VA short sale with Wells Fargo as 1st lien holder. Appraisal done on 10/1/11 and good for 6 months. 5 months and 1 week later we get approval from WF - but says we MUST close by 3/30/12 since appraisal will expire end of March.
We are rushing to attempt this BUT....we don't have approval from 2nd lien holder (BofA) yet AND they are wanting approx. $3000 more than WF will allow.
Is it possible to get WF to give some sort of extension without doing a new appraisal at all? We are only talking a few weeks if that - mainly because 3 weeks to close this loan - not to mention waiting on BofA 2nd approval is cutting it close.
Any suggestions are welcome. I'm actually the buyers agent -but hoping to help LA get some sort of extension.
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How does she find out who her VA Loan Tech is? I think she has only been working directly with the WF side and he is the one who is telling her we HAVE to close by March 30th since the appraisal expires on April 1st - we can't extend or anything he says.....
Good luck and let us know how it goes, Julie!
Yes, Have Wells Fargo and/or the Borrower contact the Borrower's VA Loan Tech assigned to the Loan.