I have a short sale approval that expires on 9/28/13. They have already extended the approval once because the buyer wasnt ready. The buyer needs until 10/4 to close. The appraisal expires around 10/1.
Does anyone have any suggestions to get the approvals extended for just one more week WITHOUT them ordering another appraisal?
Buyer is paying 485k - hard money lender and needing one more week to get the rest of his down payment.
I think you are up a creek. I had a nationStar with similar circumstance and the extension delayed us 6 weeks with a horrible ordeal getting the written extension. Push Buyer hard to close.
How many days to close was on the SS approval letter? If at least 30 days - where did the breakdown occur? I would say the buyer needs to hustle it up while you are trying to get an extension. Somewhere someone let a deadline fall through the cracks or there was a miscommunication. You are so close - exhaust every option but mainly put pressure on the buyer to make it happen.
Update- We were able to get the short sale approval extended through 10-15 with a small fee to be paid at closing of $1,007. Purchase price is $533k We do alot of short sales and this is a first. We called realtor hotline, escalations and everyone possible to get help and it worked! Thought yall would want to know!
Great job!!! Happy day :)
The delay was that the back HOA dues were close to $20k so we were negotiating with them to get them down to about $10k. Home has been in bankruptcy then foreclosure for almost a total of 4 years so thats alot of hoa dues. Original loan amount was 1.2 million.