Closing Time For Close Of Short Sale With Chase?
It looks like chase is going to accept my offer price for a short sale. Chase was prepared to auction the 10th of March. We haven't discussed yet when they will want to close/settle. I am prepared to close within 7 days however, it would be best (for me) if I could close the end of March. However long banks usually willing to reasonably wait to close on a short sale? Any thoughts or comments would be appreciated. Thanks
Mark in VA
When Chase issues it's written, terms of short sale approval, it will also dictate the closing date. Usually, the approval will be predicated upon closing within a certain timeframe (end of the month) or, they'll want to close within 30 days, not to go beyond the next cycle.
To push a closing from February to March, be prepared to pay a per diem
rate in addition to the agreed upon payoff.
Thanks for the quick reply and sorry for the typos. By "per diem rate" I assume you mean some sort of fee associated with the time delay (ie. 2k per month or somthing) that will offset thier expenses?
Per diem rate is the daily rate. You might negotiate a payoff of $85,000 with a per diem rate of $16.30 which is 7% interest.
GOOD LUCK