Thread: Is there a solution to my problem?

My awesome family is looking to buy me a house, and we found one that is just fantastic!. Its about 60k under average street value due to the fact that its a short sale (orchestrated by the lovely chase bank). It took these lamers 2 months to respond to us, but thats not the main issue here.

1) My family already put money down, and now the bank is coming back with a higher price of 209. The owner of the home had the house listed at 180, but the bank came back and said the appraisal value was 209. Seems because its a short sale, the owner of the home isnt really in a position to negotiate, which I find irritating to say the least. Why didnt the bank just list the house themselves or tell the seller what price they would accept??

2) I don't want this guy to go into foreclosure. I want to help him, AND get the house for 200 (thats our limit). But I'm not the one with the money, and dont have much authority over the situation.

3) We thought that we might just let the house foreclose and see if the bank will accept less at that point. So far this seems like our only game plan, and there's no guarentee the bank will come down on the price. Further more whats to say another investor doesnt scoop it up?

I, nor my family/ agent didnt think this process would take as long as it has, and Chase Bank really doesn't seem to give a shit. Either that, or they're just plain lazy and full of incompetent morons. I'm afraid that I'm not going to get this house because work still needs to be done on it before I move in, and Chase seems unmotivated to make anything happen.

Any ideas/ thoughts?

Edit: We're paying cash for the majority of the cost. And a small fraction of the mortgage will be turned over to me in my name. The payment will be about 400 a month.

Originally Posted by Go Getter

Chase Bank really doesn't seem to give a shit. Either that, or they're just plain lazy and full of incompetent morons.


Any ideas/ thoughts?

I'll go out on a limb and say that about sums it up.

Originally Posted by Go Getter

I don't want this guy to go into foreclosure

Well if there's no choice and he does end up going into a foreclosure, you'd get that house a heck of a lot cheaper. But i respect you doing the right thing and trying to help him.

Update: We dumped the deal. No one could get anything done, and just seemed like everyone else just didnt give a rats ass, so we moved on and found another nice house. It's not in the same great neighborhood, but its ok. The cool thing is that the payments will be anywhere from 65 to 200 per month on the mortgage....not bad I must say.

congrats on the house! its funny how poorly banks respond when people want to give them money. Unfortunately when people have no interest in a large corporation they will let things go on and on and let the system do its thing. wasting everyones time and money. Enjoy the house and $200 mortgage payment!

Thanks. Now I just need to get a job...if I can find one.

Ah wish I saw this thread earlier, may have had some good suggestions.

I orchestrate short-sales with Chase bank several times a month and they are in fact, one of the better ones.

With all respect, it a) sounded like the listing agent didnt know what he/she was doing or B) didnt sound like your agent advised you properly.


Short-sales are time consuming transactions and the people handling them, are in fact breathing real life people as well(regardless of our thoughts on them). They have hundreds of assets on their desk and are overwhelmed, the file we are interested in is not the only one they have.

Short-sales are nearly misrepresented due to the fact that listing agents can list them at WHATEVER price they want, it does not mean the bank with accept the purchase offer.

It is the support competitive and comparable homes that make the sale. Also, there is a third-party(typically another unrelated real estate agent) that performs a BPO(broker price opinion) on the home.

Could go on forever about the process and ever changing rules, but i wish you better luck in the future.

Thanks for the input. However i think that the listing agent should have advertised it as a short sale. It wasn't until a few days later that we found out. Also we signed the contract for one price but the bank came back with a different offer. Im wondering if we can sue fir that, but it wouldn't be worth our time and energy. In hindsight it seemed like a shady deal because the nature of the sale wasn't told to us upfront.

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