Does anyone have experience with Chase bank as to how long it takes them to approve and provide closing?
instructions once they have accepted a short sale offer and receive the final HUD-1? It has already been a 3-month process with them (2 months to give verbal approval, and another month to put that in writing). The written approval says they need to receive the final HUD-1 72 hours prior to the scheduled closing date, but I am wondering if they will actually send the closing instructions back in time to close on the scheduled date. I am concerned because our loan commitment will expire if they don't....
You are at the banks mercy. A lot depends on the documentation already provided to the bank by the seller with respects to the short sale. If the bank has everything in place from the seller then I have had responses from Chase in a matter of weeks. They do have to review, appraise and then take to committee. Good luck, this can be a long process.
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