J. P. Morgan Chase is quickly becoming the bank of the incompetents

By
Managing Real Estate Broker with Winchester Real Estate Sales, Cornerstone Business Group Inc 0225086119
http://actvra.in/CQd

J. P. Morgan Chase is quickly becoming the bank of the incompetents.  Not only can they lose 2 billion dollars in investor funds, but they can also turn a $200,000 short sale into a $120,000 REO.  I'm beginning to think the interview process for a Chase job should include an IQ test.

Just when I thought the short sale department of Chase was probably the most inept Idiots in bankingbanking sector in the industry, the REO department has jumped ahead.  I've listed and sold a number of Chase short sales and REOs, and one thing has been consistent.  They are all a nightmare.

The most recent, and my last, should have closed today.  As a matter of fact, this particular REO is a cash sale which could have closed more than a month ago, but Chase needed a minimum of 30 days to get it through closing.  After a brief snort and a few minutes of frustration laden blathering I accepted the inevitable. Chase time is not normal time.

Now, this contract was submitted to Chase May 1, 2012.  It took 22 days to get it through ratification.  Why?  A number of unbelievable reasons, but the last one was because the buyers initialed some of the early pages by handwriting, but the later addenda was initialed through electronic signatures.  They have to be the same.  Of course they initialed the last set by electronic signatures because they were traveling on vacation. 

A closing date was finally set by Chase, and we waited.  A little over a week before closing, a barrage of near panicked emails bombarded my email (as well as the attorneys and closing companies) asking for an immediate closing.  Everyone scrambled to get it done and then nothing.  Finally, an email arrives telling it has been moved up 1 day.  Whew!  Glad we could all drop SELLING AND CLOSING HOUSES what we were doing to accommodate the one day change in closing. 

The buyer's agent and I passed a few "We can't believe this thing is really going to close" Idiots in bankingemails back and forth, and we waitedToday, I receive an email stating that Chase wouldn't accept the HUD because it was dated June 21.  That's odd, today is June 21, and it's closing day.  Shouldn't the HUD at least have the closing day on it?  Call me crazy.

No, it has to have June 22 on it.  Oh, I see.  A dozen people can race around for a day to get the closing moved up one day only to have the MORONS (and I'm being generous) at Chase decide we can't close one day early because the date on the HUD is the day of closing.  I'm sure in Chase Parallel Universe, that makes sense. 

Now, they want a closing extension for another week.  I'm not sure it will really close in another week.  Actually, I think the buyer's agent and I are being punked.  I keep waiting for a camera crew to jump out and say, "Gotcha!" 

close

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Show All Comments
Rainmaker
1,144,381
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Mike - When the news came out about the latest shenanigans at JP Morgan Chase, I immediately began to wonder how many other banks have similar issues.  If we only knew!  As long as we live in a country, where moral hazard has been sent packing with reckless abandon, and replaced with bailouts instead, there is no incentive for change.

Jun 22, 2012 03:54 PM #39
Rainmaker
675,154
Pamela Seley, REALTOR®
REALTY EXECUTIVES OTF - Temecula, CA
Menifee Lakes California Real Estate

Mike, Chase is probably the worst right now when it comes to short sales. I give Bank of America a higher rating because at least if you follow their directions exactly (put everything on their forms) you will make progress. I'm not suprised that Chase may be punking ya. Either that or the minimum IQ requirement for their bank employees is 5. 

My last Chase short sale the negotiator didn't know what an Equity Trust was. Can't blame her, though, not many brokers/agents know either. I ended up having to send a printed out version of the buyer's very pissed off email response. heh, what we have to do to get these to closing. We did close after four months of negotiating and redoing paperwork, plus another month in escrow.

Best of luck,

Jun 22, 2012 04:31 PM #40
Rainmaker
788,760
Mike Cooper
Winchester Real Estate Sales, Cornerstone Business Group Inc - Winchester, VA
Your Winchester, VA Real Estate Pro

Sad, but true, Myrl.

Oh my, Pamela.  It seems to never change with these folks.  

Jun 22, 2012 04:52 PM #41
Rainmaker
467,672
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Mike, I have a SS with Chase that's been pending for 395 days!! They keep sending the same documents to be signed because they're just outdated!!

I must be crazy cause just entered another SS with Chase!!

Jun 22, 2012 08:48 PM #42
Rainmaker
788,760
Mike Cooper
Winchester Real Estate Sales, Cornerstone Business Group Inc - Winchester, VA
Your Winchester, VA Real Estate Pro

Beth, I feel your pain.  I'll have to admit, I'm not sure I would have lasted 395.  Just about the time I've had enough with them, I take one more.  Sadistic, don't you think?  8=)

Jun 22, 2012 08:52 PM #43
Rainmaker
573,702
Phil Leng
Keller Williams Eastside Market Center - Kirkland, WA
Phil Leng Team - Residential Real Estate Experts &

Hi Mike,

You left out one detail.

