Anyone have any success in getting an extension on the requirement of closing within 30 days of bank approval for a short sale? I have just been told by the buyer's agent that despite repeated conversations before the offer was submitted and before the bank approved the offer, that there would most likely be a requirement to close within 30 days of bank approval that the buyer isn't going to be able to close within the 30 days.
Has anyone been able to get an extension for a short sale approval? Servicer is RCS and it is a Fannie Mae loan.
Any thoughts or suggestions would be greatly appreciated. We have been working on getting this home sold for over 18 months - and I would love to help my sellers out by getting this closed and put behind them.
Anyone have any success in getting an extension on the requirement of closing within 30 days of bank approval for a short sale?
I have been able to get an extension on a bank short sale. Once we finally got our short sale approved (after many repeated delays), I laughed when I saw when we were supposed to close.
30 days would actually have been OK - we probably could have done that - but they backdated the time so that in reality by the time we got the notice we had about a week and a half. It also clearly stated No Extensions.
I simply pointed out that they had pretty much missed every deadline without consequences and they could certainly wait another few weeks. I also sent a bulleted list of pretty much everything they had done wrong (it was huge!). They crawled back in their corner we closed a few weeks later.
Despite the long wait, this was one of my happiest buyers. Perhaps because his total cash outlay was only $121.66 (we had the bank pay for most of the closing costs). And he also received the $8K first time buyer credit that was available at that time.
Short sales can either lead you to success or failure when it comes to real estate. Definitely along with its advantages are the odds that you may need to deal with. It can be a long process and it would most likely depend on how quickly you gather the right papers,adhere with right procedure to finally get a positive reaction from the lender. There are many people in this situation, and there are times when it caused great inconveniences that have to be given the best attention.