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Anyone having experience with dealing with Chase and a short sale property? Owner has accepted our offer (2x, 2 different offers) and Chase has asked for proof of funds. House has been on market for 600+ days, and I believe it's been empty for at least half that time. We offered 75% of listing price, were told they wouldn't accept it, they wanted $9K off listing price. Our walk away price is 87% of listing price (it needs a good bit of TLC)~Our realtor is dealing with the listing agent, who is in the same office, so I know she's on top of this as much as she can be. She's frustrated with Chase as well, but knows how much we want this home, and knows that what we are offering is well in line with homes in the area, in that neighborhood and for that house with all of it's deficiencies.
Here's the frustration~CASH offer, no contingencies except inspection at our expense, quick closing. We don't have to move, we just want this house now so we can start working on it with a planned move for about a year from now.
This area of the country is overloaded with foreclosures, short sales and real estate going reasonable prices. Many of the homes purchased are now selling for 1/2 to 1/3 of their purchase price. It's truly a buyer's market and we are in a position to take advantage of this market in this area.
Chase has done it's valuation of the property, and your offer is not within guidelines. You need to show Chase why your offer is fair market value - with a repair list estimate and even an as is appraisal.
Chase has done it's valuation of the property, and your offer is not within guidelines. You need to show Chase why your offer is fair market value - with a repair list estimate and even an as is appraisal.
Thanks, I'll see if the realtor and listing agent will work with me on this suggestion.
Have not heard much about Chase and their procedures with Short Sales. Older posts say they are efficient any others working with them now?
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