Home Buying in 08330>Question Details

Enufalredy, Home Buyer in 08330

should i sign 60 day closing extension?

Asked by Enufalredy, 08330 Thu Dec 16, 2010

involved in ss since Sept. Offered 125k on 135k loan, accepted by all. Appraisal this past week 152k with my proposed upgrades, house divorce trashed. At arms length signed this past week. Last weeks tentative closed date was stated as Dec.30. As of this morning was moved up to Dec. 23. Late this afternoon call requesting sign Feb15 extension. Should I sign or is something up? Day 100 already, is this thing coming to a close? Will I have to wait until Feb to close this deal.?

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If you want the home and are willing to wait, sign it, but I would ask your agent why the delay?
0 votes Thank Flag Link Fri Dec 17, 2010
Typically the short sale will take 90 to 120 days for approval. If the seller has a good attorney representing them they can close quicker. Did the bank approve the sale yet? Once the bank approves the sale you'll typically have 30-45 days to close.

You can learn more by attending my free class Winning With Foreclosures.

Thursday, January 13, 2011
Winning With Foreclosures
When: Thu, January 13, 2011, 7pm – 8pm
Where: Keller Williams Realty Atlantic Shore, Northfield, NJ (map)
Description: Learn the ins and outs of buying foreclosed property. Learn how to be successful at purchasing bank owned and short sale properties. To register: http://www.jotform.com/form/2655117417

The class is held the 2nd Thursday of every month.

Best wishes,

Web Reference: http://HavilandGroup.net
0 votes Thank Flag Link Thu Dec 16, 2010
What is your agent advising, and it may be in your best interest to consult with an attorney who specializes in real estate and have all related documentation reviewed, he/she can best advise, see exactly what options you may have.
0 votes Thank Flag Link Thu Dec 16, 2010
With the situation you are describing there are countless things involved for us to give any advice. At this point it would be best to contact an attorney, or at the very least have a talk with all agents involved, including any negotiators to see where things seem to be. I wish I could give you a better answer but each of these situations is very unique, and I applaud you for being one of few seeking answers in a situation like this.
0 votes Thank Flag Link Thu Dec 16, 2010
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