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#JP Morgan Chase Bank, A Square Peg in a Round Hole?

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Real Estate Agent with Home Smart Realty West   BRE#00877192

#JP Morgan Chase Bank, A Square Peg in a Round Hole?

What you say? 

#Chase Bank, history lesson.  I am 55 years old, grew up in the Encinitas area (North San Diego Coastal) and started in real estate in 1984.  I have worked distressed properties each down cycle since than, 3.  I have performed somewhere in the neighborhood of 900 BPOs for lenders, servicers. I work in real estate full time.  I see and recognize market shifts, trends, buyer, seller thoughts about the market.  The media is generally behind the curve, price or otherwise, thus the public is generally behind the curve too perhaps 3-6 months in many cases.

#Chase Bank, I am sorry you sold a home at auction 2.5 months ago for $355,000 west of I-5 on a quarter acre. You want a BPO?  #Chase Bank, do you want what the market is yielding today in Encinitas on the open market?  #Chase Bank, why do you make me post values on the BPO that don't exist any longer?  The most affordable single family home available for sale on the market today is $799,000.  #Chase Bank, yes that is over 35% higher than your sale of $355,000 But how do you want me to list 3 like homes of similar size, age, condition, bedroom count etc within 35% of your $355,000 west of I-5 if there aren't any for sale. Besides, if an agent listed a home in the current market near $355,000, I think they would be in gross violation of the listing contract and the code of ethics. 

#Chase Bank, the square peg will not fit in the round hole! #Chase Bank, I spend to many hours trying to make the numbers fit into your damn hole.  You want the truth?  #Chase Bank, I don't think you can handle the truth!  Let me submit the real real estate picture to you for consideration!  

#JP Morgan Chase Bank, A Square Peg in a Round Hole?

Sincerely, 

Michael Blue

 

Julie A. Black
KAUAI DREAMS REALTY Kauai Real Property Specialist - Kapaa, HI
CLHMS, CRS, GRI, Realtor, Broker

Hi Michael: We have a lot in common. I also started in 1984 (but I'm only 54) and have a color for my last name. LOL. I haven't had a problem with BPOs for Chase but I have had it with 3rd party vendors, so much I now only do BPOs for REO companies. I got tired of having to defend my BPOs, that wasn't in the initial agreement. BTW an agent in my office stopped doing BPOs for IAS they are way behind in payment.

May 25, 2013 07:47 AM
Michael Blue
Home Smart Realty West - Encinitas, CA
REALTOR - 760-889-8877, Encinitas/Carlsbad
Chase BPO FOR A VENDOR, YUCK.
May 25, 2013 08:42 AM
Michael Blue
Home Smart Realty West - Encinitas, CA
REALTOR - 760-889-8877, Encinitas/Carlsbad
I got a call from n agent in the east, same thing with IAS.
May 25, 2013 08:43 AM
Sussie Sutton
David Tracy Real Estate - Houston, TX
David Tracy Real Estate for Buyers & Sellers

Well, Well Mr. Blue I guess you are singing the blues! yuk yuk! Sorry I just had to say it. I bet you hear that all the time! Probably as much as I have people singing to me Oh Suzi Q!

May 25, 2013 01:44 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Michael, I stopped doing BPO's since the market has changed, it is not just Chase...they are all off their rockers:))

May 25, 2013 01:59 PM
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

I've found that most of the BPO companies I work with are pretty good at listening to me if I just explain the situation. Like yours...there are no homes in this area for that price. Several years ago, though, it was a different story with these companies.

May 26, 2013 03:14 AM
Connie Harvey
Pilkerton Realtors - Brentwood, TN
Realtor - Nashville TN Real Estate

Wow Michael, It really sounds like they just want you to tell them what they want to hear.

May 26, 2013 07:33 AM
Michael Blue
Home Smart Realty West - Encinitas, CA
REALTOR - 760-889-8877, Encinitas/Carlsbad
Sussie- yes yuk yuk Endre- i stopped too, got a call for help from vendor, wont do these silly Chase BPOs again, the format does not wok in the current market and they sold to cheap, dont make my life hell. Debbie, there red flags pop up everywhere at the end, even after full explanations. Screw em.
May 26, 2013 07:54 AM