Ahh…The TRICK is if you live in New England, especially Massachusetts or New Hampshire you just had TWO official snow storms, BEFORE Halloween and the second one wiped out power to hundreds of thousands of New Englanders. The TREAT is after 2.5 days without power, I got power back and made ONE phone call to Chase to find out my FIVE and 1/2 month saga is coming to and end, with an APPROVAL that will get my sellers approximately $23,000.
Now, five and ½ months is not historically long in short sale time lines, but it’s long enough for me considering I submitted the same file four times, three with the same buyer and ended up with the same negotiator ALL but this last time. This is the end of one of the most frustrating deals I’ve ever encountered, mainly because the STUPIDITY of the team at Chase astounded me. Now in case you’re not up to speed on this sale, check here for my BPO quandary. Yes, even getting a BPO ordered a second time around with the EXACT VALUE of our offer, miraculously, our file ended up closing as the NET to the investor wasn’t yielding them enough.
Well, that’s when I flipped a bird. I called the investor of the note which, honestly, after my conversation with the contact for the investor, it’s not surprising to me we are in this mess in this country. The investor didn’t give a *^%$. She did however tell me she was surprised the offer wasn’t accepted and didn’t know why.
Honestly, as a real estate community I feel we need to take a stand to protect ourselves and the homeowners. Hundreds of files close in this country every day and we sit and hear day after day that the investor isn’t netting what they want..files close, foreclosures happen, but REALLY is that the truth? Why is it investor guidelines aren’t PUBLIC? Why isn’t it information we can all see? I mean wouldn’t this help HUNDREDS of THOUSANDS of homeowners in this country? I was told for four months a file didn’t net enough to the investor. I CALLED the investor who said they were SURPRISED it wasn’t accepted? That doesn’t make sense?!?!? The BEAUTY was the investor didn’t seem to care at all though. I finally emailed the president of the company, and THANKFULLY got a new negotiator and BAM, my whole sale turned around. It turned around VERY quickly I might add, but look what I had to go through in order to get to this point? Why is it one crappy negotiator couldn’t approve what a second could approve in one week? No, it doesn’t make sense..should it? Keep in mind Chase that by the time this closes, Chase could have had this property off the books 5 months ago had people actually took time to READ, LOOK and ACCESS the files. Instead, we get 20 minutes of hold time to only get a negotiators voicemail. Chase doesn’t like to give out email addresses either.
In the end, I’m happy to say it worked out for my homeowners and their Derry, NH short sale. It worked out well considering they look like their walking away with $23,000 from the sale of a property they haven’t made payments on in over two years. It’s going to work out for the new buyer who just got a rock solid deal, and eventually it will work out for Chase when the market turns, YEARS from now.
Mind you I was only given VERBAL approval today from a high up negotiator at Chase…ANYTHING CAN HAPPEN until you get it in writing.
*** Side note to those reading this – Chase and BOA at this point are offering incentives to certain homeowners to sell their property. We at Short Sale Mitigation, LLC, NORMALLY cannot obtain payouts to homeowners at closing, although on a case by case basis we have been able to do this for short sales in New Hampshire and Massachusetts ***
Maryann Little, Preforeclosure (short sale) Mitigator and Acquisitions
Massachusetts Short Sales
New Hampshire Short Sales