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Seller is not ready to move out...

Posted by h on August 30, 2010 at 8:47am in Short Sale Discussions

Finally after 9 months of horrible waiting time as a buyer, i got the approval from both 1st and 2nd bank. every thing is done from my side. 2nd bank ( Chase) has already extended approval twice and their 2nd approval is expiring tomorrow. i found out that seller has difficulty to move out and aksing for 2 more weeks. still seller is in the property i can not close.

 

for your information seller had around 35K loan with Chase and first bank is paying 3500 and i am as a buyer paying around 6000 to get the approval. however, now their approval is expering tomorrow. sellers agent is planing to ask for another 2 weeks of extension.

 

does any body has an experience with this? how feasilble is to get the extesion for 2 more weeks.

 

thanks for your expert openion and looking foward to your good wishes so i can get this deal smoothly and get into this house as soon as possinle.

 

thanks

 

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Replies

  • h September 2, 2010 at 12:20pm
    Thanks Jeff and Kimberley...

    eviction take long time.. its my hard earn money and i did not wanted to take any chance.. since last 9 months i am driving by this house every couple of weeks.. i get imotionaly attached.. otherwise interms of price its not really a great deal. sellers agent requested for an extension to chase ( 2nd bank) ( the 3rd party that works for chase).. and they told him that in 5 days we should hear from them... it was so much pressure that i took during this 9 months.. now i left every thing in god's hand.. if it will happen then its good..then I am sure some thing better and bigger is there for me

    Kimberley Kelly said:
    I am so with Jeff here. GET IT CLOSED! Screw those extensions. Evict the Seller if you have to after close, which isn't easy, but you'll get your house. It's so hard to get approvals, why let a lazy Seller mess you up?
  • Kimberley Kelly September 2, 2010 at 2:54am
    I am so with Jeff here. GET IT CLOSED! Screw those extensions. Evict the Seller if you have to after close, which isn't easy, but you'll get your house. It's so hard to get approvals, why let a lazy Seller mess you up?
  • Jeff Payne August 30, 2010 at 9:54am
    Who or what says that you can not close and the give the sellers 2 weeks to move out. It can happen, when I lived in Indiana, it was commonplace for the seller to have 30 days after closing to move out. Close the deal with the agreement the seller gets 2 weeks, don't wait for the lender to approve, CLOSE IT NOW.
  • Bryant Tutas August 30, 2010 at 9:29am
    H, Its quite possible an other extension will be given. However the sellers really need to get on it and start packing. Short sales can be difficult enough without all parties being on the same page. I do hope everything works out for you.
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