Jordan Kowal…, Home Buyer in West Melbourne, FL

We put in an offer on a Chase short sale (one mortgage) of 125k last week. The listing $ was 149k. Its a contingent offer. ANY advice or experiences??

Asked by Jordan Kowalak, West Melbourne, FL Wed Jun 22, 2011

Just wondering if anyone has had recent success with Chase accepting the offer and not countering with an extreme price. Fair market analysis showed its worth about 145k. Thanks for any help!!! Our agent is also listing agent.

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From what we have been told...Chase as well as many other lenders have been able to shorten the turn around time on the mortgage approval process...for various types of transactions (ie short sales).

The best advice: Keep in contact with your Realtor and your contact person at Chase.
0 votes Thank Flag Link Thu Jun 23, 2011
Yes, we have not yet had a BPO ordered. We offered 85% of what the home is worth so we are hoping Chase will either accept it outright or counter something near there. Our agent is experienced in Short Sales and has his own company but they use Prestige Title Co to do their short sales and they know more people a little higher up on the totem pole I guess.
0 votes Thank Flag Link Wed Jun 22, 2011
Chase is faster these days. Many agents supplement their income doing BPO's. My only concern in the brevard area is that they have stopped doing BPO's though their primary provider Old republic. I have not received a BPO request in the last 30 days for Chase which is very odd. Chase is actually very detailed and strict and will require more information than most lenders and they do attempt to maximize value. The seller should not pretty their home up in any way. Pictures of every room are required and any perceived value is judged from those pictures.
0 votes Thank Flag Link Wed Jun 22, 2011
First, please understand that Chase could be the servicer (middleman) on the loan and not the owner/investor. So the decision to accept your offer might not be theirs. A lot has to do with the BPO and its accuracy. Lately I had Chase want $50,000 more on a Short Sale than what it was worth because of a bad, inflated BPO. If the BPO supports your offer chances are good.
0 votes Thank Flag Link Wed Jun 22, 2011
Jordan, as stated in my first answer, the listing agent's valuation will have no effect on Chase. They will order a BPO through an "Asset Management Company." The AMC will have agents in our area signed up to do BPOs. You should expect that in about 2 weeks to 2 months. Reason the difference, who knows. I have two with Chase right now. One BPO was order and done in 5 days, the other was sent a package of 67 pages on 4/18/11. The next day, I verified they recieved the package and needed nothing else....... I am still calling every day and waiting on the BPO.
0 votes Thank Flag Link Wed Jun 22, 2011
The FMA was done by our agent who is both listing ad selling agent. The seller has already accepted the offer and all paperwork was submitted to bank already. Thanks for the quick answers!
0 votes Thank Flag Link Wed Jun 22, 2011
Depends on who's "Fair Market Analysis" was..... Meaning was this done by the listing agent, the buyer's agent, yourself or Chase's hired help. If it was any of the first three it is meaningless as to acceptablity by Chase. The only evaluation that is going to matter to Chase is the one that they will order if they feel the offer is worth consideration. In the price range you are in the evaluation ordered by Chase will be what is called a BPO (Broker's Price Opinion). That will be done by a Realtor in your area. If the listing agent is well know in his area and/or has a good relationship with the agent doing the BPO, you are most likely home free. Otherwise, anything is possible...... I have found a lot of Realtors doing BPOs for a living are having no success at selling real estate, hence there is a high degree of misinformation passed back to the banks by these agents. That misinformation can go both ways. If the CMV (Current Market Value) is high, your offer is going down the tubes........ Good Luck!
0 votes Thank Flag Link Wed Jun 22, 2011
Hi Jordan,

First step is the seller has to accept your offer. Then that is sent to Chase for their approval. If the market value is $145K, that is what Chase is going to want (or as close to it as they can get). Chase is already taking a loss on the property so they want to minimize that loss. If the offer has been sent to Chase for approval, expect a counteroffer raising the price. Chase will order a Broker's Price Opinion (BPO) to be done before they accept any offer. The BPO is similar to the Comparative Market Analysis so it will probably come back at $145K to match what you already know. Also, don't expect Chase to pay any closing costs or repairs if needed.

Good luck!

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Wed Jun 22, 2011
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