New REO Case Study

[Jake Kucheck]

I want to use this as a case study. I've all but given up hope of finding an actual Chase REO employee living in the nether regions of Narnia but I would like to still maintain a productive process.

Here's the deal:

1) Property went back to the beneficiary today. Opening bid amount: $3,000,000.00. No bidders (obviously).

2) From what I have been able to gather, the 1st TD is a WaMu 2008 vintage portfolio asset, which logic would dictate would now be a Chase asset (although I've learned it's best not to use logic in such matters).

3) For the record, my client's offer of $3 Million as a short sale was rejected by the lender (despite this being the listing price, not that listing prices are relevant in any way but frustrating nonetheless because it had previously been approved by said lender at this price).

So- it will be interesting to see what happens. I'm mainly concerned with:

A) How long from "Back to Bene" until it is listed.
B) If it ever gets listed.
C) If there is anything that anyone can do to intervene in the process, buy at a discount, and sell to my end user buyer at profit.

Basically, I want to hand this deal on a silver platter to whomever can navigate the nether regions of asset managers and get this thing liquidated. Will Barnard, I'm looking at you.