Brief history:
- we are the buyer - an amazing place otherwise would have bailed long ago
-made offer in March 2012.
-submitted to Wells Fargo (old Wachovio loan) for review
-two months go by, sellers declare CH13
-that halts everything until September
-file is reopened in October
-our offer accepted in November 2012, approval letter granted with 12/14/12 expiration
-we lock in our rate
-a week before close Title Co points out there are two IRS liens that still need to be dealt with by seller even though seller's agent assured us they were taken care of
-Wells Fargo extends approval until 1/14/2013
-sellers do not get IRS liens dealt with until 1/22/2013, but approval from Wells Fargo has expired - as well as our rate lock -- and interest rates have risen almost 1/2 pt.
-Wells Fargo now saying they need to go back to investor and re-do aceeptance and approval
-Our realtor estimates another 60-90 days
-They have assigned Alexandria Vallejo in Texas as the negotiator
Any advice on how we can bring this to closure sooner than later? We are sooooo worn out as is our lender....
thank you
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Unfortunately you usually only have 60 days from Short sale approval to close on the deal. If it doesn't then it has to go back to the investor for approval. When this happens anything can change. Including the price.
Your situation is quite common. The good news is the file should move much quicker this time.
Thank you Bryant
Is there any way to motivate the negotiator to move quicker? Perhaps that will give you a good laugh on a Monday morning :-)