Chase Approves Driftwood Estates Short Sale – Loses a Bundle

Three months can make a big difference in a market place. 

Three Months Ago… Chase approved the short sale for this Driftwood Estates home in Santa Rosa Beach Florida.  The sale price at the time was $230,000.  But oops- the buyer’s lender only appraised the home for $220,000.  The buyer could not get a loan for $230,000. Despite providing Chase with the buyer’s appraisal, they refused to lower their approval amount to $220,000. They were stuck on the value and would not look at the big picture. The buyer walked.

Fast forward three months later.  The Driftwood Estates home was gradually reduced in price to $189,900, as the market dropped considerably in Santa Rosa Beach Florida.  There was an oil spill.  There was an oversupply of homes. But we found a new buyer, who offered in the $180’s…  Over $30,000 less than the last offer. Chase ordered a new Broker Price Opinion.  Guess what?  Even the short sale negotiator was suprised.  The new value, just three months later, was significantly lower – in the $180’s.  The short sale was approved.

Unfortunately, three months were wasted and $30,000 was lost.  Maybe Chase and its investors will  review their procedures and look at the big picture in the future.  Maybe not.

 If you need to sell your Driftwood Estates home to avoid foreclosure, be sure to contact an experienced Santa Rosa Beach Florida short sale agent .