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That's great that you got your extra time but everyone keep this in mind:
A last minute option I have found to work great is to go to the local judge and get a court order to extend. It seems like a lot of work but really it's not. I have done the one page form and requested to see the local judge hours before the foreclosure sale and present the documents , a willing and able buyer and seller and have had the judge on every occassion grant me at least 30 days. He will get the the foreclosing attorney on the phone and the seller and ask them a few questions and as judges do make the decision to do the right thing and give the seller a opportunity to complete the sale. The attorney kicks and screams and claims the Lender will not extend further but in the end it's not his choice and it should go through.
Just another weapon to try.
Augie
Update: I received the approval letter yesterday and also received confirmation that the bank is no longer going to foreclose as long as I close by December 10th! Hopefully everything will go smoothly from here!
That is definitely great news. My suggestion is to make sure to stay in constant contact with your realtor and make sure you realtor double checks the court records to make sure the foreclosure sale has in fact been cancelled. The key here for you will be to make sure others are doing their job. Good luck.
Please have your realtor confirm that the pending foreclosure sale date will, in fact, be post-poned pending short sale review. Have your realtor get confimation from Bank of America's short sale and their foreclosure departments. If there is a foreclosure attorney involved, depending on the state the property is located in, have your realtor get confirmation of the post-ponement as well from the foreclosure attorney/trustee.
Jen Enderson, Realtor, SFR, CDPE
Century 21 All-Pro
Kansas City
Be very careful. I had a short sale with Bank of America under the same circumstances. They countered giving us just four days to close. Because it was a cash deal with a great title company we said we could close in three days. We were told that the sale had been postponed. It was not. They foreclosed the very day we received the counter. Better yet: title said the sale was not valid because they had not posted the sale properly. Got to love BofA!
Thanks everyone for the explanations! I understand a lot more now!
Normally with a scenario like this, whether I'm on the buyers side or the sellers side, I'll make sure the buyers loan officer has everything ready to go. I'm under the impression that B of A has the investor's guidelines that the investor will approve so when I get a verbal approval... I make sure that everybody is ready to go the minute the formal written approval is received.
Don't ever assume that B of A is going to automatically extend the foreclosure date especially if it's already been pushed out. As Liz says... Dec. 10th is light years away in short sales land. If everybody is ready to go the minute the formal approval comes across then it can really speed up the process.
Last scenario I had like this was with a VA buyer a couple of months back... B of A gave the listing agent a verbal approval and told us and we had everyone and everything ready to go. By the time we got the formal written approval... we only had 14 days to close. Since it had been extended out three times already, they would not extend the foreclosure date again. Luckily this particular buyer was using my preferred Mortgage broker and we got it done.... all because everything was ready to go the minute we got the approval.
Personally.... I can't think of one time in the past couple of years that when we had a "verbal" approval from B of A that it did not come through so if you were my buyer.... I'd be making sure that everything is ready to go.
Just my thoughts...
You usually have about 30-45 days to close once a written approval letter is received. Verbal approvals really don't mean much except that they appear to have accepted. So, realistically, they could easily send a letter in November, and still meet the time frame for closing (December 10th). The bank may extend the closing date based on their written approval letter. As far as the foreclosure date, you are probably postponed, if not cancelled. It sounds like everything is about right, timewise. There is usually about a 10 day gap between each communication with BOA.
Lila Lopez, nice response. Make sure that the listing Agent makes contact with the foreclosure department. The two deparments rarely talk. The Agent needs to confirm that the sale has been postponed. The Agent needs to keep pushing the closing date out, each time he talks to the negoiator. 45 days, 45 days. You can always close early. DO NOT ASSUME that the foreclosure date has been pushed out.
Thanks Dan, I learned the hard way on my very first short sale that the two departments do not talk to each other, they are two completely departments. It is the responsibility of the listing agent to get this done, but because I also find myself on the other side as the selling agent, I have learned to be vigilant and stay on top of things. Just because it is the resposibility of the listing agent to monitor this, doesn't mean that they do. I have had the misfortune of working with agents that do not even come close to understanding the process or how to proceed on short sales, much to the detriment of buyers, sellers and other agents. Here in Florida we now have a Short Sale addendum that contains a clause whereby the seller grants authorization to their lender to provide status updates on the progress of the short sale. I go one step further and have been requesting that the seller, in transactions where I am the selling agent, include me in their third party authorization letter to the lender(s), so that I can get the status directly.
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