Help navigating Chase SS

We just put an offer on a property in CA that has Chase as the only lender. I am looking for some guidance as I have read lots but haven't seen much recent feedback on Chase.

 

The Details:

  • The amount we offered was previously approved by Chase but the old buyer backed out.
  • The offer was proffered two weeks ago.
  • There is only on offer on the table.
  • We are putting 35% down of the 1,050,000 offer.

 

Questions:

  • Any idea if Chase will start the approval process all over again or is this a crap shoot?
  • Does anyone have any recent information on time to accept (the Chase website says 30 days, is this accurate? Reviews of timing have ranged but there is little recent data.)
  • Once the offer is accepted what are we looking at for time frame if the seller is cooperative?
  • Any other information I should be aware of?

 

Any insight would be greatly appreciated.

 

Views: 41

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Permalink Reply by Bryant Tutas on March 22, 2011 at 2:05am

Hi Rebecca. Chase will normally start over again if there is a new buyer. Although the process should be quicker since they have most of the documents already. It will probably not happen in 30 days. Most of my Chase deals have taken 90 days or more. I did  ave one approved in 5 days though. So you just never know.

 

Once you received the approval Chase will normally give 30 days to close. So you certainly want to have your ducks in a row.

 

The most important thing for a buyer of a short sale to have is ......patience. I truly hope it all works out for you.

Permalink Reply by Rebecca Williams on March 22, 2011 at 3:03pm

Hi Bryant. Thank you so much for the reply. That is very helpful. It is hard to be patient.  In the meantime we are getting an education by continuing to look around.

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