Counter offering on a short sale. Can I extend the time to closing in the contract?

Profile picture for Brynja
I am counter offering on a short sale.  The current offer has a set date in the offer but it took the bank a while to counter our offer.  I would like to have time from lenders approval to rent my current house and come up with cash for closing.  Can I put language in the counter offer addendum and request 45 days from lenders approval to closing day?
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October 18 2009 - Annapolis
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Answers (3)

Profile picture for Din Khaled
On a Short Sale, if the bank is talking to you, and are ready to close on a date, try your best to agree to that.  If you don't agree to what they are offering and send them back, this might take them a very long time to get you an answer.  This also might force the bank negotiator to start the process again.  So, unless this is totally necessary, I advise my clients to work with the bank.
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October 27 2009
Profile picture for GreatRateFolks
MikeEmery gave you great info, and after discussions with both your real estate agent and your lender, a forty five day window from acceptance to closing should be no problem in most instances. Good luck, hope these comments helped, Jim.
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October 19 2009
Profile picture for MikeEmery
If you are counter offering to the banks counter offer, there should be no problem as you have not yet agreed to the counter offer the bank has proposed.

However just remember that requesting that additional time may cause the bank to reject the purchase agreement outright with no additional counter offers.

TTalk to your agent for guidance.
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October 18 2009
 

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Profile picture for Din Khaled
QuestionCounter offering on a short sale. Can I extend the time to closing in the contract?
  • Latest answer by Din Khaled
  • October 27 2009
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