Home Buying in 19382>Question Details

Travis Bement, Home Buyer in West Chester, PA

Length of time between acceptance and closing

Asked by Travis Bement, West Chester, PA Tue Feb 12, 2013

My wife and I just had our offer accepted that we made on a short-sale. It was right before the deadline we gave them (9 weeks from offer) and we were starting to think about other places. The bank accepted the offer but put the stipulation that we are required to close in 30 days. This seems very fast. Our offer contract specified 45 days to closing from offer acceptance

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Then you do not have a contract unless you accepted their last counter offer with the 30 day requirement. Am I reading it wrong? If they did not accept your closing timeline then they countered your offer. To be safe, plan on closing in 30 days or less. Don’t use a lender that is taking 45 to 90 days. Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Mon Jan 20, 2014
This is a typical response from a lender to ask you to close in 30 days. If this is not what you want consult a lawyer before signing the "counter offer" which requires you to close in 30 days. Most lenders know that you will have a 50/50 chance at getting a mortgage company to appraise and close on a property in less than 30 days. Since this new term "must close in 30 days" is new to the transaction you can choose to decline it or counter it.

the issues to worry about may not be over yet. You may find additional costs and surprises will greet you as you move closer to settlement. When you are dealing with short sales you really need a lawyer and a good agent to make the other side play fair. Things to watch out for are back condo fees, water bills, mold accumulating in vacant properties, owners who choose to not move out of the house, break-ins, copper pipe thefts, last minute change of terms at settlement by lender or third party short sale negotiation companies.

Short sales are not for the timid and when you compare buying a short sale to buying a Bank Owned Property I think the Bank owned Property is a better option.
0 votes Thank Flag Link Mon Jan 20, 2014
This is really a question for the agent that is acting on your behalf as a buyer. But since you are asking on Trulia, I am not sure you are represented, so here's my 2 cents. First of all, that is a change in terms to your original offer. You can either accept their counter offer, give them another counter offer (which may take just as long as the first time for them to get back to you) or tell them, no, you can not do 30 days and get out of the agreement. You need to speak with your lender to see if 30 days is possible. That's 30 days from the last date on the contract. So if you accept their offer as written, you are going to initial and date where they made the change. Unless they still have to sign and date something, yours should be the last date on the contract. Your 30 days starts counting from then. The other thing you have to consider is what time frame can you do. Consider all the things you need to do or have happen so you can move forward with your deal. I hope this was helpful.
0 votes Thank Flag Link Wed Feb 13, 2013
While your concerns should be discussed with your agent, it is not uncommon for the bank to expect everyone else to play by their rules. Without knowing the details of your transaction I would think that without your signature and/or initials to their change in terms of closing you have the option to decline their response and move on with your agent. Again, your agent is the best equipped to address your concerns and guide you through this. Best of luck in the house you decide to purchase.
0 votes Thank Flag Link Tue Feb 12, 2013
Travis sorry to say banks call all the shots in a short sale. If they want you to close in 30 days, try and make it happen. otherwise they can say your dates expired and decline the approval letter in your transaction.

Need more advice contact US as we have closed more than our share of short sales.

Good luck,
Rob Hughes- Long and Foster Realtors
0 votes Thank Flag Link Tue Feb 12, 2013
30 day close from issuance of short sale approval is par for the course. Since you are concerned with the time to close, ask your agent to request an extension of the closing date as you specified to the bank. Enjoy your new home!
0 votes Thank Flag Link Tue Feb 12, 2013
It seems to be an "Open" Agreement now. If you have not agreed to the date changes made then you should be free to move off that property with little difficulty, just ask for a release. Everything needed to be Agreed to by both Parties, Signed and/or Initialed, to be valid. Not having seen the paperwork this is as general as can be but hope it helps.
0 votes Thank Flag Link Tue Feb 12, 2013
Travis in my experience this is typical. The bank tends to move very slowly in a short sale, but they expect everyone else to move very quickly. I believe every short sale settlement I have ever done has requested a 30 day close from bank approval.
0 votes Thank Flag Link Tue Feb 12, 2013
Have you shared this with your agent? Your agent would be the best one to handle this as your representative.

Jeff Huss, REALTOR®, CNAS, CNARS, CNRS, CNIS
REO/Foreclosure and Short Sale Specialist
CENTURY 21 Alliance – West Chester
709 E Gay Street
West Chester, PA 19382
Office 610-696-1100
Mobile 610-389-2184
Fax 610-524-4014
EMail jhussrealtor@comcast.net

Licensed in Pennsylvania License # RS279651
Formerly Licensed in Arizona License # SA517791000
Licensed since 1999
"Building Relationships One Home At A Time"TM
0 votes Thank Flag Link Tue Feb 12, 2013
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