I am very happy today because Iâ€™m a homeowner. We did close on the house yesterday. Both Lenders (Chase and SSL) gave us 2 more days to close. We received approval yesterday morning and closed in the afternoon. I think that our agent and attorney did a great job.
Thanks to all of you for your help and input. I appreciate it.
If your closing date was last Friday - April 29 - and you are posting your question today, May 2nd, you need 5-7 day extension at the minimum, not 1 day extension.
Hopefully, your agent and the listing agent know enough about the short sales to handle the situation correctly. Or at least were smart enough to ask their brokers for guidance - after all, this is what the brokers are for, to guide the agents through the real estate transactions, if necessary.
Most lenders are reasonable enough to extend the closing date, especially if you have a legitimate reason.
Your agent is the best person to answer your question.
KELLER WILLIAMS REALTY
As the prior poster said, usually you can get an extension but there are variables. The entire transaction may need to be approved again, its a bank by bank policy, so extending for one day may not be possible as it may take several weeks to get re-approved. Again, this depends on the seller's banks' internal requirements. There is a huge advantage to doing it in advance, but that is not always possible, and banks know this - it's not their first property sale. Sometimes there's a fee to the buyer, sometimes not. Look to your agent and the listing agent for specific information that impacts your transaction.
Best of luck.
Your agent should have seen/predicted the delay coming and asked for an extension AHEAD of time, not after the settlement date. Banks may or may not give an extension depending on the circumstances, but it should always done BEFORE the settlement date.
Speak with your agent - they should speak with the listing agent of the property who will have to contact the bank and request an extension - IN WRITING - to move the settlement date back. It's much harder to get an extension AFTER that date the original short-sale approval expires. And it will definitely take longer than one day to get the extension.
Important: If you do not have the extension, in writing, signed by the appropriate person at the bank, you can not settle on the property because the short-sale approval has expired and there is technically no short-sale approval anymore. At this point, you're not asking for an extension - you're asking for a new approval.
I'm refering to the bank holding the property mortgage now. Our attorney has the loan final release and the money available to be sent to the lenders. She is trying to negociate with the banks for an extension to close today. Our agent did not ask for an extension because we were closing on Friday but there was a problem with the wire transfer and the money arrived after 5:00 pm which was the deadline to close.
Have your agent draw up an amendment/addenum to request an extension via the listing agent.
This will need to be approved by the lienholder(s) and should not pose an issue if you are still within the 30 day approval period initially granted.
All my best,
Lisa Moroniak | REALTORÂ® | Service360Â°
SFR - Short Sale & Foreclosure Certified
Keller Williams Realty
Licensed in VA