We're asking for a second extension due to the lender's lack of proffesionalism, a few days later we talked to the managar and he took over

Asked by Shaki, 92571 Sun Sep 13, 2009

but escrow hasn't got the loan docs yet, the property is a bank owned house and initially was a 60 day escrow . Do we still have a chance they'll accept a second extension?

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Jesse Sierra, Agent, Pomona, CA
Mon Sep 14, 2009
Send in the request for extended escrow as soon as possible, Have your lender follow up their underwritter or loan processor. The sellers will work with you as long as you dont try to work things out without them knowing that you know what has hit the fan.
Send the extension or you might occur per diem charges (check your escrow instructions) which can range from $50 up to $200.

BTW, Have your agent stay on top of this process.

Best Regards,

Jes Sierra, B.Sc., Realtor®
Your top source to buy or sell real estate.
1 vote
Don Tepper, Agent, Burke, VA
Sun Sep 13, 2009
The bank might. It depends on its motivation. All you can do is ask. However, you and your Realtor need to better manage the process and keep the pressure on your lender.
1 vote
Ray Wright, Agent, Riverside, CA
Sat Jun 2, 2012
Darn, I answered this question before checking the date it was asked. It's really old!

So my question is now...How did it go? Did you get your extension and close escrow?
0 votes
Ray Wright, Agent, Riverside, CA
Sat Jun 2, 2012
I'd like to know a little more info about the "lender's lack of professionalism"? This is YOUR lender, correct? The one doing your loan? Was this a lender you found or your Realtor? I never have issues with my lender, however I have had a few time where a buyer comes to me and refuses to work with my guy. That's usually when we have issues. Either way, you and your Realtor need to make sure that your lender is on top of everything. If not, you'll most likely incur late closing fees from the REO seller.

Extensions are common and the REO bank typically accepts the extension if the reasons are reasonable and it looks like the extension will help assure the buyer closes. But, as said previously, do the extension ASAP!

Good Luck!

Ray Wright
Keller Williams Realty
0 votes
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