I can hear the high-five slaps now. That's how I felt when I heard Chase Bank was going to Equator, but I had nobody to high-five but my cat. So, I tossed back a shot glass of diet coke, let out a whoop and slapped my desk. As a Sacramento short sale agent who has closed way too many of her fair share of Chase Bank short sales, I can hardly wait for Equator.
Yeah, I know everybody bitches about Chase Bank and short sales. They say Chase Bank takes too long, it loses paperwork, nobody returns calls, and it's a lousy short sale system. I don't disagree with that assessment. Chase is somewhat overwhelmed and understaffed, just like every other short sale bank. I tell buyer's agents it will be a 90-day to 120-day wait for short sale approval if Chase Bank is involved, and I'm usually right on the money. They take forever but a Chase Bank short sale, even a double Chase Bank short sale, will eventually close.
Like I wrote a while back about the worst thing to expect in a Chase Bank short sale, it's the system at fault and not the negotiator. I can't say that Chase Bank short sale negotiators are perky. It's the opposite. Most of them sound like they're dropping percodan. I imagine they are sitting in a small room, maybe 3-feet by 3-feet with a desk and a bare light bulb hanging overhead. This is where they also nap. Are they sleeping or awake when I talk to them? I do not know. Hard to tell.
I have a Sacramento short sale with Chase that was recently approved at an outrageous price. It was approved at this price because I asked the buyer to submit an offer at the preapproved price. It was the only way to get approval. The preapproved price is wrong. The BPO agent royally messed up the BPO. Probably doesn't know the neighborhood or maybe it was some newly licensed agent. But the BPO was off by $20,000.
After short sale approval, we submitted the buyer's appraisal. The appraisal was prepared by a professional and licensed appraiser independently hired by the buyer's bank. The appraisal, as expected, came in $20,000 lower than the approved price. We submitted it and asked for a revised approval letter. The negotiator said the investor rejected the appraisal. What? The appraisal has a case number assigned to it. It means any other FHA buyer for the next 6 months will get this appraisal. To reject the appraisal is to send the file to foreclosure.
Was this a ploy, I asked? Did the investor secretly desire foreclosure? Sometimes banks are paid more by the government to do a foreclosure. Or is the investor accusing of us shenanigans? Is the investor saying we manipulated or fixed the appraisal? Because that assumption would be insulting, grounds for a potential lawsuit, against the Code of Ethics and totally untrue. It's one or the other. So, if it's not because Chase Bank wants to go to foreclosure, then they better order a new BPO pronto and get this closed. I'll stake my reputation on it, I told him. Thankfully, the new BPO is being ordered next week.
Equator will solve the delays for Chase. But it's not gonna get rid of the inept BPO agents. That will continue to plague.
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