You have an 80 page document at 60MB? Did you scan this yourself, what are your settings. I have mine set at 400dpi, black and white and output as PDF and don’t come even close to 60MB on triple that page count. Or the other question would be how old is the scanner? Are you using an auto document feeder (ADF) tray to feed and scan the package at once?

I suggest (if needed) adjusting your scanner resolution settings AND the use of PDF software like NitroPDF Pro to ‘optimize’ your PDF to a smaller size. If you do this make certain to review the optimized version to make certain it is still legible. But honestly I seldom ever hit this ceiling. When I do I go old school and hard fax it at S.Fine mode.

PDF ISSUES:
A PDF issue most do not know about. If you create a PDF then make changes to it and just ‘save’ it as itself, not a new file name, that will increase the file size. The PDF document is storing data in it about the changes and the past versions. If this might be your issue try opening the PDF then choosing ‘Save As’ and name is something else.

WORD to PDF also messes things up for file size. As an example I had a document I created in Word and added a Vertical Page number in the footer of the WORD document. When I printed this to PDF that stupid page number up my file size by 80MB!! No joke, I removed it and walah – 65KB (that’s a K not an M )

I hope some of this helps or sparks a thought that helps you solve your issue. Best of luck and feel free to let me know if you have other questions.
Steve

I saw your mention of using Metro fax but after contacting them they state that they can only handle faxes under 20MB

How are you getting around this hurdle?

You may or may not have all of the information from the seller side but let me try my best to help here. The fact that B of A is giving $24k to Chase is surprising as typically they fight hard to keep it much lower. It would make me believe that B of A believes you have a strong offer and they want to avoid the expense of the foreclosure. Basically Chase is pitting all of you up against B of A. They want to try and force B of A’s hand and it’s just not going to happen. B of A will not give Chase 15% of their loan balance ($60k). Based on the numbers if 6% is $24k to Chase’s balance than this is a $400k 2nd lien. Does that sound correct to you? So this appears to be a significant property and again supports why B of A is giving as much as they are. And also why Chase is pushing back at B of A. While it appears they are countering to the seller (or even to you) Chase is playing hardball with B of A. It’s a ‘who will blink first’ contest.

My suggestions would be directed to the seller side and potentially asking if they might consider accepting paying on a promissory note or if they have some ability to bring cash to the table. But cash at the table opens up a whole new can of worms and B of A will most likely say no. Do you know who is negotiating the short sale? Is the Realtor, a law firm or some independent negotiating firm? While not easy based on your description Chase can be bargained with. I suggest some type of counter offer and seeing if B of A will allow for it. In the end they just want more, more than what is originally offered and then some more on top of that.

And while Chase would not typically get anything if it went to foreclosure if the 2nd lien is $400k and the loan originated at the end of 2005 or newer then it is possible that Chase took out their own (lender paid) mortgage insurance. This would explain why they are being so hard. Because if it does foreclose they will just claim the insurance and the MI (mortgage insurance) company will then go after the home owner for the amount they paid out.

If the seller has filed bankruptcy and has the discharge papers it can be helpful to deliver a copy to all banks to show them that in the end they (Chase) will get nothing if they don’t take the $24k. If it goes to foreclosure they get ZERO (unless they have Mortgage Insurance).

I know it is not an answer to your problem but hopefully the above gives you a bit more footing on this and what might be going on.
Steve

Thank you for your question. It sounds as if you are interested in a property that is not a Short Sale but in fact and REO (Real Estate Owned) property. If that is the case and the foreclosure is completed already the answer to your question is best answered by a real estate professional familiar with the area the home is located in. Depending on the market activity and condition of the house the reference to the BPO is not really an issue on an REO property. I can tell you as with short sales the bank always wants 100% of what they believe the market value is.

If it were a short sale you may have heard in your research that many banks will entertain offers at a percentage of the BPO value they have finalized. The reason behind this is they calculate that even with certain shortages to a market value offer it will most often net them a better number than if they completed a foreclosure. But an immediate contradiction to all of that occurs if the banks believes the buyer market in the area is strong for the property in question. If they do cash or not they will want a very strong offer and as close to the value they have it estimated for.

So in closing the biggest factor to offer price is your local market and the condition of the home. As cash offers are typically low and often from investors do not be surprised if a bank has a policy stating investor/cash offers will not be entertained until X-days after it has been listed in the MLS.

(Sorry for the delay on my reply. I love WordPress but apparently was missing the ‘glaring’ comments icon. I’m on it now. )

On the timing for the appraisal you are absolutely right about managing the expiration. But the addendum we have them sign states they weill do one appraisal and if needed one more if the first expires. We also, based on the bank, may have them hold off for 30 days. For example if I know it’s a B-of-A and it’s NOT using Equator I would have them wait at least 30-days or until it hit’s phase-1, or maybe even for the BPO to be ordered before starting. Our goal is to have the appraisal in hand by the time the negotiator is truly reviewing the file.

Recently at a conference I spoke with Realtors where ther market is just coming into the short sales and they are having a real hard time getting the buyers to do anything to help add comfort for the seller and the length of these transactions.