Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Yet another SS question
If the bank approves our offer and gives us a closing date, are they flexible @ all with it? The people buying our house said they were flexible, but now said they can not close before 11/15. So if the bank gave us 10/15 as a date, do you think there would be any way to push it back a month? (I need $$ from the sale of my current house to close on the new one). If they won't budge, are there any short term loans that would cover the down payment until my current home closes?
Re: Yet another SS question
When we purchased, we had a contingency that we had to close on the sale of our old house before we would close on the sale of the new house. Did you have something similar? I didn't want to be stuck with 2 homes if our buyers fell through.
Typically the banks are very stringent with their close by date. An extension can be gotten sometimes, but usually only one extension and not typically for more than a week or two. This is all speaking generally bc each bank/investor is different.
There used to be what was called a "bridge loan" that would cover the situation you are speaking of. I have heard that those are more non-existent now, but I dont know the lending side as well as the short sale side, so I could be wrong. Ask your lender what they would recommend if this were to happen.
The good news is that typically the SS banks give at least 30 days to close from their approval date. I have also seen 45 days. So the longer it takes them to approve your short sale the closer you will get to your desired closing date.
This is my understanding as well. The bank just accepted our SS offer and our REA says that the closing date is pretty darn fixed.