Wednesday, May 19, 2010
Chase Short Sale Lodi Day 14
I am sure it will be a surprise to Justin from Monday’s call from Chase – but the Broker Opinion of Value has been finished as of this morning! I want to thank Jan from Collins Realty in Stockton for doing the BPO.
Again – we are looking at one hand not knowing what the other hand is doing. We are making progress and I am hopeful that we will get a decision from Chase this month to accept the great offer that we have on the property.
Stay tuned – and I will update you more tomorrow.
Reading this with interest and want to add another step to the process so that you can anticipate when this sale might finally go into escrow. With a Chase mortgage, after your package sits on the desk of a negotiator, it will likely be sent to the loan investor. The investor then renders an opinion (accepts, rejects, sends back for more info) on the sale package. Timeline for the investor decision is “within three weeks” after the investor receives it from the negotiator.
Did this Chase short sale ever close? Any news following your BPO? Very interested reader in the same situation.
Thank you for your question, and no this deal has not closed yet. After a month we finally have a negotiator on board to work with directly. We’ll see how things start progressing from this point forward. Stay tuned…
Hi Randy,
I was wondering if the house is occupied at this time. What a nail-biter it must be for them, as well.
I know of a family that has been in a home for almost 2 years after making no payments. It seems that the banks are so overloaded with these cases that they can’t keep up. Their reasoning to allow the occupants to remain might be because it’s better than for the house to be empty and subject to the problems associated with that.
Your thoughts on extended occupancy during foreclosure/short sale?
Steve
Hello Steve,
You’re right, it seems the banks while they’re backlogged would rather allow the non-paying homeowner to stay in their home and taking care of it rather than leaving it vacant and a target for vandalism, theft, etc.
My thoughts on this are that if their non-payment is due to a job loss, or severe medical crisis, etc, then if they’re able to stay in their home a few months while trying, to recover from their misfortune before they move on to whatever direction they end up going once the mortgage gavel falls, then no harm no foul.
However, if they’re not making their payment due to greed, or a self-righteous sense of ‘entitlement’ or revenge on the system, then by all means they should be given the boot right away.