What type of loan is it? Do they have a sale date yet? Try asking chase what they planned on doing without a short sale. They will say foreclosure, reply…so your willing to MAYBE get less anyways…Vs. Taking less NOW for sure? They will be rude…just wait for a reply…Chase is rude and tough to work with everytime I short sale with them.
Did you send in comps, repair photos, etc to justify your offer? Did you ask them to order an interior BPO? Ask them when they got those figures to judge your offer on. Most of the time they will order a BPO and you will win this arguement.
Everything also depends on what type of loan they have. Will explain in more detail if that doesn’t work for you.
I guess they ordered a drive-by BPO to get the $127K. The house, unfortunately, is not in disrepair. However, after going over some numbers and what it would cost them to foreclose, I am very close by offering $105. I don’t know if they will be stubborn and just want to foreclose anyway.
The loan is conventional and not FHA so the bank does not have that insurance. There is very little equity in the house. It will sit on the market for a while because of the work it needs. I don’t think a retail buyer will pay their price and do the work. There are too many new homes on the market that offer better incentives.
I will ask them these questions and see what their response will be.
Well I finally go ahold of the LM officer at Chase. I submitted a 2nd offer at $104K along with the detailed breakdown of what it would cost them by foreclosing. My offer was very close to that number. He however, would not budge off of his request for $130 and above.
I then asked how it that a short sale if that is around what the people owe. I also, explained that they would be getting less if they foreclosed and took it to auction. He didn’t seem to care. He said he wouldn’t even submit the offer to his approval dept.
That’s some trash. Seems like he would at least submit/negotiate. I wonder if there is someone you can complain to about the officer being obstinate & unwilling to submit. Does anyone know what the protocol is with Chase LM depts?
Call customer service and ask them to give you the LM reps supervisor…tell them the LM has been very nice to deal with and you would like to personally recomend the guy to their sup’. Then as soon as you get their phone and fax, just fax over all you suff to them and see what happens. My understanding is that these guys are stumped with so much to do and they’ll do anything to not have to deal with you as they have to call like 100+ defaulters who will not answer their calls and thus these guys are so frustrated…you would be to if you had to do it and someone is here spending 15+ minutes on thephone trying to get you to hand over a SS package to your sup only to have them dump more workload on you…cut the corners and try to get to the decision maker the best way you can…these are the ones who have nothing to do but say yes or no to your package. I hope this helps.
DJP, I don’t want to hi-jack this thread so hopefully this will help the original poster as well as others. Here is a quick run down - some may not apply and I may have left some off the list as well but hopefully you get the idea:
obviously, estimate your legal fees to take this through foreclosure sale
add in holding costs: one way to calculate this is the interest that the lender is not receiving while they hold the property from now until the foreclosure date, and then from day 1 after foreclosure until an estimated time to close; to estimate this last piece, talk to a realtor and get an average DOM (days on market) for a similar property. So, let’s say DOM is 90 days. Then you add 30 days to that - this is the time that a typical buyer needs to get financing. So, you have 120 days holding after the sale. Figure what the interest-only payments would be on the outstanding principal, and using the interest rate on the note that the HO had. Also, don’t forget to add in a few weeks (or whatever is customary in your area) for title work after the sale
winterizing costs (if that is done in your area)
costs to secure the property (change locks, board up broken windows as necessary, etc.)
general maintenance like lawncare, snow removal, etc
clean-out (if HO left unwanted crap, furniture, etc., the lender will need to hire a clean out crew, and pay for a dumpster)
realtors commission when they sell
possible seller concessions to the buyer
closing costs (title, pro-rated tax, title insurance, etc)
pro-rated HOA/condo fees
utilities (minimal but still a valid expense to include)
Did you ever get the short sale issue resolved? I’m going through a foreclosure on my property in FL. Chase won’t discuss anything with me. My house has been destroyed from vandals. I’ve sent the case numbers from the Sheriff’s office to Chase. Chase still won’t give me other options. I left the house in July, 2008. I tried and tried until March, 2009. In January, 2009, they started foreclosure. The house is still in foreclosure. No sale date has been set. I’d just like to know what other people are doing with Chase.
Nothing new here, Chase just does not care. They were the only bank that did not want to Gov bailout although forced to take it they paid it back ASAP. Again, the golden rule, he who has the gold makes the rules. Chase is proably the only one with that advantage.
I had a transaction with Chase and it took exactly 3 months from start to finish. The negotiator was very nice in his demeanor. HO owed $350K bank accepted $248K They conducted a drive by BPO. I beleive most of the decision making has to do with the negotiator themselves in terms of what they accept and not accept, conforming to the banks guidelines of course. Another strategy to attempt if no foreclosure date is looming is to stall so that the current BPO can expire and then they are forced to conduct another one with stipulations that it is an interior. I have tried this successfully in the past. My thoughts.
First you must find out why the deal was cancelled. Use that information and leverage your position in the game. Re-package the offer with the added information and send it back to them. Time is off the essence. Don’t wait send it right back at them unless it is not worth your while.
I have had endless problems with Chase (WAMU) with my home. I have lost two contracts in the last four months due to Chase refusing to provide payoff information to the title company so that we could close. I have plenty of equity and would pay them off in full. I have both voice recordings and emails stating that they cannot provide this information to me. No reasons given.
I have filed suit against Chase (WAMU) due to their refusal to do so, among other things that they have done over the last two and a half years.
My home appraised for $565K, I owe them less than $200K, and they continue to block me from selling or refinancing since September of 2007.