We are currently trying to buy a short sale in florida and have been on the
deal for 6 months. The bank is Chase. The banks BPO was 110,000 so we
offered the 110 because we really wanted this property. Almost everythingwas done and we had to do our appraisal and we are using FHA. Our appraisal came back at 92,000. The realtor send the comps and appraisal to Chase and
didnt hear anything for a month. Let me explain what I know, we are using
the same realtor as the sellers, seems to be no big deal bacause the seller
will except anything and fights nothing. The realtor  communicates threw a
hort sale negotiator on his end and that negotiator then talks to a
negotiator on Chase's end. Seems really complicated to me! So the Chase
negotiator left a message with the realtors negotiator the other day and
said the investor bulked at a 18,000 price change but said nothing else.
Now no one has answered phone's thru Chase for 3 days.
My question is, why didnt they say what they would except?
Where do we go from here?
The realtor has told us he doesnt think we are going to get it, does this
seem right? Why would he say that?
Does the bank have to give as an answer on what they will except or can they
just ignore us?
How long can we stay on the hook for this with them before we should give
We do really love this property but honestly is not worth us bring a ton
of extra money to closing.
I'm not ready to walk away just yet because there is literally nothing
around us that is even worth going to look at in what we want.

Can anyone enlighten me here and give some sort of hope or should we just call it a day?

I'm really affraid that if we give up that they will get another buyer and it will then go thru then and I will be really pissed for giving up before we have tried more.

I really need to know if they have to give us an answer on what they will except or wait for us to send another offer.



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Chase is likely intentionally stalling the short sale. Since the short sale lender's valuation was done almost 6 months ago, it's likely expired.

Does the market price now reflect the new appraised value? If so, why not bite the bullet and pay the current value?

Why would they intentionally stall? The house was already financed under an FHA loan, does this make a difference since we are using FHA too?

We can only get financed for the 92, obviously since thats all our bank will do.

And we don't have an extra 18k laying around either plus the rest of the closing cost at almost 8k

thats almost 26k. If we had that to put up we wouldnt being using FHA

The common misperception in short sales is that the "negotiator" is actually what their title implies: someone who solves problems to bring parties together.

Unfortunately, many times the job title should be "volume processor" because they have literally hundreds of files and will cherry pick the ones to get off their desk. 

It doesn't make a difference that you'll be using FHA to purchase. The more important question here is: are there OTHER buyers who are willing to pay the extra $18k? 

You have a file that will not look good in a post-closing audit. The sales price won't be near the valuation in it's current order. The negotiator for the seller needs to take the proper measures for the situation.

I personally know someone who worked at a certain bank in San Diego and he told me he had a "high maintenance" pile. He chuckled that files that go to that pile either die or solve their issues on their own.

I did a short sale with Chase about 7 months ago and they were firm on their price of $149,000 on a $160,000 loan said they can close in 30 days. They sold the loan to Ocwen and did not tell the Chase short sale department. With that said they would not come down at all on their price.

EVERYTHING needs updating before you can ask to get a new appraisal.  New financial statement & bank statements from the Sellers' side.  Luckily you can get that readily since your working with the Listing Agent!  Once there's a new package, submit it, give it three days.  If there's no response, find out which head office this file is with.  Ask to speak to a supervisor and tell him you have EVERYTHING CURRENT and need a new appraisal and get this done or the Buyer will walk.

It's worked for me.  It was done in days.


We are the buyers. Basically after the price change was put in Chase just flat out denied it and closed our offer. The realtor then had the negotiator resubmit our offer. We have a full appraisal with comps the bank has a BPO. Why are they making it so difficult??

What do they really think they are going to get out of this?





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