Chase me not, Buh Bye!

Chase me not, Buh Bye.  For two years I helped a family in financial turmoil try to comply with all the difficulties of negotiating a Short Sale with JP Morgan Chase.  I am not a Short Sale agent but that did not stop me from saying yes when asked by their family member I know, like and trust. The difficulty with these transaction, which every agent knows who does these sales. is getting the bank to deal openly, honestly and within the guidelines set out for these transactions. There is a reason Chase had to pay BILLIONS of dollars in settlements because of their underhanded, devious behavior.

I provided the bank many offers. Three of them got to the final steps and were pulled back.  In one case the first buyer overstepped their debt to income ratio in the final days.  Oops, we know that rule, but the agent on the other side forgot to remind his client. Well, bad on us, not the bank.  The agreed sale price was $110,000.  The property went back on the market at that price.  I immediately got a bunch of cash buyers because the market was changing. This was January of this year.  We had several people offering all cash and $11,000 over the asking and accepted price merely weeks before.  An BPO agent was sent out who clearly was not competent.  Not from the area, not an active agent with knowledge of the market, not with the right tools like a working camera to document the issues with the house and unwilling to take an extra minute or two to understand the issues.  He over estimated the value and the bank countered with $140,000.00.  All but one of the investors fell out.  

This Buyer accepted the counter and the bank dragged it's feet.  The Buyer stayed with it hoping the Bank would come to a realization that this was a great price for a house that had no heating system, mold throughout the place, a porch that was falling off the house and a kitchen so disgusting that nothing could be salvaged.  Throughout this process I was bounced from bank person to bank person having to repeat and report information that should have been in the files.  When the new BPO was done a couple of weeks ago I provided the agent with pictures, comps and a written description of the issues.  He assured me that he appreciated the extra work and would report a diminished value.  Well, the bank countered AGAIN and this time at $150,000.  I was told by this arrogant employee that the bank would not let a buyer profit from the purchase of one of their homes.  Huh?  This buyer was overpaying with all cash, but somehow this negotiator (?) from Chase said that they knew more about the property than I did, who was standing in the property when this call came in.  Incredulous all I could think to say was Buh, bye Chase, this will be picked up by the Buyer in Auction for less than $100,000 at the end of the month.  Chase me not, ever again.