Short Sale Dealing with Chase Bank

[Austin Freeman]

Hello BP, We are trying to work with Chase Bank on a short sale. The existing mortgage is around $80,000 and we offered $25,000. We sent a preliminary letter of disclosure for potential short sale and are waiting to hear back. The issue is that the current owner (not occupying) is still making mortgage payments, so the bank thinks everything is alright. What they don't know is that the house has been deemed unsafe by the city and we've talked to the building commissioner to hault tearing down the property. Our understanding is that the bank will have to send out a broker to appraise the house in order to move forward. Is there any way that we can assist the process and for lack of a better word, "convince" Chase Bank that they should accept our offer or at least negotiate with us? Note: The owner wants to sell asap to get the property off his back and has verbally agreed to our offer. I know that doesn't mean much other than the fact he is motivated and the decision is up to the bank now. Thank you! -Austin

[Minna Reid]

Chase is not the owner of the property. Sending them letters or trying to negotiate with them directly is a waste of your time. The fact the property is worth less than what is owed or even that it is about to be torn down is not in itself a qualifying financial seller hardship. Because there is an entire short sale process involved that no one involved currently seems to understand, it would be best to bring this to a good short sale realtor, or attorney or negotiator to get it moving in the right direction.