Verbal approval ---> Written approval
Hi there! We got verbal approval from Chase on Jan 28th. They want it closed by March 1st and they said written approval will come in the next few days. We went ahead with the inspection, our appraisal and we have all of our loan documents ready to go to start the funding however, it's been over 2 weeks and no letter yet. Our negotiator said it's been written up but it's just sitting on legals desk. Can anyone shed some light on how long it typically takes to get the written approval? Obviously we can't close by March 1st now. We're nearly 8 months in and now we're so scared it's going to just fall apart during the last step of this process. Thanks for helping! It's really, really appreciated!
Replies to This Discussion
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Permalink Reply by Wendy Rulnick on
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Lauren - It was risky to go forward on the basis of an oral" approval. The actual written Chase approval may have terms that are not acceptable to the seller. If your contract was written stating it was contingent on seller satisfaction with terms of short sale approval, your buyer may have spent money on the appraisal for naught.
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Permalink Reply by Lauren Michaels on
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Thanks Wendy! We are aware we might lose the cost of inspection, the buyers wanted to make sure the place didn't have any more issues with it then what they already know about since it's selling as is. Both seller and buyer have agreed to all terms verbally. Everything is a go, including a quick escrow like the bank wanted, we're just waiting on the dang letter. We are so close, sooooo close! It's hard to keep patient after all this time.
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Lauren - Chase has an escalation line... Check the group... they are quite helpful! *** Escalation Department *** 877-496-9025
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Thanks Wendy!
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