[Rubyww]

Hi,
My short sale is finally approved after eight long months. My agent sent me a a short sale approval letter from the bank last Friday 9/9/2011. He also told me that I need to order the inspection within 3 days. The short sale letter from the bank is addressed to the borrower (I assume the seller) and it is dated 9/1/2011. It says that the seller needs to provide the funds before 9/30/2011. Does that mean that I have to close a couple of days before then? It seems it is highly unrealistic that I waited eight months for this and now I am expected to close in 20 days.

I contacted a couple of lenders during the weekend and they all said it is impossible to close in 20 days. I'm not sure what I am supposed to do now. Please help.

[macgeek]

you have TEN DAYS to do a 'due diligence' on the house NOT THREE
I have a feeling you are being railroaded. I would seek a SECOND OPINION from another agent
or from the seller directly (if they will talk to you, mine wouldn't)

Jonathan

[Rubyww]

Originally Posted by macgeek

you have TEN DAYS to do a 'due diligence' on the house NOT THREE
I have a feeling you are being railroaded. I would seek a SECOND OPINION from another agent
or from the seller directly (if they will talk to you, mine wouldn't)

Jonathan

Thanks for the response. I'm checking the purchase agreement now to see if the required inspection period is there.

My main concern is the required closing date. The short sale letter said the seller's bank need to receive funding by 9/30/2011 so that means I need to close before then. All my potential lenders said that it is not possible. I don't know what to do next.

[30STM]

Short sales suck........... you want to buy the buyer wants to sell and the banks are playing games.

what a oxymoron SHORT SALE more like LONG SALE if your lucky and patient... there needs to be more compliance with this type of sale it is not fair to buyer or seller.

[Rubyww]

Originally Posted by 30STM

Short sales suck........... you want to buy the buyer wants to sell and the banks are playing games.

what a oxymoron SHORT SALE more like LONG SALE if your lucky and patient... there needs to be more compliance with this type of sale it is not fair to buyer or seller.

Yes, this is a very LONG SALE. We have been very patient up to now but since it is impossible for me to close before 9/30/2011, what should I do now and what are the options???????????????????

[MSchu]

Originally Posted by Rubyww

I contacted a couple of lenders during the weekend and they all said it is impossible to close in 20 days. I'm not sure what I am supposed to do now. Please help.

you didn't have a loan in place prior to this whole issue? you're not going to make it then. the loan should have been walked through underwriting WAY before this. specially if your lender is not local. I realize they can not approve you prior, but it should have been looked at with potential numbers on the high side.

[olecapt]

What does your contract say? There is normally a provision or one is countered that sets the timing for close after bank acceptance. It would normally be in the short sale addendum or a counter thereto.

Figure out when you can close and submit an addendum changing it the best you can do.

Thirty days is unusually short by the way. Standard is 45 days. And normally the clock starts when your agent gets the bank approval letter.

If the bank has approved the short they can be flexible. So try and change the close date.

[30STM]

Originally Posted by Rubyww

Yes, this is a very LONG SALE. We have been very patient up to now but since it is impossible for me to close before 9/30/2011, what should I do now and what are the options???????????????????

i suggest a RE lawyer.

[olecapt]

Originally Posted by 30STM

i suggest a RE lawyer.

For what?

You don't have a legal dispute here.

This is RE procedural stuff which is often ignored by the bank who is not party nor accountable for any of it.

[30STM]

Originally Posted by olecapt

For what?

You don't have a legal dispute here.

This is RE procedural stuff which is often ignored by the bank who is not party nor accountable for any of it.

to get legal advise to find out what your rites are was my thought. Sounded to me like this person was being taken.

I know you know A LOT about RE more than most people on here. I have learned a great deal from you on here.


so who do you suggest this person turn to for help?