Home Buying in Zephyrhills>Question Details

honestly71, Home Buyer in West Palm Beach, FL

What could be the problem with this Wells Fargo short sale?

Asked by honestly71, West Palm Beach, FL Mon Jun 10, 2013

I entered into a Short Sale contract March 10th with the guidelines that we would receive lender approval within 60 days and the closing to be set for June 14th. Sounded too good to be true from what I've read up on Short sales..and it was. At 60 days, got nervous because still no reply but was told our contract was still good until the 14th of June. In May we were told the negotiator said all the paperwork was complete and they were reviewing the file. 2 weeks ago we were told that the short sale had been escalated to speed up the transaction. Now the final hearing for foreclosure is scheduled for June 18th (2 days after we were originally supposed to close) and they want me to sign an extension for the closing to move to July 31st. If all the paperwork was in over a month ago and it was being reviewed anyone have any idea what would be the hold up? There is only 1 lender. Should I extend..or cut my losses?

Help the community by answering this question:

Answers

2
There's nothing short about a short sale. It sound like yours is moving much faster than most!
0 votes Thank Flag Link Tue Jun 11, 2013
Remember that you asked:

You are the only Shortsale that they have to deal with; they probably have hundreds at a time.
And they don't care a twit about you, and they don't care a twit about your deal:
In fact, you are an imposition to their workday; you're something that they HAVE to do.
Either you will accept the extension request, or not! Either way.....

You are not going to spite them, or make them feel bad it you refuse, or ignore them.
Do you want to cut off your nose to spite your face?
0 votes Thank Flag Link Mon Jun 10, 2013
The contract stated that they would not accept any other offers so on this particular home, I guess I am the only one at the moment. But the question was actually if all the paperwork was in and being reviewed over a month ago what the hold up could be? And where they are so close to final judgement on the foreclosure would it be wise to extend the contract and wait or does it look like the bank would rather foreclose? I guess I worded it wrong. It's not the bank asking for the extension..it's the seller's agent. Not looking to SPITE anyone...just looking for advice on whether or not waiting for this home is a good idea, or looks like I'll be waiting and not looking elsewhere to have it auctioned out from under me.
Flag Mon Jun 10, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer