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.
Friday – Day 9 – I called Chase for a less than 2 min call with a Steve. Since I was not an authorized caller, he told me he could not talk to me. Short but not helpful!
Monday - Day 12 – I received a call from Chase’s Justin ask me if we were doing a short sale on the property. Duh! He wanted to know if we had a buyer already. Duh. Then he proceeded to tell me all the paperwork that I would need to send in – the paperwork that I had sent in almost 2 weeks ago. He gave me the special short sale fax line – 866-220-4130. The one that I had already sent all the forms into 13 days ago.
Justin said that when I got all the forms into him he could order the BPO. This is different from what Elizabeth in New York had told me on Day 2. Elizabeth had said that they would order the BPO and it would take 7-10 days. We are on day 13 and Justin says they have not ordered it yet.
Prices in Lodi are still falling. The longer it takes to complete this short sale, the lower the value of the home. Banks like Chase (WaMu) started this real estate mess and they seem to be doing all they can to continue it.
Hopefully we will have some good news – and some quicker response soon. Don’t hold your breath.
Day 7 since Chase received the complete Short Sale package. I talked to Kelly in New York at 800-848-9380. I wanted to confirm what Elizabeth in New York had told me about the BPO that was to be ordered and returned within 7 to 10 days.
Kelly could not talk to me as the “legal department” of Chase had not cleared me to talk with the bank. My clients had signed the Chase short sale form “Authorization to Provide and Release Information”. Kelly confirmed that I was indeed listed on the form but the time frame for the “legal department” to review the form and give their blessing for me to talk to the bank is 7 to 14 days.
We have a fantastic offer for the bank – over the appraised value. Every day the bank delays the value of the house drops in the San Joaquin valley and the buyer becomes more frustrated at waiting for the bank to get off their duff and approve their great offer. Could the legal department of Chase hire a few more people to review that the form was filled out correctly and signed by the borrowers???
JP Morgan Chase’s profits for the first quarter of 2010 rose 57%. How about hiring people to handle the short sales with that profit. $3.3 Billion would hire many people! The bank loses money every day they do not close a short sale. AS usual – this does not make sense to me. Does it make sense to you??
These Blog entries are about a good cash offer on a property that I represent the seller. I am dealing with Chase – which was given WaMu loans by you and me – our government – at a very low price on the dollar. A long time bank employee told me that he thought Chase “purchased” WaMu loans for 30 cents on the dollar. 30% – a 70% discount. I have not found any documentation on the price Chase paid for WaMu – so if any of our readers know where that is in print – send it to us! Thank You.
Friday I called the number on the Short Sale package for Assistance – 800-848-9380. I talked with Elizabeth in New York. Elizabeth looked up the Chase loan by the number I gave her and told me that Chase had received both my FAXes – Thursday and Friday morning. I have heard horror stories from other Realtors on Short Sales where the bank claims to never have received the Short Sale package.
I ask Elizabeth if Chase was recording our phone and she said “yes”. I ask if it would be OK if I recorded the call also? She said “It is against company policy for anyone else to record the call”!
I ask Elizabeth the time frames for approval from Chase on a Short Sale. Elizabeth said that the Chase would order a BPO – a Broker Opinion of Value – within the next 7 to 10 days. Then someone in Chase would review the BPO and produce a Reconciled Market Value report with the next three to four weeks.
So now we are out 4 to 6 weeks. Next Elizabeth said that the bank would assign a Negotiator to the file. That person would contact me three to four weeks after they were assigned the file. Now we are talking 7 to 10 weeks before we might receive an answer from Chase.
Cash buyer. More than the value. Wait 7 to 10 weeks?
What are your stories about Chase Short Sales? Do you think Elizabeth is giving me the straight story on the time frames? Let us hear from you in the comment section at the top of this post.
Hi! This is Steve Davis – the Broker at Realty World – Davis Homes & Properties. Many people hear about how long a short sale is. I have just started on May 6 – Thursday – a short sale with Chase.
On this blog I will be updating you daily as to the response I receive from Chase. We will see if they really want to serve the citizens of the United States – which Chase as taken billions of dollars from – or is the bank so understaffed and unwilling to work with the public that it is a total mess.
So – here is my first installment! On Thursday May 6 I received the accepted offer back from my seller. The seller also gave me the completed Short Sale package from Chase. I did my part as the listing agent – provided three For Sale homes that we similar to the one we are selling. I also provided three Sold homes that are comparable.
I wrote a two page cover letter pointing out to Chase that the offer that another good agent in Lodi brought to me was more than the house was worth. That Chase would be fools not to accept this offer ASAP. But from all we hear Chase is fools anyway. I am giving them a chance to publicly show that they are serious about the housing crisis and willing to move quickly.
I FAXed the completed Short Sale package to the bank at 800-446-8939. The package was 60 pages long. I will update this post tomorrow with the results of submitting the complete Short Sale package to them.
Please comment about the pro’s and con’s of dealing with Chase on a Short Sale. Any tips you have for me will be appreciated. Thank You.
