Chase doesn’t know how to sell houses

A reader submitted this story of trying to buy a Chase short-sale.

I found my dream home in July.  It was on the market for $85,000 and I jumped at the chance to own this beautiful property. The seller accepted my offer and the only hurdle left was Chase.  Chase was apparently still appraising the house when I looked at it and after I made my offer of $80,000 they came back and told me that the house was worth $146,000 according to their BFO.  At that point, I was ready to just move on but my realtor and the realtors that had initially listed the house didn’t feel right about the increase and wanted to stick it out for just a bit longer.  I REALLY wanted this house so I said ok.  September and October went by with barely any word despite my asking for updates or even just a “Hello no thanks” but then, the day before Thanksgiving, a Chase representative contacted the initial realtors and mine and told them that they would accept my offer BUT I had to close by December 31st.  PERFECT timing seeing as I need to be out of my apartment by then.

Since my offer had been accepted I figured I’d happily turn in my 30 days to my apartment and get packing.  3 days later, Chase decides that the initial BFO was far to old to still be valid so they should do another one, just to be safe.  Well, it’s now December 21st and on December 19th, they decided that their new BFO was about the same, they wouldn’t disclose the exact amount but they said it’s “close”.  So now, I am left potentially homeless.  I can’t impose on my family to take me in, my friends mostly live too far away and I can’t really afford a hotel until I find another house or apartment.  It’s really frustrating and I can’t understand how that’s even ok or legal but I guess since it was a verbal thing I’m totally screwed. I did send a few Chase representatives a smart alecky email but at this point I’m so frustrated and panicking about where I’m going to be in 10 days that I don’t know what else to do.  I will be looking for another house but there’s no way I’m going to be closed and moved in in that period of time and I really REALLY don’t want to make a decision based on a time crunch.  I know that there’s no legal recourse for me because them telling me my offer was accepted was entirely verbal but I just want to get my story out there so no one else ends up in my situation.

So it seems that Chase does short-sales just like they do loan modifications – with out any clue of what they are doing.

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