When the Short Sale lender
finally issues the approval, all parties experience a sense of relief. However,
the question remains: is the Purchaser ready to close?
Most short sale approval letters
only provide a 30 day window for the closing. If the closing does not happen by
the deadline, the negotiator has to ask the short sale lender for an extension.
Unfortunately, extensions are not
always given. The lender may request new financial documents from the seller, a
new BPO may be ordered, or the lender may even ask for a per diem for any
extension. Accordingly, the Purchaser needs to be ready to close within the
"30 Day Window" given with the original short sale approval letter.
The best advice is to have the
home inspection already completed and the loan application started well before
the short sale approval is issued.
Once the short sale has been
approved, the Purchaser can complete any underwriting conditions and schedule
the closing within the "30 Day Window." Short sales are tough enough,
so any actions that can be taken to avoid delays will ultimately help in the
long run!
Contact me at 434-951-0858 or Tucker@TGBLaw.com if you have questions.
William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville & Lake Monticello
434-973-7474
www.TGBLaw.com
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