Home Buying in Wisconsin>Question Details

Samanthaolso…, Home Buyer in Oshkosh, WI

Can I change my closing date after an accepted offer?

Asked by Samanthaolson32, Oshkosh, WI Wed Aug 29, 2012

I live in Wisconsin. I am purchasing a home on a short sale. I have an accepted off from the sellers as of 8/27/12. The bank has until 9/24/12 to let me know if the offer is accepted through them. I am wondering if I can change my closing date from 9/29/12 to the end of October. It would help with the finances if I had a few more weeks.

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You can change anything provided the other party agrees in writing via 'Amendment to contract of sale'. It's a bit tougher in a short sale situation because there's another party involved in the transaction.
1 vote Thank Flag Link Wed Aug 29, 2012
I would be surprised if you get an answer from the bank by 9/24. And even if you did, I'm not sure you are closing on the 29th. It doesn't sound as though you have an agent representing you.

Did you put contingencies in your offer such as an inspection? And if so, when is that to be completed by.

Did you put a financing contingency in your offer and what is that date?

Many unanswered questions.

Also, keep in mind that although the banks will generally take their time getting an answer to, once they decide to go forward you can't move fast enough for them. Make sure you have all you ducks in row when dealing with short sales and foreclosed properties.
0 votes Thank Flag Link Wed Aug 29, 2012
I do have an agent, one that is supposedly qualified for dealing with short sales. I find it hard to believe that we would still close 9/29 if the bank has until 9/24 to give us an answer. That is why I was wondering if it would be a big deal to change to closing date. I do have contingencies for inspections, 14 days from accepted offer from bank. So, the banks dont have to give you an answer within the time frame they are allowed?
Flag Wed Aug 29, 2012
To be honest closing on Sept 24 will be very hard as short sales just can not work that fast. Putting a deadline for a bank to make a decision only hurts your offer instead of making them rush. Your best bet is toask for an extension now, your buyer broker should easily be able to help you.
0 votes Thank Flag Link Wed Aug 29, 2012
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