you get someone who will tell you what you need to do. did they do a bpo?
is the tax value lower than that offer price? what did they base that rejection on? is your list price a lot lower than what is owed on it?
did you try sending them sold comps form the last 90 days that show that your market has lost value like most markets?
Chase can be really difficult. sometimes I got the impression that they have a secret mission statement that says "Our #1 goal is to lie to realtors and jerk them around"
because that's what they do. I took careful notes of every conversation and I caught them in so many lies that after 6 or 7 or 8 months, on the same deal, I had to conclude that they were doing these things on purpose. and I spent the last 2 weeks trying to open a negotiation with Chase on a second lien and so far, every single person has told me something different, so I told my seller what was happening, and he got very angry and called them himself, and a lady named Crystal told him that she would take care of everything, not to worry, she would mail him a Hafa packet that would help him, and she told him to call me and tell me to call them back, and she would give a one day authorization for them to talk to me, because they had already misplaced the letter of authorization that I had faxed in, 3 times, about 2 weeks ago. so I called right back, and Natalie told me that nobody could talk to me, because, get this, the one time authorization that Crystal had told my seller about, those were only good for one phone call, and when Crystal terminated the phone call with my seller, that terminated my authorization for that day. and also that they don't mail any hafa packets, so I was mistaken about that.
so i told her that did not make sense, could I please speak to her supervisor? at that point she said she would talk to me even though it was not authorized because my authorization had already expired for that day. and then she proceeded to tell me that I should never even call Chase because Bofa would handle all the negotiations on the second, and when she gets finished telling me all this nonsense she says, is there anything else I can help you with today Mr Sweeney?
so yeah this is what they do, it's like a good cop bad cop routine where one day they act like they will help you, but the next time you call you get the evil twin who is bipolar and they didn't take their meds that day. listen I could not make this stuff up, anyone who has done even a few short sales with Chase knows exactly what I am talking about. this is why you need a 12 month listing. this is why the banking sector of our economy is going down the tubes.
and I mentioned I worked for 11 months trying to get chase to close a deal where they got over $700,000 in payoffs on a short sale? the real irony is, while I was calling them very single day, trying to find somebody who could make a decision, while that dragged on for amost one full year, Chase has got people calling me every day because the payment on my Chase credit card was late. so, they have unlimited numbers of people they put to work trying to collect a $5,000 debt, but when it comes to the really big money, a $700,000 asset? then you can't find anybody who can make a decision on that deal, while they are expending their resources on the little deals.
you might also remind them that the per diem charges for this house, with taxes, add up to a lot of money, and if it does go to foreclosure, all those charges will have to be paid by the bank if they fail to co-operate with you and make this short sale happen.
It might be too late, but what was the final decision... Im starting a Shortsale with them My seller has accepted the offer and now we are just submitting.. what else do i need and do you have a contact over there.
I stopped a May 2010 foreclosure on a property where Chase commenced the bidding at $350,000.00. Since I restrained the foreclosure, I contacted Chase and asked if I could purchse the property for $350K. In fact I iniaitedthe negotiations through Chase's lawyers. Documents and proof of funds were submitted to Chase in the third week of May. Chase stalled asking for more docs. Finally on June 25, 2010 I was informed that approval of the $350k request required a BPO and one signature from management. The BPO generated by and through an agent retained by Chase came in lower that my request for the $350K short pay. Today, July 9, 2010, it is my understanding that Chase is countering with a short pay offer greater than $110,000.00 of the $350,000.00 in which Chase offered the property at the May, 2010 foreclosure sale. It is my opinion, that Chase now seeks to profit from the short sales and is not interested in deleting excess inventory and cutting losses. The property at issue is in severe disrepair and requires over $200K in repair and renovation. In addition, it is my understanding that Chase is agreeing by committee as to what a short pay shall be, but the criteria being reviewed in vague and nonsensical.
I have one with a first lien from Bofa and a second lien with Chase. got an offer for $170,000.00. Chase agreed to discount the 2nd, because they ordered not one,, but 2 bpo's, and those values came in around $196,000.00 (we think)
but lo and behold Bofa got an apprasier to do an appraisal and that value came in at $246,000.00 so that was Bofa's counter, even though at $246,000, it's not even short sale. long story short that buyer terminated, and Bofa is sticking with the $246,000 value, even though the property has been on the market, for months, with another realtor at a lower price, with no offers, even though the tax value is $180,000.00, even though they admit that Chase has two bpo's for under $200,00.00.
so here we sit, drifting aimlessly in limbo, as we have NO buyers for any price, over $200,000.00
they tell me the $246,000 appraisal will expire on August 8th, and at that point we can start all over again.
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