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Personal Finances / Buying or Selling a Home
|Subject: Chase no longer issues commitment letters?||Date: 7/3/2013 7:02 PM|
|Author: kmart00||Number: 125722 of 127673|
So, we have been on an odyssey trying to sell our coop in Brooklyn.
Buyers bounced around on banks after the initial bank said they had too many loans in our building. Buyers ended up with Chase. Appraisal (#2) happened yesterday.
Yesterday afternoon, our broker (who is also representing the buyer) informed us that the buyers have a commitment letter (pending appraisal) and she was going to submit the board application. I was surprised that they had commitment prior to appraisal, but agent says this sometimes happens when loan is expedited.
So, no word since about whether the board application has been submitted (all buyers in coops are subject to interview/approval by board of directors of the coop). My DW happened to be at the bank today and bumped into broker. Broker told DW that she did not submit the application. She felt it would be better to wait for appraisal.
SHe also said that buyers do not, in fact, have commitment letter. SHe said that Chase was sued in the recent past (something about issuing a commitment and then not closing) so they no longer actually issue these letters now. SHe said that buyers have 'as close to a commitment letter as Chase now gives'
Is this true? Does Chase no longer do loan commitments?? This smells fishy...
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