SWITCHING BUYERS AFTER APPROVAL
We received our short sale approval letter on Monday on Thursday the buyer sent over termination paperwork .I have another offer will they allow me to just change buyers or will they have to send off for approval even tho its same offer and can close by the close date on the approval letter.
Replies to This Discussion
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Permalink Reply by Bryant Tutas on
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They will to issue a new approval. It should go very quick though. Just let the lender know of the situation. Send them the new contract and HUD.
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Permalink Reply by Donna Clayton, Broker, MBA on
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You will still need to get the new buyer approved, but Wells Fargo will most likely give you a "soft decline" and then place the file on a "streamlined track" for your new approval. Good luck. Let us know how it works out!
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Permalink Reply by David A. Roebuck on
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Had the same situation a while back -- bank declined offer since first buyer terminated and had to start all over from scratch with the new buyer -- including newly dated 3rd party auth, hardship letter, 4306-T, etc, etc, etc.
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