Bergen County NJ – 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.
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 firstname.lastname@example.org. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (201) 825-6600 x343 or on my cell at (201) 674-3114. If you prefer, just fill out the form by clicking the words, Contact Me below:
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Bergen County Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.
Thanks for reading this, James Lockard.
James is a Real Estate Agent at RE/MAX Properties.
Phone: (201) 825-6600 x 343 Cell: (201) 674-3114. email@example.com
James Lockard specializes in loan modification assistance and short sales in Bergen County New Jersey. Bergen County Loan Modification Help, Bergen County short sales, Bergen County Short Sale Realtor, Short Sale Realtor, Bergen County NJ Short Sales, Bergen County Realtor
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James Lockard, RE/MAX Properties, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Lockard’s personal views and do not reflect the views of RE/MAX Properties.
This information on Bergen County Short Sales: Will Banks Issue an Extension on a Short Sale Approval Letter? is provided as a courtesy to our viewers to help them make informed decisions.