J. P. Morgan Chase is quickly becoming the bank of the incompetents.  Not only can they lose 2 billion dollars in investor funds, but they can also turn a $200,000 short sale into a $120,000 REO.  I'm beginning to think the interview process for a Chase job should include an IQ test.

Just when I thought the short sale department of Chase was probably the most inept Idiots in bankingbanking sector in the industry, the REO department has jumped ahead.  I've listed and sold a number of Chase short sales and REOs, and one thing has been consistent.  They are all a nightmare.

The most recent, and my last, should have closed today.  As a matter of fact, this particular REO is a cash sale which could have closed more than a month ago, but Chase needed a minimum of 30 days to get it through closing.  After a brief snort and a few minutes of frustration laden blathering I accepted the inevitable. Chase time is not normal time.

Now, this contract was submitted to Chase May 1, 2012.  It took 22 days to get it through ratification.  Why?  A number of unbelievable reasons, but the last one was because the buyers initialed some of the early pages by handwriting, but the later addenda was initialed through electronic signatures.  They have to be the same.  Of course they initialed the last set by electronic signatures because they were traveling on vacation. 

A closing date was finally set by Chase, and we waited.  A little over a week before closing, a barrage of near panicked emails bombarded my email (as well as the attorneys and closing companies) asking for an immediate closing.  Everyone scrambled to get it done and then nothing.  Finally, an email arrives telling it has been moved up 1 day.  Whew!  Glad we could all drop SELLING AND CLOSING HOUSES what we were doing to accommodate the one day change in closing. 

The buyer's agent and I passed a few "We can't believe this thing is really going to close" Idiots in bankingemails back and forth, and we waited.  Today, I receive an email stating that Chase wouldn't accept the HUD because it was dated June 21.  That's odd, today is June 21, and it's closing day.  Shouldn't the HUD at least have the closing day on it?  Call me crazy.

No, it has to have June 22 on it.  Oh, I see.  A dozen people can race around for a day to get the closing moved up one day only to have the MORONS (and I'm being generous) at Chase decide we can't close one day early because the date on the HUD is the day of closing.  I'm sure in Chase Parallel Universe, that makes sense. 

Now, they want a closing extension for another week.  I'm not sure it will really close in another week.  Actually, I think the buyer's agent and I are being punked.  I keep waiting for a camera crew to jump out and say, "Gotcha!" 

1. Buying your first home in Winchester VA

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4. Winchester, VA - The best bedroom community for the Washington, D.C. area

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7. This simple electrical test could save your life.

8. Turn setbacks into springboards

9. Reduce your mortgage by pre-paying principle and eliminating interest

10. What can I do to sell my home more quickly?

********************************************************************************

Mike Cooper, Real Estate Broker, Winchester, VAGive me a call for all your real estate needs, and let's make something amazing happen. 

Mike Cooper @ Cornerstone Business Group, Inc., 888-722-6029

 

Real Estate Sales and Property Management         

 

(Disclaimer:  All grammatical mistakes, punctuation breakdowns and misspellings are purely for your amusement and entertainment.   Feel free to cackle.)                                                                                                

 
Star Posted by Mike Cooper on 06/21/2012 05:25 PM   Comments (58)   Realtor Life in the ActiveRain Channel   j p morgan chase is quickly becoming the bank of the incompetents  
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58 Comments on J. P. Morgan Chase is quickly becoming the bank of the incompetents

20 Most Recent Comments Displayed Show All

JUN
22
938,723 Points 52 Featured Posts Called Shot Master

Mike - When the news came out about the latest shenanigans at JP Morgan Chase, I immediately began to wonder how many other banks have similar issues.  If we only knew!  As long as we live in a country, where moral hazard has been sent packing with reckless abandon, and replaced with bailouts instead, there is no incentive for change.
3:54pm • #39
466,570 Points 50 Featured Posts Called Shot Master

Mike, Chase is probably the worst right now when it comes to short sales. I give Bank of America a higher rating because at least if you follow their directions exactly (put everything on their forms) you will make progress. I'm not suprised that Chase may be punking ya. Either that or the minimum IQ requirement for their bank employees is 5. 

