I'm currently on pins and needles waiting for an extension letter from a second lien holder to close a property that I have been working a short sale on for eight months. We are scheduled to close at 2 p.m. tomorrow and already have approval from the first lien holder.
As much complaining as we do about banks not responding in a timely fashion I have had just as much trouble with buyers not getting their financing approved in a timely fashion. One thing I have learned from this whole experience is asset managers do not like to keep granting extensions waiting on buyers to get their loan approved (neither do I for that matter).
So for the time being I'll keep being persistent with my phone calls and have faith that everything will come together in the 11th hour.
By the way, if you have ever worked with Vericrest before on short sales let me know if there are any secrets to expediting the approval. We have already gotten this approved once. We just need an extension letter to get this closed.
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