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Tricia Smith's Discussions
Will lender extend closing on written approval letter? Unreasonable time to close
Started this discussion. Last reply by Tricia Smith Mar 29, 2011. 42 Replies 0 Likes
We have an offer in on a shortsale with Wells Fargo and we just received the written approval yesterday (3/15) after 2 1/2 months of waiting. To give some history on this, we are the 3rd contract on…Continue
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Tricia Smith replied to Tricia Smith's discussion Will lender extend closing on written approval letter? Unreasonable time to close"Thanks! It was a long road for this home...as we are the 3rd buyers who have tried to purchase it...but it finally worked out!"
Vanessa Calhoun replied to Tricia Smith's discussion Will lender extend closing on written approval letter? Unreasonable time to close"Excellent! Great job, Trisha!!!"
Tricia Smith replied to Tricia Smith's discussion Will lender extend closing on written approval letter? Unreasonable time to close"Just in case anyone is wondering how this all turned out...I thought I'd update. There are actually 2 trusts on this one, one with Wells Fargo Home Mortgage and the other with Wells Home Equity (2nd). The 1st trust extended in writing through…"
Joseph C. Alfe replied to Tricia Smith's discussion Will lender extend closing on written approval letter? Unreasonable time to close"Your Fiduciary Duty is simple: To put your seller in the best possible position. In a normal sale, that usually means getting the highest price. In a short sale, that could mean getting the deal closed, or getting a no deficiency sale.…"
Smitty replied to Tricia Smith's discussion Will lender extend closing on written approval letter? Unreasonable time to close"Keith,
There is nothing dishonest with what Joseph is doing. MOST lenders will accept a % of the BPO or appraisal. I’ve seen lenders take from 70% for a tear down up to 93% of the BPO price, and then sometimes NO discount. …"
Tricia Smith replied to Tricia Smith's discussion Will lender extend closing on written approval letter? Unreasonable time to close"Thanks, yes the extension was asked for right away. We've been given a verbal from the closing negotiator that they are extending through to the next foreclosure date (4/24), but I have not seen anything in writing yet.
"
Keith Paulsen replied to Tricia Smith's discussion Will lender extend closing on written approval letter? Unreasonable time to close"LoL"
Vanessa Calhoun replied to Tricia Smith's discussion Will lender extend closing on written approval letter? Unreasonable time to close"We see (and practice) things a little differently here in Georgia as well and it works!"
Keith Paulsen replied to Tricia Smith's discussion Will lender extend closing on written approval letter? Unreasonable time to close"I agree Vanessa!
Joseph is obviously a great agent for the Seller.
As a Buyer, after spending $1500-$2,000 on an appraisal, home inspections and legal fees, I think I could very easily seek damages and file complaints against the Buyer's…"
Vanessa Calhoun replied to Tricia Smith's discussion Will lender extend closing on written approval letter? Unreasonable time to close"Interesting."
Angela Alfe replied to Tricia Smith's discussion Will lender extend closing on written approval letter? Unreasonable time to close"I don't agree...I think that the message is lost in the interpretation because people put their own spin/feelings on to what they are reading."
Angela Alfe replied to Tricia Smith's discussion Will lender extend closing on written approval letter? Unreasonable time to close"I wanted to add that you absolutely should not wait until a day or so before the approval expires to start requesting an extension. If you know that you cannot close by the date on the approval, get everything in order to request an extension…"
BofA Negotiator replied to Tricia Smith's discussion Will lender extend closing on written approval letter? Unreasonable time to close"Well said Joseph. And the answer to the first question is get a message to your closer to get the request for the extension in. The investor should grant it since you are in closing. NEVER a guarantee though. There are always…"
Vanessa Calhoun replied to Tricia Smith's discussion Will lender extend closing on written approval letter? Unreasonable time to close"I think that Joseph does have a lot to add to this message board. Unfortunately, sometimes the message is lost in the delivery :)"
Angela Alfe replied to Tricia Smith's discussion Will lender extend closing on written approval letter? Unreasonable time to close"I have to agree with Joe. If buyer's will not agree to regular time lines of attorney review and inspections, then we pass on the offer. We had one where the agent INSISTED on letting the buyer's wait until after approval…"
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