It’s starting to get harder, and more expensive to get extra time to get extensions on Short Sales… Most of the time lenders allow about 30 days to close once they issue an approval, and that’s not very long considering all of the hoops a buyer has to jump through these days! Not to mention if the property being sold has a home owners association….
Last week we had a sale delayed because the buyer was not able to get his FHA loan completed in time, the lender, Ocwen asked the entire Short Sale package be re-submitted due to not closing on time! Ouch, and another 3 to 4 weeks to review! We were able to get that decision escalated and get the negotiator to understand the RISK involved with loosing this qualified buyer. We got the approval, but it took us 2 days with hours on the phone talking…talking…talking till finally; someone with a brain got it!
Today Countrywide, extended an approved Short Sale for the buyer….at $100 per day!!!!
Is it me or are these lenders becoming more and more desperate as well as shifting into ultra idiots?????
Unfortunately, there is no way to expidite an HOA to do things, they are hurting and suck up every penny they can. It’s going to take about 2 weeks = $1400 to get the HOA documentation needed to close….that was sold to another HOA during the approval process…yep you guesed it, buyer is not going to pay for that. So, we are back to square one with this one. We have lot’s of back-ups, but they are much lower offers…..actually in line with recent comps!
Come on? Bail outs are bulls..t for these lenders, they don’t have any concern for what margin they coulde be salvaging!
