I represent the buyer. We have been waiting for B of A to approve the short sale since Aug 2. The negotiator now wants to extend closing until Dec 6, and we think it's because they are finally ready to approved the SS and our conttract calls for 45 days after approval. The buyer locked his loan nearly 90 days ago and it's expiring Nov 10 with huge fees to extend the lock ($338/5days, for each 5 days) I have the negotiator's email address and was wondering if it would be good or bad if I sent him a very nice email requesting approval asap so we can complete this by Nov. 15, which would only be one extension, and the lender will absorb the fee. The listing agent forwarded me his email and that's how I have his address. I don't want to step on her toes.
Stay out of it. You can't do anything anyway without written authorization directly from the seller sent to a specific fax number and then verified 48 hours after they receive it, which would also be outside the fiduciary relationship the listing agent has with the seller. The negotiator really doesn't care what a buyers agent has to say about the situation or what their timetables are, especially with Bank of America.
they are NOT allowed to talk to you... I had one buyer who was represented by a buyer's agent...(I was listing agent) who wrote to the negotiator.. in turn the negotiator called me... very pissed.. buyer wound up paying more as the house needed a water UV system which I believe the bank would have paid for if she had not done that..
Tell his loan officer where to put the fees to extend the lock. Rates are lower now than they were 90 days ago. Get the buyer qualified with another loan officer and proceed. You have plenty of time to apply for a loan and close by December 6th.
thanks for all responses. The lender managed to figure something out - she "floated" the loan for a day at the risk of the rate changing, then re-locked for 90 days at the same 4.25% rate my buyer had. a whole lotta stress and worrry for nothing! then the negotiator wanted updated bank statements like "right now" or the file would go to the bottom of the pile. Luckily, my client found Septembers statement in his on-line banking and sent it to me right away. wow - these guys are total control freaks. now, supposedly, we will have something in writing next week. we'll see.
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