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chase shortsale extension

Posted by Choi Olvera on December 19, 2013 at 11:48am in Short Sale Discussions
After nearly 8 long months we finally recieved a shortsale approval, unfortunately they gave us 2 weeks to close. We had to start the loan application from scratch and get another appraisal given that the first one had expired. Unfortunately after 2 weeks the appraisal did not turn around on time so we requested an extension. It has been a week now and we have not yet recieved a response from the lender so my question is how long does it usually take to get a response regarding a extension? Can this drag out for another month or more? I understand that with these you never know but a estimate based on prior experience would put my mind at ease.

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Replies

  • Choi Olvera December 19, 2013 at 12:35pm
    The approval was set to expire on the 15th of this month. So on friday the 13 our lawyer spoke to theirs and requested the extension. They asked for a loan commitment letter which we sent right away and also for a estimated date of closing. To which my lender replied that we can close by this week, friday the 20th. I believe it had to be submitted to the investor, my lawyer told us to be patient so I understand but how long is longer?
    • Choi Olvera > Choi Olvera December 19, 2013 at 1:06pm
      Yeah I dont understand why after nearly 8 months of waiting they would only give me 2 weeks to close. But nevertheless im all set on my end so I was just worried with the holidays the next couple of weeks this would drag out even more. Thanks for your opinion though much appreciated
    • Jonathan Katz > Choi Olvera December 19, 2013 at 12:38pm

      Depends on how backed up the investor is. If you're not a cash buyer, it makes no sense why they only gave you 2 weeks to close and issuing an extension likely won't be an issue unless there are some unforeseen circumstances. Hearing something prior to the end of next week would be more than realistic. If it takes any longer then that i'd be concerned.

  • Jonathan Katz December 19, 2013 at 12:26pm

    When did the approval letter expire? Did the closing officer state that they have requested an extension or are working on one? Typically they can be issued quickly, but if the request for extension had to be submitted to the investor on the loan, it may take a little longer.

    Brett@ishortsalenow.com

    310-564-6389

    www.ishortsalenow.com

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