Will Wells Fargo extend closing on written approval letter? Unreasonable time to close shortsale

We have an offer in on a shortsale with Wells Fargo and we just received the written approval yesterday (3/15) after 2 1/2 months of waiting. To give some history on this, we are the 3rd contract on this house which has been listed since 7/10. Buyers 1 and 2 both bailed after waiting forever for an approval. The home has been scheduled for trustee sale 4x now, once in 11/10 (postponed by lender), once in early 1/11 (again postponed), once in early 3/11 (postponed), and is currently scheduled for 3/25 (not yet postponed).

Here is the kicker. We received the approval letter yesterday giving us until 3/24 to close. THAT IS 9 DAYS. We are trying to make it happen, but I'm not feeling very confident.

Has anyone had a similar situation as the above where they were able to get an extension on the closing date and a postponement of the trustee sale? I just can't understand why WF would give such a short time to close. I'd hate to think it's intentional. I'll add that our offer is pretty much fair market value for the home, so they are taking a very minimal loss on this deal. Thanks in advance for any info.

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Permalink Reply by Bryant Tutas on March 16, 2011 at 5:11am
It is possible to get an extension. Just keep pushing towards closing and at the same time start asking for a possible extension. Let WF know the buyer is pushing as hard as they can't to meet the deadline. Keep pushing the issue. And pray :)
Permalink Reply by Steve Early on March 18, 2011 at 10:44am

I love how they take forever and a day to do anything and then want everyone else to turn on a dime!!  Bryant is right, you just have to keep on them.

 

Permalink Reply by Ellen Kirwan on March 20, 2011 at 4:45am
The reason they gave you the approval to the 24th is because the trustee sale is scheduled for 3/25.  Wells and BofA both do this.  They cannot issue the approval date past the scheduled T/S.  They most likely will postpone the T/S a couple of days in advance and then give you an extension.
Permalink Reply by Linda I. Rozales on March 20, 2011 at 10:15am

I have done a few short sale transactions with Wells Fargo and they are the easiest to work with in terms of getting them to provide an extension and have the trustee sale postponed.  You just need to wait for the closing negotiator.  That person will soon be contacting you to let you know that he/she will now be taking over the transaction.  This is the time for you to negotiate the extension and trustee sale postponed. 

 

 

Permalink Reply by Tricia O on March 29, 2011 at 8:53am
Just in case anyone is wondering how this all turned out...I thought I'd update. There are actually 2 trusts on this one, one with Wells Fargo Home Mortgage and the other with Wells Home Equity (2nd). The 1st trust extended in writing through to 4/24 (next foreclosure date) and cancelled the trustee sale that had been scheduled for 3/25. The 2nd trust extended in writing through until 4/30. Neither asked for additional money to do so. Overall, we are very pleased with their response, and are scheduled to close tomorrow morning!! :)

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