I need help for a strategy to get another extension by tomorrow

After a whole year we finally got approval and they gave us 4 days to close escrow. We got them to extend the sale date 1 month and a new letter with 19 days to close escrow. The approval letter expires tomorrow. The buyer's lender (also BofA) MIGHT have loan docs ready tomorrow, but might not. They have had trouble getting the condo complex project approved. The closer has already said NO to an extension when I asked a few days ago. Some Superstars have said to get escrow to call when we have docs BUT what if we don't get docs until the last minute or even later? What happens if the letter just expires--should I keep trying to get an extension and keep owkring on the short sale until the actual sale date (Dec. 2)? Should I tell the closer today about our troubles? Should I start escalating now without docs in escrow? The buyer's lender says he only needs about 4 days extra so technically we could close the day before the sale date. FYI--it's a Fannie Mae loan and the BPO is good until 12/9.

 

I need help ASAP!

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Replies to This Discussion

Permalink Reply by Shari P on December 1, 2010 at 6:19am
Fortunately, I got the postponement yesterday afternoon by an email to the CEO and a bunch of other executives.
It would probably be difficult financially to keep an attorney on retainer. I mean, this is not a high-priced property and the commission is pretty small. Also, the seller doesn't have the funds to keep an attorney on retainer. My attorney charges about $75 to review short sale approval letters and give opinions.

I'm curious...on an average short sale with BofA, can an attorney actually speed up the process? If so, by what influence?

As far as an injunction goes, doesn't there have to be grounds? Is it like a BK?
Permalink Reply by Shari P on January 8, 2011 at 1:55pm

Finally CLOSED ESCROW! This is a summary of the month of December  of this short sale from hell...

The planets alligned and I got both approvals with enough time to close (barely) and the buyer's loan from BofA finally got funded. I ended up sending 2 emails to the CEO and both times I got calls back. I think the extra pressure helped get it done.

Ironically, we've been closed 2 weeks already and their is STILL a foreclosure sale date for February. Nobody at BofA seems to know why so I'm still working on that. I imagine the foreclosure department will probably get word from the short sale department that the sale closed.

 

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