My last Chase short sale the negotiator didn't know what an Equity Trust was. Can't blame her, though, not many brokers/agents know either. I ended up having to send a printed out version of the buyer's very pissed off email response. heh, what we have to do to get these to closing. We did close after four months of negotiating and redoing paperwork, plus another month in escrow.

Best of luck,
4:31pm • #40
555,738 Points 148 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Sad, but true, Myrl.

Oh my, Pamela.  It seems to never change with these folks.  
4:52pm • #41
206,816 Points 14 Featured Posts Outside Blog Called Shot Master

Mike, I have a SS with Chase that's been pending for 395 days!! They keep sending the same documents to be signed because they're just outdated!!

I must be crazy cause just entered another SS with Chase!!
8:48pm • #42
555,738 Points 148 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Beth, I feel your pain.  I'll have to admit, I'm not sure I would have lasted 395.  Just about the time I've had enough with them, I take one more.  Sadistic, don't you think?  8=)
8:52pm • #43
JUN
23
556,752 Points 31 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi Mike,

You left out one detail.

Chase offers a 2.5% commission to the selling agent - effictively telling everyone - DO NOT sell a Chase owned product.

Then they give the listing agent a 1.6% commission - to make sure that it costs you more than you get in income.

And everyone seems to be mad all the time.

Phil
2:52am • #44
1,394,261 Points 28 Featured Posts Hit Router Called Shot Master

The sad thing is that these are the folks we trust our money to.  (Well maybe sand and scary both)
4:14am • #45
707,260 Points 56 Featured Posts Outside Blog Called Shot Master

Mike it is sad to think that there has not been any improvement in the last 5 years. It is a shame they do not learn or care to learn how to improve.
5:03am • #46
555,738 Points 148 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

You are so right, Phil.   They are my least favorite to deal with.

We should have a change banks day, Gabe.

I think you nailed it, Scott.  They simply don't care.  
6:12am • #47
300,008 Points 7 Featured Posts Outside Blog Attended Rain Camp

Hi Mike, I love your satire, very funny. Unfortunately the story is not funny, but all too typical. Have a great weekend!
9:06am • #48
555,738 Points 148 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Isn't that crazy, Sandy.  It happens with every deal with these folks.  
9:19am • #49
569,544 Points 1 Featured Post Localism Sponsor Outside Blog

Hi Mike,  All of the expensive marketing to create a national brand and then these knuckleheads show us their true colors !
11:29am • #50
555,738 Points 148 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

They do make the folks at the top look bad, Bill.  
11:54am • #51
1,126,725 Points 90 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Sad. And they wonder why some agents refuse to list or sell short sales?
12:33pm • #52
6 Featured Posts Outside Blog
No surprises here. I have bought many bank owned houses and each is truly its own adventure. Rarely does one go peaceably quietly but such is the price for a deal I guess. Hope your deal closes soon!
2:10pm • #53
555,738 Points 148 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

No wonder at all, Erica.  I'm about to join their ranks.  

Should close this week, Frank.  We'll see.

 
2:31pm • #54
424,160 Points 16 Featured Posts Called Shot Master

Its unfortunate Mike, as long as the government and taxpayers keep bailing these people out they will keep wasting our money on incompetence. Next time instead of a bailout, maybe we should just make the bank employees personally responsible for the loses.
5:44pm • #55
555,738 Points 148 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

I like the way you think, Bob.  
6:42pm • #56
JUN
24
999,347 Points 4 Featured Posts

Wow I am so glad that six I closed this year with JP went off without a hitch. But short sales are tough deals I am an advocate that banks should  put someone, a VP over the branches and close the deal on the spot. It is tough when one doesn't close but goes to foreclosure for half the price. I was taught a system 14 years ago for pre foreclosures that has paid well for me.
11:03am • #57
555,738 Points 148 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Good job, Charles.  
1:52pm • #58

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