short sale, have moved out. On third extension request from buyer. can't pay both rent and mortgage at the same time. should i ok extension?

Asked by Jose61398, Newhall, CA Fri Mar 29, 2013

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Shanna Rogers’ answer
Shanna Rogers, Agent, Murrieta, CA
Fri Mar 29, 2013
Hi Jose61398,

I'm assuming the short sale is approved by your lender(s) since the buyer is asking for the extension. Even if you sign the extension, since it's a short sale, your lender(s) would have to approve the extension and sometimes they won't (depending on if a Trustee Sale is close).

Whether or not you should sign the buyer's extension request would depend on their reason.....

Shanna Rogers
SR Realty
0 votes
Laura Coffey, Agent, Santa Clarita, CA
Wed Jul 3, 2013
This something you should be discussing with your Realtor. If you feel that you can't trust what they are telling you I would consult with a real estate attorney.
0 votes
Kawain Payne, Agent, Seal Beach, CA
Tue Apr 16, 2013
I agree with Sara Mehrpouyan!!!

Best of Luck to you
0 votes
Sara Mehrpou…, Agent, Los Angeles, CA
Mon Apr 1, 2013
Hi Jose

This is a question that your Realtor or Listing Agent should be discussing with you. Are you current on the mortgage? Has the short sale been approved? If the short sale was already approved by the lender(s), then they will have to give you an extension on their short sale approval in order to give the buyer any extension.

Good luck,
Sara Mehrpouyan CDPE
Specializing in Short Sale & Foreclosure
Rodeo Realty
Direct 818-903-2040
Dre License #01712757
0 votes
Emily Knell, Agent, Huntington Beach, CA
Fri Mar 29, 2013
That's a tricky issue.

It sounds to me like you're on time with your mortgage payments yet you're approved for short sale, this is good for you. I have closed a few short sales where the owner is current on payments.

I would really need you to email me directly to give you the best possible answer.

I don't see why the buyer needs a THIRD extension? BUT it will likely be better for you, to let the current buyer close, if they can. It will take longer to get a new buyer approved, maybe 60+ days. Then again, I don't know how long it's been since your current buyer has been extending their close of escrow & how much longer they want the "4th" extension to close, to be. ?

I have a LOT of experience in this area, I'm happy to help. Please shoot me an email directly, I don't look back on this same Trulia posting for answers after mine.

Emily S. Knell
562-430-3053 c
Realtor Since 1996
Realty ONE Group
Short Sale Listing Agent w/ 97% success rate
100% Success Rate in CA
Closing short sales within 300mi of my home!
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