Closing dates are targets - but with a short sale, the bank definitely calls the shots. In my experience, you can wait and wait, and when the bank says "NOW" you scramble. The bank approval may have an expiry to it, perhaps that is the 40 days. If that is the case, then it is in everybody's best interest to get it done in that timeframe....otherwise you are back to square one with getting the bank to extend. I'm facing this now with a short sale, the buyer just couldn't pull it together before the expiry of the approval and now we all on pins and needles hoping the bank will extend a few weeks so we can close.
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