What happens if a buyer wants (and sent written letter) to extend the time of a short sale contract and the seller don't respond.?

Sherilin
Home Buyer
Evanston, IL

Does it mean that the cotract is terminated and the buyer need to get the earnest money back?

Answers (3)
Carol McAlister
Agent
Franklin, TN

in agreement with Wayne. Not sure what you mean about letter? Your agent would have done an extension??? I have had lenders ask for extension letters on expired dates and have them written sometimes 60 days out since these do take a while. There are to many questions I have to give you reasonable answer. Your agent should be able to get an answer for you Sherilin.

Mon Nov 2 2009, 18:12
Wayne Beals
Agent
Chicago, IL

Hey Sherlin,

Way too many variables here.

Check with your attorney to review the contract documents and this will let you know if the seller is in default.

Short Sales can be very complicated as they involve more than just the Buyer and Seller Parties. The Seller may be reluctant to respond because their Lender may not have responded to them. Remember that in a Short Sale, the Seller will leave the closing table with no money, but avert foreclosure. They are likely motivated to keep you in the deal, but are very likely dealing with many other issues. It is entirely possible that the seller feels the situation is out of their control and is being non-responsive. Your agent can discuss with the sellers agent the activities the seller has been taking to push the deal forward. Otherwise, the attorneys will determine the state of the contract.

Wayne Beals
Realtor
Keller Williams CCG
312-77BEALS
312-772-3257
wbeals@kw.com

Mon Nov 2 2009, 08:34
Joe Salcedo
Broker
San Jose, CA
FIRST ANSWER

Good Morning,

Here is deal if you are buyers and you waited too much time
in the contract was laps then the seller do not want to extend the contract
be may the seller file a bankruptcy or loan modification. The only thing to do
is sign the release in get the eanest deposit........

Mon Nov 2 2009, 08:16

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