Chase offers a 2.5% commission to the selling agent - effictively telling everyone - DO NOT sell a Chase owned product.

Then they give the listing agent a 1.6% commission - to make sure that it costs you more than you get in income.

And everyone seems to be mad all the time.

Phil

Jun 23, 2012 02:52 AM #44
Rainmaker
1,835,987
Gabe Sanders
the BlueWater Realty team specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

The sad thing is that these are the folks we trust our money to.  (Well maybe sand and scary both)

Jun 23, 2012 04:14 AM #45
Rainmaker
1,081,938
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Mike it is sad to think that there has not been any improvement in the last 5 years. It is a shame they do not learn or care to learn how to improve.

Jun 23, 2012 05:03 AM #46
Rainmaker
788,760
Mike Cooper
Winchester Real Estate Sales, Cornerstone Business Group Inc - Winchester, VA
Your Winchester, VA Real Estate Pro

You are so right, Phil.   They are my least favorite to deal with.

We should have a change banks day, Gabe.

I think you nailed it, Scott.  They simply don't care.  

Jun 23, 2012 06:12 AM #47
Rainmaker
313,710
Sandy Acevedo
951-290-8588 - Chino Hills, CA
RE/MAX Masters, Inland Empire Homes for Sale

Hi Mike, I love your satire, very funny. Unfortunately the story is not funny, but all too typical. Have a great weekend!

Jun 23, 2012 09:06 AM #48
Rainmaker
788,760
Mike Cooper
Winchester Real Estate Sales, Cornerstone Business Group Inc - Winchester, VA
Your Winchester, VA Real Estate Pro

Isn't that crazy, Sandy.  It happens with every deal with these folks.  

Jun 23, 2012 09:19 AM #49
Rainmaker
570,044
Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos

Hi Mike,  All of the expensive marketing to create a national brand and then these knuckleheads show us their true colors !

Jun 23, 2012 11:29 AM #50
Rainmaker
788,760
Mike Cooper
Winchester Real Estate Sales, Cornerstone Business Group Inc - Winchester, VA
Your Winchester, VA Real Estate Pro

They do make the folks at the top look bad, Bill.  

Jun 23, 2012 11:54 AM #51
Ambassador
1,238,717
Erica Ramus
Erica Ramus - Ramus Realty Group - Pottsville, PA - Pottsville, PA
MRE, Schuylkill County PA Real Estate

Sad. And they wonder why some agents refuse to list or sell short sales?

Jun 23, 2012 12:33 PM #52
Rainer
126,628
Frank Iglesias
Working With Houses, LLC - Atlanta Real Estate Investments - Lawrenceville, GA
Atlanta, GA Real Estate Investor
No surprises here. I have bought many bank owned houses and each is truly its own adventure. Rarely does one go peaceably quietly but such is the price for a deal I guess. Hope your deal closes soon!
Jun 23, 2012 02:10 PM #53
Rainmaker
788,760
Mike Cooper
Winchester Real Estate Sales, Cornerstone Business Group Inc - Winchester, VA
Your Winchester, VA Real Estate Pro

No wonder at all, Erica.  I'm about to join their ranks.  

Should close this week, Frank.  We'll see.

 

Jun 23, 2012 02:31 PM #54
Ambassador
951,393
Bob Crane
Woodland Management Service - Stevens Point, WI
Forestland Experts! 715-204-9663

Its unfortunate Mike, as long as the government and taxpayers keep bailing these people out they will keep wasting our money on incompetence. Next time instead of a bailout, maybe we should just make the bank employees personally responsible for the loses.

Jun 23, 2012 05:44 PM #55
Rainmaker
788,760
Mike Cooper
Winchester Real Estate Sales, Cornerstone Business Group Inc - Winchester, VA
Your Winchester, VA Real Estate Pro

I like the way you think, Bob.  

Jun 23, 2012 06:42 PM #56
Rainmaker
1,361,686
Charles Stallions
Charles Stallions Real Estate Services - Pensacola, FL
800-309-3414 - Pensacola, Pace or Gulf Breeze, Fl.

Wow I am so glad that six I closed this year with JP went off without a hitch. But short sales are tough deals I am an advocate that banks should  put someone, a VP over the branches and close the deal on the spot. It is tough when one doesn't close but goes to foreclosure for half the price. I was taught a system 14 years ago for pre foreclosures that has paid well for me.

Jun 24, 2012 11:03 AM #57
Rainmaker
788,760
Mike Cooper
Winchester Real Estate Sales, Cornerstone Business Group Inc - Winchester, VA
Your Winchester, VA Real Estate Pro

Good job, Charles.  

Jun 24, 2012 01:52 PM #58
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Rainmaker
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Mike Cooper

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Winchester has a place for you! Call me.
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