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I finally received approval from the first lender (BofA) for buying a short sale (it took about 4 months). The first lender is saying we have to close by 1/23/15, but i'm still waiting on approval from the second lender (Chase). Anyone know how long it should take for the second lender to approve? Im anxious to get this process done and over with.
My mom's a real estate broker. She's had several short sales killed by a 2nd who refused to cooperate. Recently, she had one where the 2nd was saying yes all along, and we were trying to work things out with the 1st. Finally got things worked out, got ready to close, and the 2nd came back and said "we've changed our policies, and your letter of acceptance has expired, we aren't going to honor it anymore". They had verbally extended the acceptance, but despite repeated requests, would never give us a written extension. Couldn't work things out and the whole deal fell apart.
What does your agent say the listing agent is telling them? Presumably, the listing agent has been speaking with Chase all along.
Short sales are messy. We've had deals where the 1st refused to give approval until we had it from the 2nd, and the 2nd refused to give approval until we had it from the 1st. Catch 22.
Chase may have been just waiting to see what BofA offered before giving their approval. If so, it could happen quickly. We've had some that closed within a week of getting 1st approval, because the 2nd was just waiting for a number to hit print on the approval.
Short sales are all unique. There is no way to know ahead of time. Just cross your fingers.
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