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Old 09-23-2010, 10:09 PM
 
49 posts, read 156,537 times
Reputation: 21

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Docs are going to be drawn up any day now. Chase set our closing date for Monday Sept 27th. Anything after the 27th is $100 per day. The lender is doing everything he can but the lender is backed up with loans.

Can Chase back out of this sale? If not, would they really charge us $100 a day for going over? Just wondering if anybody has dealt with Chase on a matter like this. BTW, this a short sale we are buying.
thanks
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Old 09-24-2010, 01:54 AM
 
Location: SF Bay Area
1,290 posts, read 1,704,818 times
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Are you sure it's Chase charging you $$ per day if you don't close. Maybe it's the sellers charging you for the delay? What does it say in your contract? It doesn't make sense for Chase to give you a set date to close but won't spit out the loan docs for you to sign off. That's like stealing!!
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Old 09-24-2010, 02:45 AM
 
49 posts, read 156,537 times
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We made an offer on a short sale and Chase has the mortgage on it. They accepted our offer. The mortgage broker I am going through to get my loan should have the loan docs drawn up and fund my loan any day now. In the contract origianlly Chase said closing date Sept 27th. Each day it goes over (because of my mortgage broker) they will charge a $100 per day fee. I was just worried that, say we were to close Sept 29th if Chase would deny us the sale of this house? or if they would charge us $100 per day for going over the original closing date? Thanks
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Old 09-24-2010, 12:53 PM
 
139 posts, read 689,214 times
Reputation: 50
Have your real estate agent or lender ask them to waive the fee as we're only talking about a couple days here. They wont back out at this point (most likely) - but if you have to, just suck up the $100 per day and pay for it. Maybe even tell the broker he has to since he didnt close in time
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Old 09-24-2010, 05:44 PM
 
Location: MID ATLANTIC
7,607 posts, read 17,670,540 times
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I have yet to see that $100 a day be exercised. That doesn't mean it won't happen to you, but in my neck of the woods, if it's a reasonable delay for a reasonable issue, it's not even discussed. Chances are you've been waiting for months, get the bank approval on the short sale and suddenly close in two weeks. Even Chase couldn't handle a quick turn around time, so I don't see how they can hold anyone else to it, too.

Relax, as long as it's nothing you are doing to stall, I'm betting you are fine.
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Old 09-24-2010, 07:40 PM
 
49 posts, read 156,537 times
Reputation: 21
Thank you Smart Money. Yes Chase was cool as long as we close by the end of this month. My agent told me today...
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