Replies to This Discussion

Permalink Reply by Julie R. on June 6, 2010 at 10:38am

Phil, I am on the buying end, so do not know about extensions. What I do know, while also striving to meet the tax credit close of June 30th is that banks are swamped right now on the lending side in trying to meet that deadline, too. I just got off the phone with my Wells Fargo rep last night, in discussing what it would take to make that end of month date on the lending side. He told me that Wells Fargo has targeted June 11th (this Friday) as a date for having in hand all buyer's lending documents (bank appraisal, seller's bank approval, etc.) in order to assure being able to get me $$$ to close escrow by June 30th. He said that Wells Fargo and other major lenders are all in that same situation in trying to process new loans.

In my case, I am still awaiting Bank of America's approval, but in order to meet Wells Fargo (my lender's) date of Friday, will have to take a risk in paying for a full Wells Fargo apprai$al on Tuesday (short of $500) in order to make sure that the appraisal is back by Friday. Obviously there are no guarantees and I could stand to lose the appraisal money if Bank of America does not accept my offer this week. For me, this means moving mountains tomorrow on the Bank of America side, via the seller's agent, and doing whatever I can on my end to flush out the BoA acceptance. Congratulations on your acceptance. It gives me greater hope that mine could be in progress.

Good luck. Meanwhile I have written my Congress person, State Senators, and the Prez, asking for an extension of the 6/30 deadline for the numerous first time home buyers who earned the $8K credit by entering binding contracts on/before April 30th but are at the mercy of losing credit by banks inability tor complete the escrow close by 6/30. I am not giving up on buying my little house and I do need the $8K to get rid of the non-mortgage paying termites and their damage. =)

Permalink Reply by Karen Donovan on June 6, 2010 at 11:38am

It depends on the negotiator. Once the lines of communication are open - some will work with you. Mine did on a recent BOA deal in April - and was willing to extend closing a few days and buyer changed her name on contract to her LLC and they put it right through without a hitch! Hopefully once they are on board it won't start your process all over again either.

Permalink Reply by Anna on June 6, 2010 at 11:44am

Listing agent needs to request extension from the negotiator. I received extension twice so far on different properties one 14 days, the other one 8 days. Good luck!

Permalink Reply by Phil on June 6, 2010 at 8:00pm

Julie R. said:

. He told me that Wells Fargo has targeted June 11th (this Friday) as a date for having in hand all buyer's lending documents (bank appraisal, seller's bank approval, etc.) in order to assure being able to get me $$$ to close escrow by June 30th. He said that Wells Fargo and other major lenders are all in that same situation in trying to process new loans.

In my case, I am still awaiting Bank of America's approval, but in order to meet Wells Fargo (my lender's) date of Friday, will have to take a risk in paying for a full Wells Fargo apprai$al on Tuesday (short of $500) in order to make sure that the appraisal is back by Friday. Obviously there are no guarantees and I could stand to lose the appraisal money if Bank of America does not accept my offer this week. For me, this means moving mountains tomorrow on the Bank of America side, via the seller's agent, and doing whatever I can on my end to flush out the BoA acceptance. Congratulations on your acceptance. It gives me greater hope that mine could be in progress.

Good luck. Meanwhile I have written my Congress person, State Senators, and the Prez, asking for an extension of the 6/30 deadline for the numerous first time home buyers who earned the $8K credit by entering binding contracts on/before April 30th but are at the mercy of losing credit by banks inability tor complete the escrow close by 6/30. I am not giving up on buying my little house and I do need the $8K to get rid of the non-mortgage paying termites . =)

I wanted to do the appraisal before getting the approval from BOA and the person who is doing the home loans for me told me that only a lending institution can do an appraisal and can be done only after the final contract/approval is made???

Permalink Reply by Julie R. on June 7, 2010 at 2:48am

I can only speak for my situation. My lender (Wells Fargo) is the one that would do an appraisal inspection. This morning, my agent is talking with the listing agent to gain seller's permission to do an appraisal (before approval) due to the crunch time in pending deadlines for meeting the 6/30 credit deadline. With everyone having so much at stake, all parties should be cooperative. My criteria for approving the expenditure for this appraisal is that I hear something back today, no later than late tomorrow from the selling agent that BOA is going to approve my 3+ month offer. Otherwise, I am just throwing money away. I will be letting Wells Fargo know tomorrow whether or not to move forward with the appraisal,.

Meanwhile, I am trying to get through BOA's corporate offices as I type to see if I can get anywhere with a higher escalation than the alleged escallation the selling agent has in play. We just heard on Friday from the selling agent that everything is now in the hands of a new BOA negotiator, which she thinks is "great news", but I think is going to result in more time delays. I seriously wish that agent would not be so stubborn and read all the great information and tips on this site; how silly of me to doubt an alleged "short sale expert". =)

Phil said:

Julie R. said:

. He told me that Wells Fargo has targeted June 11th (this Friday) as a date for having in hand all buyer's lending documents (bank appraisal, seller's bank approval, etc.) in order to assure being able to get me $$$ to close escrow by June 30th. He said that Wells Fargo and other major lenders are all in that same situation in trying to process new loans.

In my case, I am still awaiting Bank of America's approval, but in order to meet Wells Fargo (my lender's) date of Friday, will have to take a risk in paying for a full Wells Fargo apprai$al on Tuesday (short of $500) in order to make sure that the appraisal is back by Friday. Obviously there are no guarantees and I could stand to lose the appraisal money if Bank of America does not accept my offer this week. For me, this means moving mountains tomorrow on the Bank of America side, via the seller's agent, and doing whatever I can on my end to flush out the BoA acceptance. Congratulations on your acceptance. It gives me greater hope that mine could be in progress.

Good luck. Meanwhile I have written my Congress person, State Senators, and the Prez, asking for an extension of the 6/30 deadline for the numerous first time home buyers who earned the $8K credit by entering binding contracts on/before April 30th but are at the mercy of losing credit by banks inability tor complete the escrow close by 6/30. I am not giving up on buying my little house and I do need the $8K to get rid of the non-mortgage paying termites . =)

I wanted to do the appraisal before getting the approval from BOA and the person who is doing the home loans for me told me that only a lending institution can do an appraisal and can be done only after the final contract/approval is made???

Permalink Reply by Jean Beymer on June 7, 2010 at 9:53am

I am in the middle of the same situation. I was suppose to be closed by 5-21-10. We needed a couple extra days. Still no letter to date. The reason they could not just extend the letter was because our BPO expired it became over 90 days old and they had to order a new BPO. That was completed on May 27, 2010. (I was also able to confirm that the value of the BPO was less than the last BPO so I am not anticipating additional delays and problems). I updated the HUD (extended closing date) in the equator system to keep the file active and moving along while we wait. I have a good negotiator who is very helpful.

I would suggest you call in and check to see when the BPO on file expires. I think that's the key to getting a few days extension or having to wait. I am on day 17. My problem now is that the buyers papers need to be updated and I am hearing that we might need a new appraisal on the buyers end....

Permalink Reply by sue on October 15, 2010 at 10:47am

Anna said:

Listing agent needs to request extension from the negotiator. I received extension twice so far on different properties one 14 days, the other one 8 days. Good luck!

How long did it take the lender to respond to request for extension? I'm trying to get an extension, their approval expires today, but don't really have a person to contact...