Home Buying in Estero>Question Details

Jr, Home Buyer in Minneapolis, MN

Approximately how long are investor approvals for Chase taking? We were told up to two weeks, but still haven't heard anything...

Asked by Jr, Minneapolis, MN Thu Jul 12, 2012

We put our offer in on April 27th and the seller's approved on 4/28/12. We were told it shouldn't take long because it was one mortgage and our offer was "good" for the comps in the area. We had the inspection completed on May 4th. The file was acknowledged by Chase on 5/25/12 and a BPO was ordered on 6/5/12. The negotiator said the offer was "good" and sent the file to the investor for final approval on 6/28/12. Today is the day we should hear something, but we are getting nervous because we really need to close by 9/1 because of kids and enrolling them in school, daycares, etc. Any advice as to if there is a strong potential for us to make the closing date we need?

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Answers

3
The easy answer to your question is that every short sale has a different interval.

Some get done like clockwork, others take a long time and some never get completed. One of our buyer short sales that was submitted 13 months ago just got approved this week for a Fort Myers town home. We had a short sale last week that closed in under a month....you just never know!

Good luck, I hope it works out for you!
0 votes Thank Flag Link Thu Jul 12, 2012
You should never put in escrow or spend money on a short sale until you get an approval letter in hand. Very bad advice to do anything other than that,.....why put your money at risk?

Short sales are not definitive......they can blow up at anytime.


jessemcgreevy@gmail.com
239-898-5329
http://www.Domain-RealtyGroup.com
0 votes Thank Flag Link Thu Jul 12, 2012
Any one knows a bank make the rules on how they accept anoffer or if they won't.
Flag Fri Jul 13, 2012
They didn't ask for your opinonJesse.Keep them to yourself.
Flag Fri Jul 13, 2012
I agree with you, but we had no choice. It was either have the inspection or the offer wouldn't be sent to the bank. It was $250 for the inspection that was either going to be spent in the front of the deal or the back. If $250 would have made us or broke us, we definitely shouldn't be looking at houses.
Flag Thu Jul 12, 2012
Hello, In my Experience, Chase take quite a while to respond to anything! The Investor must look at the offfer and may be looking at 100 offers on other properties (Assets) they own. I think you should have an answer in time for a 9/1 closing...however Chase really doesn't care about your timeframe unfortunately!
0 votes Thank Flag Link Thu Jul 12, 2012
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