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Personal Finances / Buying or Selling a Home
|Subject: Re: Chase no longer issues commitment letters?||Date: 7/5/2013 1:32 PM|
|Author: wasmick||Number: 125726 of 128459|
Is this true? Does Chase no longer do loan commitments?? This smells fishy...
Sounds more to me like a typically confused real estate agent.
I agree with Dave albeit for a different reason.
Yes, it sounds like a typically confused RE agent, but I wouldn't extrapolate that into "Chase no longer issues commitment letters" nor does a commitment letter guarantee funding of a loan, it does however validate that certain parts of the process have been completed and that if all conditions of the commitment are fulfilled, the Bank is generally committed to close the loan.
The whole story sounds like BS and I'm sure the RE agent (who unless they have signed and disclosed in the transaction the existence of a specific buyer's agent agreement.......actually works for you, not the buyer) doesn't actually know what he/she is talking about.
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