Our offer on short sale home was approved, but our home has not sold. Will bank extend settlement for 30 days?

Asked by Pennnnnstater, Allentown, PA Wed Jun 20, 2012

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Carl SanFili…, Agent, East Brunswick, NJ
Sun Aug 26, 2012
Has the bank approved the short sale? Have you seen a copy of the banks approval letter?
0 votes
Aubrey Hendr…, Agent, Allentown, PA
Thu Jun 21, 2012
I would think so, extending doesn't tend to be a problem in most cases. If an auction date has been set and is close, then it may be a problem. Your Realtor can prepare and extension addendum for the sellers to sign and present to their lender.
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Ron Thomas, Agent, Fresno, CA
Wed Jun 20, 2012
You scare me when you say that the sale has been approved:
Whom has it been APPROVED by; the SELLER or the BANK?

The Seller, in a SS is really a "rubber stamp" approval.
You really need the Bank's approval, and if you have it, there will be no problem for the time-is-of-the-essence, because the Bank will want a long Escrow.

You will not receive a SIGNED acceptance, such as you would get from a normal seller:
you will probably get an ADDENDUM or a COUNTER OFFER for you to sign, and the Escrow will be opened.

The LISTING AGENT is working for, and chosen by, the Seller, so the Bank will not treat him the way that they do with an REO. Communication may be lacking.

Good luck and may God bless
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