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We have a Short Sale offer and buyers are wanting a close within 30 days

We received an offer, it was summited to the Investor Nov 2nd, the buyer is pushing for a Settlement/Closing date of Dec 5th. Do I have any say so in the closing date?
Does anyone know what the time frame is that I would need to vacate the property and can I request an extension if it's to soon? The buyer is requesting we vacate 5 days before closing.  Also the Investor hasn't done a BPO, sent an approval yet and it only it's only 29 days away.

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November 06 2013 - US
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Best Answer
Your time frames for closing are stipulated in your purchase and sales agreement. With that being said a short sale is a completely unconventional sale which the time frames cannot possibly be predicted 99.9% of the time in my experience representing buyers and sellers.

The odds of being able to close on or before 12/05 seems a little unrealistic to me but I am also not privy to the details of your particular deal. Bottom line though is it is very unfortunate but banks are not in a rush for anyone and do not make exceptions for eager buyers or sellers.

My advice in a short sale situation for all buyers and sellers is to have good representation (i.e. experienced agent), good communication, and quick response and turn around time when banks ask for documentation. 

I hope this helps!

Joshua Danley
Prudential Network Realty
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November 06 2013
Profile picture for wetdawgs
While it is quite possible with a short sale that they won't close in 30 days, you asked a very basic question of moving before closing. 

Their request for your house to be vacant 5 days before closing is something you can push back on.  It is your property until money has changed hands, so a walk through of an empty house within a few hours before closing is reasonable but five days is not (IMHO).

If you've not done so already, today is the day to start packing.    Get 90% to 95% of your stuff packed away, and you'll probably be just fine when the closing date has been identified.

We received an offer once that was contingent on closing in 14 days.   We checked with movers and countered at 15 days and the counter was accepted.  Yeah, it was crazy and sometimes I wondered if it was possible but getting the home sold was good!   Moving is a real pain.



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November 06 2013
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Thanks for all the reply's!  I spoke with the buyers agent, she told me she used dates that would be practical for a tradition sell.  She stated that due to this being a Short Sale, the Investor could over ride the dates, counter offer or decline the offer.  The buyers have already sent out a Home Inspector Termite Inspector and their bank is sending an Appraiser tomorrow.  I feel this was a little soon, but I guess we sit and wait.
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November 06 2013
Your hands are tied and you are at the mercy of the lender......Since it is the end of the year there may be a chance to close soon if the bank has a quota to meet by the end of the year..
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November 06 2013
That buyer needs a good dose of reality. You have no control over a short sale and then toss in a national holiday, maybe they mean Dec 5 2014 -- that might be more possible.
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November 06 2013
These are questions to ask your Realtor. If you can get the short sale approval by then, it may be possible to close by December 5th. As far as your say in the closing date -- there should be language regarding the closing date in the contract -- which is of course subject to the lender's approval. The terms for occupancy and possession should also be in the contract.
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November 06 2013
 
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