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Can You Get an Extension on a Short Sale?

Monday, February 6, 2012   /   by Lynn Horner Baker

Can You Get an Extension on a Short Sale?

Cobb County & Marietta Short Sales: Will Banks Issue an Extension on a Short Sale Approval Letter?

Cobb County & Marietta  Under normal circumstances, banks are not required to extend the closing of a short sale. The last thing a buyer would want to hear is that their mortgage lender can't perform especially after waiting for a number of months to buy a home.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

For the non-short sale transaction the buyer's lender has complete control of the entire transaction and decides on the closing date. This is not the case in a short sale. Why not?

With a short sale the short sale bank usually says the short sale approval is only good for 30 days. If the sale doesn't close before that, then the short sale approval is null and void.

If the buyer's lender can't meet that date, the buyer could end up losing out on the opportunity to buy the home. Even worse, the seller loses their opportunity to sell their home and avoid foreclosure.

Sometimes, banks prefer to foreclose if the auction date is at hand. However, some banks under certain circumstances will extend the closing date. A short sale may be extended provided:

* It is not a Fannie Mae short sale in default.

* The bank wants to postpone the auction.

It is always advisable to close on time and not need an extension. Some lenders do not understand that the short sale closing date is not always flexible, and that they should do their best to meet that time frame.

You might have to let them understand this just to try and prevent foreclosure from coming your way. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at Lynn@HornerBakerPartners.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 770 579-4060

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Cobb County & Marietta loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Lynn Horner Baker.

Lynn is a Real Estate Agent and owner of Horner Baker Partners. Cobb County & Marietta Short Sales Realtor:

Phone: 770 579-4060. Lynn@HornerBakerPartners.com.

100% Released From Your Mortgage or We Will Pay You $1000.00!

View all your options at www.AtlantaShortSaleSecrets.com.

Lynn Horner Baker specializes in loan modification assistance and short sales in Marietta Georgia. Marietta Loan Modification Help, Marietta Short Sales. Marietta Short Sale Realtor. Cobb County Loan Modification Help, Cobb County Short Sales. Cobb County Short Sale Realtor Cobb County & Marietta Short Sales. Cobb County & Marietta Realtor.

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