We didnt make it to the closing date, we asked for extention but the seller's bank didnt give it to us, they closed our account, can we still buy it?

Asked by Rouchellemv, Chicago, IL Tue Sep 25, 2012

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Joanna Weiss, , Chicago, IL
Thu Sep 27, 2012
Usually the extension request is handled by the attorneys involved in the transaction. I would consult your attorney to see if you are able to put another contract on the property. I don't understand how the seller's bank got involved, unless it was on their loan on the seller's new home. Let me know if I might be able to help. Joanna 773-327-3580
0 votes
Tony Guisto, Agent, mokenA, IL
Wed Sep 26, 2012
put in an offer and see. You never know what the bank or seller will do unless you ask. You may not get it, but knowing for sure is better than wondering about it.
0 votes
Jack Lewitz, Agent, Lincolnwood, IL
Wed Sep 26, 2012
I see people are assuming this was a short sale but I have seen extensions denied on REO sales as well. It's all about numbers particularly the number of closings in a month and if they meet their targets.

I recommend looking for something else.
0 votes
Bill J Delig…, Agent, Naperville, IL
Wed Sep 26, 2012
If you are able to purchase now, then resubmit your offer and let the fun recommence.
0 votes
Sohail Salah…, Agent, Chicago, IL
Wed Sep 26, 2012
It could be a number of reasons, we would need more details on the transaction.

Sohail A. Salahuddin | Broker Associate | Visionary

Innovative Property Consultants Group | Sales and Leasing

Jameson Sotheby’s International Realty

425 W. North Ave. | Chicago, IL 60610 


O: 312.335.3230 | C: 312.437.7799 | F: 847.805.6030

http://www.innovativepropertyconsultants.com

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0 votes
, ,
Wed Sep 26, 2012
Your financing took longer than it did to get the short sale approved??? Huh?

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes
yes that was basically happened
Flag Wed Sep 26, 2012
Philip Sencer, Agent, Chicago, IL
Wed Sep 26, 2012
This is one of them any tings that can go wrong with a short sale. These banks are complete A-holes. They take 2-5 months to do whatever it is that they do, but then they want everyone else to jump through hoops on everything and cut them no slack.
You just have to start all over or walk away.
0 votes
David Hanna, Agent, Chicago, IL
Tue Sep 25, 2012
Yes, you should be able to buy it if you can take care of the issues that kept the file from being completed the first time.
But, they are not going to accept another offer from you unless you can show you can really close the deal.
Feel free to give me a call or text at 773-732-9123 if you need some help sorting it out.
0 votes
Who's responsible for this mess? The seller gave us till aug 24 to close but i found out that the titlle didnt get cleared or make it to our loan officer till aug 23, ofcourse they need to verify it and when we asked for extension thats when we found out the account is closed. Please reply i really appriciate it. Thanks
Flag Tue Sep 25, 2012
Jorge Vega, Agent, Chicago, IL
Tue Sep 25, 2012
Pretty much what Matt said, you will have to start from scratch. Find out if the seller is using an experienced short sale attorney. If not, suggest they do. Good luck!
0 votes
Can our attorney do something with it?
Flag Tue Sep 25, 2012
Matt Laricy, Agent, Chicago, IL
Tue Sep 25, 2012
Yes you can. The short sales process can be very annoying. You will just have to start the process over again.
0 votes
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