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!
Tags:
Joe,
We do non-judicial foreclosures here in CA so there's no judge involved. Also, no redemption period here.
We had the sale date postponed once. We don't need the sale date changed; we just the time to close escrow extended a few days.
The closer says Fannie Mae has to give approval to give us 5 extra days.
Well, I haven't gotten good news, or any news yet so don't change your opinion of FNMA quite yet.
Didn't you get an extra 5 days? I couldn't even get the bozo's to pass on that they were trying to REO a house that they didn't own! I'd say you got a ton more than I did.. ;-)
Shari Posey said:Well, I haven't gotten good news, or any news yet so don't change your opinion of FNMA quite yet.
Specifically, what could an attorney do to stop the sale and help the short sale go through? File a lawsuit? On what grounds? I hired an attorney but only in regard to reviewing the approval letter.
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