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Has anyone closed a day after the approval deadline?

Posted by Smitty on September 22, 2010 at 10:26am in Short Sale Discussions

We were set to close on Friday, but the lender for the buyer said they can' close until Monday instead of Friday.  The approval for Greentree is until Friday. 

 

Greentree won't issue exentsion until approval is expired but if we get another approval, by the time they send it we could or would have closed.

 

Greentree is second lender and first lender said we could close two weeks from now.

 

Has anyone ever encountered this? 

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Replies

  • Smitty September 23, 2010 at 12:27am
    Thanks Laura! I have never had this happen and am treading in unchartered waters. If we don't get an extension on the 2nd we are pretty much screwed.
  • Laura Marshall September 22, 2010 at 4:18pm
    I have encountered this many times and no...I never closed after the deadline. I can't imagine any title company allowing this to happen. If there is no approval, and they close...they will have a HUGE liability. Once the approval expires, you no longer have an approval. If Greentree won't budge...and you have gone as high as you can, then I would just request the new approval on Tuesday. At least you still have time with the 1st.
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