Buyer Walked after Approval issued- Advice Needed
Rec'd the FHA SS approval, buyer did the inspection & walked(new one for me!). Emailed my negotiator with a new, better owner-occupant offer, which could close only 5 days later than the 1st, due to it being a cash offer. Followed up, faxing the docs as well, and after many calls, days later, I am being told it might take another 45 days? One would think they would work faster if the net is higher and the survey has been removed from the Prelim HUD-1 now(seller found it).
Since emailing my negotiator 13 days ago, I still have not rec'd a response. SS Dept. has notified the closing team and my negotiator's manager. Any advice on a different way to push the new offer through, aside from calling the SS Dept. repeatedly??? BTW, I have been reading posts for a long time here, and I finally joined because I knew you superstars might be able to help me out here. : )
Replies to This Discussion
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Permalink Reply by Kim Eisen on
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Hi Lori - cash is not 'king' with short sales department - net is. I would send a very nice, simple and 'clear' email to
FHA Short Sales – Michelle DeGrave – [email protected] describing what you would like to happen.
She really great, but don't get too wordy. i.e. This was already approved and unfortunately the buyers walked, but we have a new offer that is cash that with a higher net to Wells. The reason I am writing you is that I have been informed that it may take another 45 days for a new approval and was wondering if there was a way to expedite that process as the buyers would like to close as soon as possible and we are well over the ATP net. Thank you for any assistance you might provide.
P.S. I request on all short sales that the buyer do their inspection prior to me submitting the file. It's just not worth the time having that hanging out there as an unknown. And, all buyers have agreed to it as well.
Good luck.
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Permalink Reply by Kathleen Lordbock on
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Inspections on all mine are done 10 days or less from Final Approval Date on the PA (not lender approval). I have had 2 approvals to date come before the home inspection was done- super fast at Citi!!
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Permalink Reply by Lori Stewart on
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Thanks for the contact Kim, and thanks for the input Kathleen!
I didn't want the buyer forking out money until we had some complicated lien/heirship issues resolved(Deceased defendant on Abstract of Judgement & the need for step-sons to sign deed in our community property state). For the 1st time, I was worried I might not have a closing due to so many problems.
I know lenders don't care about cash vs financing, but my thinking was I just needed them to issue an approval with a different buyer's name, a higher net, and a closing date a few days later. With the ATP issued and a final approval issued previously, I wouldn't think it would take 45 days to issue a new approval.
Again, thanks for the responses!
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