Seller's bank in short sale wants monies transferred to them by 4/29/10?

Asked by Dj, 95757 Sun Apr 18, 2010

We already extended the close of escrow once and the seller's bank in short sale wants the money wired to them by 4/29/10 because they will be switching mortgage servicers and they will have to start the short sale over again. Also our loan docs haven't even reached title yet.
1. How long will it take from loan docs going to title and money wired to seller's bank?
2. Would it be possible to request another extension to close escrow past 4/29/10?
3. Would my earnest deposit be in jeopardy if we don't meet the 4/29/10 deadline?

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Anna Boyd, Agent, El Dorado Hills, CA
Tue May 11, 2010
Hi DJ,
Maybe you can share.

I'm sure readers on this board would be interested in the outcome based on your situation.
Web Reference:  http://www.annaboyd,com
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Keith Manson-…, , Milwaukee, WI
Sun Apr 18, 2010
Push to get everything done! Most all the things oustanding should be able to be completed before 4/29/10. Don't try to get an extension, if your property does not close it will go to another lender with 100's or 1000's of other loans. The likely hood of you getting an extension from the next lender is not likely because it will take them 30 days to figure out that you are even in the process of a shortsale!

Loan transfers are a night mire that you want to avoid. Get it done!

Keith Manson
First Weber Group
Certified Distressed Property Expert

Metro Milwaukee
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James Gordon…, Agent, Hamilton, OH
Sun Apr 18, 2010
Dj there should be plenty of time to get this done. Once the closing package hits the title company you could close in just a couple of hours. Wire transfers take no more than 4 hours as long as they start it before 3pm local time for the regional tranfer bank and the recieving bank is open.
You could always ask for an extension but a quick closing after a long drawn out waiting period is normal for short sales and if the servicing is being transfered this loan will be part of a package and an extension may not be able to be granted.
As for your ernest money check with your Realtor®.
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