Chase JP Morgan Extends Closings til contracts are in jeopardy Indianapolis

Indianapolis FrogEvery single sell I have had where the buyer was using Chase JP Morgan was a nightmare to close.  The last contract the buyers were buying a bank owned property and were told over and over the bank was ready to close but they wouldn't send the lender package to the title company.  We extended until the Bank that owned the property refused to extend again the purchase contract.  We then had 24 hours to close on the home or my buyers lost a long painful process to buy this home.  They were emotionally invested and had their time and money of course involved. They had Paid for inspections and the appraisal. 

I had already went to the supervisor of the loan officer involved and that didn't work so then went to the regional supervisor in charge of all home mortgages for all of Central Indiana.  He got it done.  But at what cost.  Daily we were all stressed out over the process.  Me, Shannon Thomas the Realtor, sat in front of my computer for 3 days not counting all of the other hours spent trying to get this home closed for my clients.  It was unbelievably stressful for all involved and why?  My suspision is that Chase sells so many loans and doesn't have enough closers. 

I have talked to other Realtors and they all know someone that this has happened to with Chase.  One Realtor said, that very same thing happened to someone in my office.  Their buyers lost their home to the same scenario. 

One Realtor said, every chase loan I do gets worse and worse. 

We just had another one, 24 hours before close, we receive an email after assurances every step of the way that everything was on track to close that they can't close tomorrow and want 8 more days.  8 days, really?  My buyers have their truck packed,  the seller is buying another house and you want 8 more days.  You say you don't need any other docs from the buyers we just need to cross our T's and dot our i's.  Really? 

You then say on a Thursday you might be able to close on Monday or Tuesday but no guaruntees.  Really?  

You as a lender took on your home buyers with a trust that you would get the job done.  Why would you put their lives in turmoil and thoroughly stress everyone in the transaction and put their dream home contract in jeoprady? Not all contracts can be extended. 

I have a hard time understanding how a big bank such as Chase can do this to people and say they actually do care. 

Hire some closers Chase, the amount of time and money you are loosing has to be astromomical.  Show your clients you care and get their loans closed in a timely manner.  I cringe when a buyer gives me a Chase pre-qualification.  I know that its going to be an uphill battle all the way. 

Does it really have to be?

Shannon Thomas Realtor

Selling Indy Metro, LLC

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Comment balloon 0 commentsShannon Thomas • September 12 2012 11:44AM

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