Just put an offer on a Chase Short Sale, heard that the LA submitted the offer into Chase, how long will this take? Should I ask my agent to contact Chase directly?

Hi, the sellers signed the purchase contract and was submitted into Chase last month. How long will it take? Should my agent call Chase directly to follow up the process or should we just sit and wait?

 

Thanks.

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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on July 20, 2011 at 6:05am

Anna -

 

Unless your agent is the Listing Agent, Chase will not speak to them as they are not authorized.  Assuming the Sellers and Listing Agent have provided everythingto Chase, it will likely be 2 - 3 months before you have a counter-offer or a final approval.

 

Best of luck,

 

Thom Colby

Broker / Negotiator

Newport Beach CA

Permalink Reply by Sylvia Barry on July 20, 2011 at 6:23am

It takes around 30 days, depending on the status of the property,  Definitely have your agent follow up with the listing agent to make sure the listing agent is following up with the bank and that nothing is missing so things can move along smoothly (relatively, of course)

 

Permalink Reply by Jimmy Williams on July 20, 2011 at 10:46am

Anna,

There are a lot of variables that are not disclosed in your post, only the listing agent will know the variables, the process is different with different investors, I assume you have your financing in place and are ready to move forward when the approval does arrive.  It takes about 30 days plus for a negotiator to be assigned.  After file is assigned you can expect another 30-60 days plus for the details to be worked out.......Patience is the key!

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