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Answers (5)
Best Answer
- Lila Lopez, "llopez9915"
- Contributions:321
Good Mornig Jorge,
As stated here, you need to get a copy of the short sale approval letter, given you live here in Miami, I know that there had to have been a short sale addendum you and the seller executed that indicted they are required to provide you with a copy of that short sale approval letter. In addition, most lenders are requiring the short sale approval letter for their files to ensure that there are no conditions on there that would keep them from providing financing for the new buyer. That short sale approval letter in turn becomes your Effective Date on your contract and that is where your starting point it. As also stated here, there is something that does not appear to be quite right. I have been working short sales for the past 4 years and have never seen a 6 day timeframe for closing , not even when it is a cash buyer, the shortest timeframes I have seen are 30 days, and when a delay occurs for a vareity of reasons, the lender has allowed for extensions so long as the request is made well before the closing date, and there is a justifiable reason. You will need to have your realtor get that approval letter and read it yourself. Good luck. If you should have any further questions, please feel free to contact me.
Lila Lopez
RE/MAX Advance Realty
305-772-2521
As stated here, you need to get a copy of the short sale approval letter, given you live here in Miami, I know that there had to have been a short sale addendum you and the seller executed that indicted they are required to provide you with a copy of that short sale approval letter. In addition, most lenders are requiring the short sale approval letter for their files to ensure that there are no conditions on there that would keep them from providing financing for the new buyer. That short sale approval letter in turn becomes your Effective Date on your contract and that is where your starting point it. As also stated here, there is something that does not appear to be quite right. I have been working short sales for the past 4 years and have never seen a 6 day timeframe for closing , not even when it is a cash buyer, the shortest timeframes I have seen are 30 days, and when a delay occurs for a vareity of reasons, the lender has allowed for extensions so long as the request is made well before the closing date, and there is a justifiable reason. You will need to have your realtor get that approval letter and read it yourself. Good luck. If you should have any further questions, please feel free to contact me.
Lila Lopez
RE/MAX Advance Realty
305-772-2521
- Michelle Carr-Crowe, "lynbrookhomes1"
- Contributions:533
Has this been delayed before? I know many lenders do want to close by the end of the month-it could even be directed by the buyer's lender commitment also. There should be an official short sale approval letter with all terms spelled out-get a copy and share it with everyone involved. Some lenders could do it-if the buyer was already pre-approved.
Also find out from the negotiator if there is any grace period. I've seen B/A and WF both extend...as long as there was obvious action and good faith that all sides used due diligence to attempt to meet the deadline.
Also find out from the negotiator if there is any grace period. I've seen B/A and WF both extend...as long as there was obvious action and good faith that all sides used due diligence to attempt to meet the deadline.
- Edyta Gryc, "SE Florida broker"
- Contributions:304
I agree with Craig. It is very unusual for the bank to give only 6 days for closing and for value to increase 10% if not closed on time. I suggest that you follow Craig's advice. Good luck!
- Craig Fialkowski GRI ,CDPE, "craigfial"
- Contributions:572
Something smells fishy. Have you received a written approval with your name on it and closing instructions?
If not, someone is trying to hijack the transaction.
If the written approval does infact indicate a 6 day closings. The agent negotiating the transaction with the lender needs to push back on them that the request is not reasonable and almost impossible to complete. I'm guessing they want to close by 9/30/2011. Last day of the month is a hit closing day for most people.
Have someone review the info to make sure it's all legitimate.
Not sure why the price would go up 10%. Again, red flag.
Craig Fialkowski GRI,CDPE
Realty Elite - Palm Beach
If not, someone is trying to hijack the transaction.
If the written approval does infact indicate a 6 day closings. The agent negotiating the transaction with the lender needs to push back on them that the request is not reasonable and almost impossible to complete. I'm guessing they want to close by 9/30/2011. Last day of the month is a hit closing day for most people.
Have someone review the info to make sure it's all legitimate.
Not sure why the price would go up 10%. Again, red flag.
Craig Fialkowski GRI,CDPE
Realty Elite - Palm Beach
- sunnyview
- Contributions:25139
What will happen if you can't close is that the price goes up 10% if that's the contract. I would really stay on top of the title company on that timeline even if it is an all cash deal. 6 days is flying.
Short sale approve with only 6 days to close?
It is impossible to close in 6 days.
What will happen?
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