Home Buying in 11758>Question Details

Melissa, Home Buyer in Babylon, NY

My offer on a short sale was accepted by the bank. The current owner wants to close in 40 days. I thought it was 30 days to close?

Asked by Melissa, Babylon, NY Thu Feb 2, 2012

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A closing date can always be ammended in writing. If you are financing the home on your end, you may be doing yourself a favour in accepting an extended closing date. The best structured deals can have lender conditions or unforseen conditions arise at the last minute. As already mentioned in a previous post, lenders on both ends have the first say so in the matter. 10 days is not unreasonable by any means.
1 vote Thank Flag Link Fri Feb 3, 2012
You really should be asking your attorney the question, what closing date is the lender requiring....
1 vote Thank Flag Link Fri Feb 3, 2012
You're one of the lucky ones that is closing on a short sale.
For the extra 10 days rejoice that you're getting the home.
Web Reference: http://www.321property.com
1 vote Thank Flag Link Fri Feb 3, 2012

Normally, closing dates of short sales are driven by the lender involved....the requests of the buyer and seller may be "pie in the sky."

Good luck,

1 vote Thank Flag Link Fri Feb 3, 2012
Close as soon as possible, when all documents are completed and the bank gives final approval.
0 votes Thank Flag Link Fri Apr 27, 2012
If you can close on a short sale in 40 days, take it. Short sales are known to be very lengthy in time and slow in timely information.
0 votes Thank Flag Link Sat Mar 17, 2012
Lenders do typically want the transaction to close within 30 days of a short sale approval in our market. The seller can ask for an extension and it's usually granted sometimes a fee is assessed. Make sure you can close also within that the designaed time frame. Good luck
0 votes Thank Flag Link Tue Feb 14, 2012
As Bill said, "....closing dates of short sales are driven by the lender involved....the requests of the buyer and seller may be "pie in the sky."

Oh, you are right, you have a signed contract. The bank submitted a 19 page addendum, and a 'Short Sale Addendum' that everyone signed and swore a oath of truthfulness. You will close when the bank says you will close. The agents involved will need to keep extending the closing date criteria to keep the purchase contract 'active.' The process in NY may differ in this regard. but not in the moral of the story.
0 votes Thank Flag Link Fri Feb 3, 2012
The bank(selling side) generally wants to close sooner than later. It is more important that they are kept in the loop regarding the actual closing date as I have seen many agents ignore them only to find out the offer has expired and then have even greater delays. There is no set time frame that anyone bank "always" follows.Stay on top of whomever did the negotiation with the bank , but the good news is it seems like you have a short sale ready to close. Congratulations
0 votes Thank Flag Link Fri Feb 3, 2012
Hi Melissa,

It sounds like you are in good shape if you got to the point of setting a tentative closing date. The attorneys are the ones to clarify what is acceptable by the contract guidelines and then in turn what works for both buyer and seller. A ten day difference doesn't sound like a huge difference unless you have a closing date or lease issues at your end. Discuss all of this with your attorney. Good luck and welcome to Massapequa. You'll love the town, if you don't already.
0 votes Thank Flag Link Fri Feb 3, 2012
What does your Realtor say about this? What does it say in your contract? In all my years in the business I have never had buyers and sellers disagree over the closing date until the last year, now it happens frequently??? I would focus more on just getting it closed, most of the short sale attempts don’t close at all, much less late.
0 votes Thank Flag Link Fri Feb 3, 2012

Your closing date should be indicated on your purchase contract. If the buyer requests more time, this should submitted to you on an addendum to the purchase agreement. Most lenders require 45 days to close a buyer’s loan so 40 days is not abnormal in today’s market. Your agent should help you in working out a reasonable closing date with the buyers.

Carol Perdew
Prudential California Realty
(209) 239-7979
DRE 985176
0 votes Thank Flag Link Fri Feb 3, 2012
How was this information transmitted to you? Was it through the agents involved, or through your attorney? In a short sale, the homeowners are often under a great deal of stress, accommodating a change in their lives over which they might have very little control, and was likely not of their choice. It sounds as if they are looking for a little time to put all their ducks in a row. Ultimately, the closing date will be determined by the institution(s) and the professionals involved. You are lucky to have navigated the short sale waters to reach a successful conclusion.

Good luck with your move into your new place. The difference in time will likely be soon forgotten as you start your life in the home of your choice.
0 votes Thank Flag Link Fri Feb 3, 2012
Closing dates are targets - but with a short sale, the bank definitely calls the shots. In my experience, you can wait and wait, and when the bank says "NOW" you scramble. The bank approval may have an expiry to it, perhaps that is the 40 days. If that is the case, then it is in everybody's best interest to get it done in that timeframe....otherwise you are back to square one with getting the bank to extend. I'm facing this now with a short sale, the buyer just couldn't pull it together before the expiry of the approval and now we all on pins and needles hoping the bank will extend a few weeks so we can close.

Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes Thank Flag Link Fri Feb 3, 2012
The time period may vary based on the person doing the job, the house condition, the vacation schedules of the professionals involved. The earliest would be 45 days but with a short sale it is normally longer than 40 days. I enjoy reading the about.com articles. They are highly recommended. Follow the link below for the steps to purchasing a home.
0 votes Thank Flag Link Thu Feb 2, 2012
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