thanks for the clarification and real dates...that is cutting it close.

i will echo the prior response that the lender will probably grant the extension since their agent caused t he breach, but add that you should hold the appraiser to a high(er) standard. i have a clause in my counters that the appraisal gets ordered within 24 hours to help avoid such delays. they're not that busy these days.

that said, the lost key falls to the listing agent who elected to put t combo box on. i think you'll get the extension but they will want to wait until you know how many days you need.

be sure to rekey on closing

Thanks for all the answers.

Mike; the key was actually missing from the box. Nobody knows who took it since it was just a combination lockbox. Everybody, including the listing agent, assumed it was there. Also, this is a local appraiser and since it's an FHA loan apparently the new rules don't apply yet (at least that's what my broker told me).

I am guessing that the key is in the unit or an RE agents pocket. I hope nobody unauthorized went in. They also took the key to the front door of the complex.

I have to assume the REO is going to hold me to the per diem so I really needed the extension. The appraiser already missed his original scheduled date by 2 days. I went into escrow 10 days ago so now, unless I get an extension, I only have 35 days to close an FHA loan with a second loan from the San Diego Housing Commission. That is definitely cutting it close. My last loan fell through after the lender didn't give final approval until it was too late and the seller cancelled. That one took 80 days. I'm not going through that again if I can help it.

you don't need an extension...just tell the appraiser that their inability to get in has them on a shorter turnaround. this is one of the problems with the new appraisal protocols. we see many twists on this...they make less than ever before and are frequently from way out of town. i got $20 bucks says that a local appraiser would have known the codes.

stepping back we see that the appraiser went out without confirming that he/she could get in. NOT SMART. upon discovering they were locked out, the appraiser should have gotten on the phone while they were at the property and solved THEIR problem before it became yours.

Have your realtor document and have the appraiser document and you document the problems. Talk with your lender...I don't believe there will be any problem getting the extension, but have your agent have a heart to heart with the other agent.

Good luck,
Joan Wilson (Realtor, SRES, Ecobroker)


California Cool 4 Sale
Prudential California Realty
Direct Phone: 760-757-3468
Fax: 760-946-7894
JoanWilson@prusd.com

Just as others have stated below, as long as you document the reason and send that over to the Seller's agent with your addendum to extend closing, I've never experienced a problem with an REO seller extending the date and waiving the per diem fee if it is their fault for the delay. Just make sure the reason is clear to them.


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David,

Sounds like your agent is doing the right things.

In my experience, especially when the delay has been caused by the seller, I have never had a buyer charged per-diem for not closing in time. It is always best to get the waiver in writing to protect yourself.

Most REO sellers will be fairly reasonable in granting concessions once you are in escrow. You have to understand that the bank does not want to have to start the entire process over again if you cancel escrow. They lose not only 30-45 days, they calculate it costs them about 3% per month to carry a property in inventory.

Sounds like the seller is represented by one of what I call REO mills here in town . They want everything done on their terms and often don’t play by the rules. Many of the brokers selling REOs are really good to work with, but a few, well, it’s like pulling teeth.

Hang in there, you were able to get an offer accepted and are in escrow, which in itself is a feat.

Jay Gedanken
Broker
CA DRE Broker # 01416735
858-605-5839
jay@SaveYouCash.com

Have your Realtor document in writing the days of delay and the reasons to the listing agent. REOs frequently run late for reasons such as this. You may find yet another issue that pops up causing a delay of another couple of days. That's why the bank would rather wait until it's closer to closing to do one extension in writing for all the days needed. I've not had any trouble getting the extension when needed. Just document everything and keep pushing along on your side. You don't want to have any delays that you caused. They really want to close the escrow with you since you're already well under way, so hang in there!