Will bank ok SS extension for sellers?

We have been in a short sale for almost 5 months and about a week ago the sellers asked for an extension to have time to remove the remaining furniture items from the home. We said no and offered to help them move the few items along with their realtor but they refused many many offers and insist on doing it themselves and want to be at closing. The story is that he is out of the country illegally and needs to finish a job he is on because he cannot simply come back to move/close and go back to finish his work because of the expired visa. They want a 30 day extension and we are all waiting for the bank (BOA) to answer. I know this is very odd its not like they haven't known they would need to get the rest of their items out for months however we really want the house and pray that they are being honest. Plus we figure he will somewhat hury to get back because if he gets caught he goes to jail and gets deported. We have already done the inspection, appraisal, survey, HOA app fee, and locked in our rate ... we hate to lose all the money we have put into it now for one more month. So upset but am extremely worried about what the bank will do or say - will they take into account all that we have done? Is there hope that they will extend it?? This would be the 1st extension since we got bank approval.

We are concerned about doing that because we would then have a mortgage and rental payment and if they didn't hold up to it in the end we would have to begin the eviction process which we've heard can be a long process and nightmare. Regarding the professional mover no but we offered to help move with the assistance of their "friend' (probably renter) or whoever they choose along with their realtor present so we would not be liable. She has gone back and forth with them on this for about a week now and we thought they agreed to stick to the original date but all he seems to care about it finishing this job I'm sure to be paid then they'll come back. Their realtor offered to help and pay for moving expenses first but they said no over and over (we would have if she didn't). We have been told that she has paid money out of her own pocket to keep this SS moving but we don't know all the details of that.

Replies

Linda Susan Fox September 18, 2011 at 3:41am

Most lenders do not like to extend especially B of A. Maybe offer a rent back arragnement for the sellers for one month or offer to move their items to the garage and store them until they return. Make them understand that you too have a timeline to your lending lock in etc. Sometimes people get so wrapped up in their own problems they forget about courtesy to others. Possibly a family member could help in the moving and storing of their belongings. Maybe try speaking with them yourselves with the agents permission.
Eric Mieles September 15, 2011 at 7:28am

Ann,

Shoot for the extension and you should be okay. This will be the 1st request for an extension so I don't forsee denial. Let us know what happens.
- Ann > Eric Mieles September 15, 2011 at 8:49am
  
  Eric,
  
  In your experience how long has it taken for bank (BOA) to respond to a short sale extension request? The current closing date is next week. We think the sellers realtor sent the extension request yesterday and it seems like with this bank we have to get to the point where we are about to walk away then they respond. Have been told probably a week but hoping to hear sooner. :( Just curious as to what others have experienced. Thanks again!
  - Renee > Ann September 18, 2011 at 1:40am
    
    BOA usually gives an extension w/i 24 hours.
  - Eric Mieles > Ann September 17, 2011 at 4:06am
    
    Ann,
    
    I would make sure the sellers rep is calling the negotiator until he gets him on the phone directly. He should be able to explain and be granted the extension. BUT he must make sure he's on top of it, not just lingering waiting for a response or sending a message here and there.
Jeff Payne September 15, 2011 at 3:37am

This is very interesting one. Why not compromise? Get them to close but with an agreement that you won't take possession for 30 days, allowing them to get their items out. Maybe the husband could sign a power of attorney for the wife to sign for him. Have you talked about having a professional mover remove the items and store them for you?
- Ann > Jeff Payne September 15, 2011 at 4:07am
  
  We are concerned about doing that because we would then have a mortgage and rental payment and if they didn't hold up to it in the end we would have to begin the eviction process which we've heard can be a long process and nightmare. Regarding the professional mover no but we offered to help move with the assistance of their "friend' (probably renter) or whoever they choose along with their realtor present so we would not be liable. She has gone back and forth with them on this for about a week now and we thought they agreed to stick to the original date but all he seems to care about it finishing this job I'm sure to be paid then they'll come back. Their realtor offered to help and pay for moving expenses first but they said no over and over (we would have if she didn't). We have been told that she has paid money out of her own pocket to keep this SS moving but we don't know all the details of that.
  - Jeff Payne > Ann September 15, 2011 at 4:13am
    
    I didn't mean that you would rent it back to them, what I meant was that you can work an agreement to let them keep their items in the house for no longer than 30 days. You won't move in for 30 days but will have possession of the home. If they do not come get their things in 30 days, you will put them in storage at their expense. As far as having a mortage and rental payment, I don't see how 30 days would leave you with both? You close on Oct 1 and your first payment is due Dec 1 and you take possession of the home Nov 1 if they agree to the 30 days.
    - Ann > Jeff Payne September 15, 2011 at 4:45am
      
      Oh, thats true I didn't think about it that way but honestly I still don't think they would sign because it "could" involve someone else moving there stuff. That seems to be the big problem and everyone laughs at me but I think they have something hidden in there don't want anyone to know about. Our inspector noticed the main attic access was locked but was able to take a look through a different access.
Smitty September 15, 2011 at 2:29am

Wow. Do you have an agent of your own? Has the short sale been approved? If there is no approval, there really isn't anything to extend except maybe the purchase contract, which is easy enough to do. The seller if out of the country can sign a power of attorney. He doesn't have to be there for the closing if there is one scheduled. I think we need a bit more information. I would not count on BOA caring that you had inspections, and appraisals and surveys...they care about their bottom line NET and that's about it. That is the risk of buying a short sale. It's NOT guaranteed. What is the status of the approval?

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