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Short sale approval

Posted by kate on July 29, 2012 at 4:39am in Short Sale Discussions

Hi there,

I am in  IL and we have a contract for a short sale property. The contract was entered into in July 11th. We know that the seller's bank is Chase. 

Any idea on how long it takes for the approval? Also, how is Chase with short sales (approvals vs. denials)? Thanks

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Replies

  • Wendy Rulnick July 29, 2012 at 4:57am

    Kate - It could take two to four months, on average, to get the short sale approval from Chase. The time frame depends on many factors: type of short sale, complete package from seller, work load in the system, time for valuation, response time from investor, junior lien negotiations. Approval or denial depends much on completeness of package and investor guidelines for the sale being met.  Good luck with your wait - hopefully it will be a quick approval!

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