I have an FHS PFS with Bank of America. The sale was approved. On my sales contract review form, it states "the sale is contingent upon closing no later than 6/6/13.If closing does not take place before this date, a new letter will be required."
The closing may not happen by this date. Does anyone know who I have to contact and what I need to do, in order to get another letter, if I need one?
Part of the reason is that when I got the letter, I was told by the negotiator that I would be contacted by the closing officer within the following 72 hours. I was never contacted by anyone. So, I've spent a great deal of time calling and E-mailing the closing officer over the last couple of weeks, to no avail. Finally, 48 hours to close, I receive instructions from her. To complicate matters, the buyer has been out of town and with no information from the bank, I had nothing to tell him.
Any help would greatly be appreciated.
Ummm.. you can't WAIT for BOA to contact you, on an FHA sale. Sorry. You must be proactive, call, email, tweet, escalate to find out who your closing rep is.
It'll probably take you another 2-3 weeks to get a new letter. Maybe not, but the title co should have been on this too. My title co would have jumped through hoops to find out why a sale isn't closing by approval deadline.
Tweet BOA to have the closer contact you.
What is the closing date on your contract? When does the ATP expire?
You will have to escalate your file and explain your situation. Use your escalation contacts whenever you're not contacted within the given time frame. Before you begin you should first look over the terms given on the approval letter and the ATP to determine if you can continue with your closing. You can always go a step further and escalate with HUD directly.
Thanks for all the responses. Excellent information. BTW, we were able to close today!