Chase SS Help/Advice

[ralindbloom]

We are first time home buyers. We found a great house that is in short sale. The listing price was $299k(I know that doesn't matter...only what the bank will accept matters.) The home has been vacant/no mortgage paid for 3 years. The seller origionally listed it for over $500k in 2007. There has not been a single offer the entire time. Home prices here locally have dropped 50% since the top of the market. The seller(who now lives out of state) has agreed to all the following offers - On June 1st, through a RE Agent, we put in an offer for $230k. After 2 months Chase counter offered at $270k. We decided that was too much and counter offered at $250. That was at the end of July. We've been waiting to hear back and finally heard from them on Nov 2nd(2 days ago). Chase came back with a counter offer of $325k!  $55k HIGHER than their last offer. I don't think they know how negotiations are supposed to work. Home prices have dropped a little bit more through this process. Our RE Agent suggested we made a final offer of $250k. We agreed and put it in yesterday. The comps in the area are between $230k & $260k. After thinking about it, I wish we would have made the final offer back at $230k. Oh well....$250k it is.

I just feel like all hope flew away a couple days ago when I was expecting to have good news. Frustrated! Does anyone have any advice? Thank you.

[Real Estate Seller]

It is hard to say without pulling comps on the home. Where did you come up with the $230K figure?

[ralindbloom]

The $230k that I think we should have put in for the final offer, comes from the comps that we pulled. There are 6 or 7 similar homes that have sold recently. They range from $230-$260. I'd still be happy with Chase accepting $250. But that is the top dollar we are willing to pay.
I guess I am looking for any advice from someone who has faced a similar situation and lived to tell about it. Is it common for a bank to move their offer higher than it was previously? And why do they do that? I understand that the latest BPO was done by someone who clueless. Doesn't even work in the industry anymore. They have a full time job doing something else, but does BPOs occasionally also. I'm just frustrated with the process and lack of progress. I am trying to give Chase a fair price for a house that isn't making them any money currently.

[Real Estate Seller]

What is the address I will pull the comps for you. A lot of people will use Zillow to pull comps which is a joke.

[NJbird_dog]

Here's the best advice you can get, I just went through this with Chase:

They countered $325k b/c of the new idiot BPO. If he's a BPO that also lists bank-owned properties, then he'll over-value the house and hope it goes into foreclosure so that he gets to list and sell it. If not, then like you said - he's clueless.

Bottom line is, stay at your $250k range.
They'll do a new BPO every 90 days. So if it's been 90 days, just have them send a new BPO and meet with that BPO! Give him comparable comps, talk to him, influence him and get him to submit the actual price.

Good luck

[Real Estate Seller]

Also your offer could be rejected if you did not show proof of funds that you have cash ready to buy. When you have cash in hand the banks will work with you.