Next Step
Got word from our negotiator that our file was sent to the investor for approval. What kind of time frame are we looking at? The closing date the negotiator set up is November 26th. Is this feasible? Does the investor come back with the stipulations of the short or is that the job of the negotiator? The negotiator also said that she would be in touch (I suppose when the file comes back to her) Will we hear from Chase via letter or verbal first? Thanks for any info. Learning alot on this forum.
Replies to This Discussion
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Permalink Reply by Jeff Payne on
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Depending on who the investor is will dictate the time it will take. Who is the investor?
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Permalink Reply by Steve Early on
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The time frame does vary by investor and their workload as Jeff says. The investor will come back with the stipulations. So if the investor wants a cash contribution or a promissory note, it will be in the Demand Notice you receive from the lender/servicer. The investor will also establish the closing date, and will probably stick with the date you were given by the lender, but that's not a given.
Chase might give you a call to tell you they got an approval if that is granted, but I think most of the time we get notified by letter sent via fax or email. I wouldn't ever trust a verbal. Wait until you see the Demand Notice.
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Permalink Reply by jason nyce on
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freddie mac is investor.
Jeff Payne said:Depending on who the investor is will dictate the time it will take. Who is the investor?
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