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Nicole Holt, Real Estate Pro in Staten Island, NY

Chase Short Sale Extension

Asked by Nicole Holt, Staten Island, NY Sat Oct 26, 2013

Does anyone have any experience with Chase regarding an extension to the closing date? My buyers are so close to close. Chase approved the Short Sale on 9/24. They gave us until 10/28 to close. The buyers have their committment letter. All conditions have been met. Appraisal done. The only thing we are waiting on is the survey which will be in on Monday and funds from 401K for the buyer which will be ready by 10/31-11/1 the latest. I am asking until 11/11 to be on the safe side. Speaking to the negotiator she said the closer said 10/31/13. Is there anything I can do Monday to try to get the extension? Please advise.

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Yes. I have had a short sale with Chase and have received an extension. Keep in mind that when you are doing a short sale it is the investor that has to approve the extension, not the bank that it servicing the loan.

I have had the servicer tell me no as soon as I asked without even going to the investor. I knew that the investor was Fannie so I went directly to the investor through HomePath and filed the request. Please note, in order to do this you will need to complete their third party authorization. Within a few days I received an email Fannie alerting me that the extension was approved and that they sent the info to the servicer.

More than likely you will receive the extension. I would not seat over it.

Best of luck to you.

Dawn Noak
Gladstone Group
631-827-7373
DawnSells@verizon.net
0 votes Thank Flag Link Sat Oct 26, 2013
Any proposed addendum to the original agreement essentially gives the parties to the contract the opportunity to "exit" this agreement. With this said, should both parties agree to and sign the addendum, the agreed terms are applied to the contract.

The fact that you are asking Chase to agree to your terms is therefore allowing them the option of not having to abide by the terms of this agreement and sell you the property. Why would they do this? If the have had significant interest on the property prior to and after your agreement, this could prompt them to explore these options to see if there are better terms available through one of these offers.

The logic here is if there are going to wait an additional period why shouldn't they consider doing so for better terms.

There is more involved here than simply asking for and expecting everyone involved to agree to additional new terms. From where I stand, if you are in a position of having to move forward with this request, you better hope "you are the best player in the game."

Good luck,

Bill
0 votes Thank Flag Link Sat Oct 26, 2013
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