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What do you do when you have a premature aproval date??

Posted by John Armstrong on August 21, 2013 at 1:35am in Short Sale Discussions

hello all,

I'm new to short sales and just found myself in a situation where the junior lien holder gave an acceptance date about 25 days short of the estimated closing date.

I am a little bit worried that by the time we reach closing even with the 15 day extension we wont be able to close because of the junior lien.

How can I solve this problem?

I was thinking maybe try to get the file started over now while I have time but I don't know if that is normal to do.

Also sorry if I am repeating an already discussed topic.

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Replies

  • Bryant Tutas August 21, 2013 at 7:25am

    Do you have the approval from the 1st? you need that and a confirmed closing date before requesting the extension from the 2nd. then send them a written request with a revised HUD and the approval from the 1st. It shouldn't be an issue. 2nds almost  always give real tight closing dates but will extend when needed. But you need to be ready with the 1st.

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