Will bank ok SS extension for sellers?
We have been in a short sale for almost 5 months and about a week ago the sellers asked for an extension to have time to remove the remaining furniture items from the home. We said no and offered to help them move the few items along with their realtor but they refused many many offers and insist on doing it themselves and want to be at closing. The story is that he is out of the country illegally and needs to finish a job he is on because he cannot simply come back to move/close and go back to finish his work because of the expired visa. They want a 30 day extension and we are all waiting for the bank (BOA) to answer. I know this is very odd its not like they haven't known they would need to get the rest of their items out for months however we really want the house and pray that they are being honest. Plus we figure he will somewhat hury to get back because if he gets caught he goes to jail and gets deported. We have already done the inspection, appraisal, survey, HOA app fee, and locked in our rate ... we hate to lose all the money we have put into it now for one more month. So upset but am extremely worried about what the bank will do or say - will they take into account all that we have done? Is there hope that they will extend it?? This would be the 1st extension since we got bank approval.
Replies to This Discussion
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Permalink Reply by Eric Mieles on
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With all that you've done ( appraisal, inspections, etc) and this being your 1st extension I don't see any reason why you won't get one.
Quick question is it just the husband that's out of the country and the wife is local? Will they agree to do a mail away and title can send him the documents and he can make an appointment to get them notarized and sent back in time to meet the deadlines?
Is the sellers agent motivated to talking with the clients and using some urgency rather than just hoping for an extension?
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Permalink Reply by Ann on
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Both are out of the country. We think that he is a US citizen (w/expired visa in other country) and the wife is a citizen of the US and other country. Yes, they know they can do by mail or fax but insist on getting remaining furniture/personal items out themselves and want to be at the closing but we don't understand why. Yes, from what we have heard and read from emails the sellers realtor has really tried offering up her own money and time to help move them what is left. Sellers have provided fairly quick responses for paperwork through this process so we still feel there is hope if the bank will agree to extend. Thank you for your reply ... gives me a little more hope.
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Permalink Reply by Smitty on
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Wow. Do you have an agent of your own? Has the short sale been approved? If there is no approval, there really isn't anything to extend except maybe the purchase contract, which is easy enough to do. The seller if out of the country can sign a power of attorney. He doesn't have to be there for the closing if there is one scheduled. I think we need a bit more information. I would not count on BOA caring that you had inspections, and appraisals and surveys...they care about their bottom line NET and that's about it. That is the risk of buying a short sale. It's NOT guaranteed. What is the status of the approval?
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Yes, of course we have an agent and we have bank approval as I stated in my original post.
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Permalink Reply by Jeff Payne on
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This is very interesting one. Why not compromise? Get them to close but with an agreement that you won't take possession for 30 days, allowing them to get their items out. Maybe the husband could sign a power of attorney for the wife to sign for him. Have you talked about having a professional mover remove the items and store them for you?
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We are concerned about doing that because we would then have a mortgage and rental payment and if they didn't hold up to it in the end we would have to begin the eviction process which we've heard can be a long process and nightmare. Regarding the professional mover no but we offered to help move with the assistance of their "friend' (probably renter) or whoever they choose along with their realtor present so we would not be liable. She has gone back and forth with them on this for about a week now and we thought they agreed to stick to the original date but all he seems to care about it finishing this job I'm sure to be paid then they'll come back. Their realtor offered to help and pay for moving expenses first but they said no over and over (we would have if she didn't). We have been told that she has paid money out of her own pocket to keep this SS moving but we don't know all the details of that.
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I didn't mean that you would rent it back to them, what I meant was that you can work an agreement to let them keep their items in the house for no longer than 30 days. You won't move in for 30 days but will have possession of the home. If they do not come get their things in 30 days, you will put them in storage at their expense. As far as having a mortage and rental payment, I don't see how 30 days would leave you with both? You close on Oct 1 and your first payment is due Dec 1 and you take possession of the home Nov 1 if they agree to the 30 days.
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Oh, thats true I didn't think about it that way but honestly I still don't think they would sign because it "could" involve someone else moving there stuff. That seems to be the big problem and everyone laughs at me but I think they have something hidden in there don't want anyone to know about. Our inspector noticed the main attic access was locked but was able to take a look through a different access.
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Ann,
Shoot for the extension and you should be okay. This will be the 1st request for an extension so I don't forsee denial. Let us know what happens.
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Eric,
In your experience how long has it taken for bank (BOA) to respond to a short sale extension request? The current closing date is next week. We think the sellers realtor sent the extension request yesterday and it seems like with this bank we have to get to the point where we are about to walk away then they respond. Have been told probably a week but hoping to hear sooner. :( Just curious as to what others have experienced. Thanks again!
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Ann,
I would make sure the sellers rep is calling the negotiator until he gets him on the phone directly. He should be able to explain and be granted the extension. BUT he must make sure he's on top of it, not just lingering waiting for a response or sending a message here and there.
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