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Short Sale Approval Extension
2 questions:
1) We are under contract to buy a short sale that has been approved by the lender (Chase) to close by Oct. 14. We were planning on closing this month b/c we already have our mortgage commitment and everything else ready, but 2 days before we were supposed to close, we find out that the tenants in the property refuse to leave and the owner has just now started the eviction process. Since this process takes about 5 weeks, there is no way we will close by 10/14. What are the chances of Chase issuing an extension of the short sale deadline?
2) The owner is being offered a $20k incentive by Chase if he closes by 10/14 according to the letter. We hope that this motivates him to do his due diligence but it is surprising that he would put off the eviction process until we had our loan commitment (he clearly did not take us seriously until that point since we are young) and risk losing this incentive. The seller and his agent (who has been processing the short sale) haven't exactly been 100% honest with us during this entire process. We are worried that when they ask Chase for the extension, they will put the blame on us for not being ready in time even though we are completely ready to close and it is 100% the seller's fault. Is there anything we can do about this? Can our agent contact the Chase negotiator and send our loan commitment for proof that we are not the cause of delay?
Re: Short Sale Approval Extension
When buying our short sale we were told that we had to close by the deadline and there was no way they would give an extention. That was Wells Fargo. I don't know anything about this type of situation but can't you still close with the tenants in there? It will then be your problem to follow through with the eviction but you would have the house. I guess I am just thinking about how a house can still be sold at auction with tenants in the house. Yes they have rights but they can't prevent a sale. Good luck and hopefully you have experienced agents. I know our wouldn't have gone through without the persistence and knowledge of our seller's agent.
Thanks for your input. We considered closing but we decided it was not in our best interest to purchase a home in the process of evicting. We'd own a house we can't live in for a while; but most importantly, any damage done by the tenants would be our responsibility and that is something we are not ok with.
As far as the issue with the seller, your attorney might be able to contact the person at Chase. If you have a copy of the demand letter you should have the contact info for that person. I'm not certain about how things are done though, so I would ask your attorney about this. I believe that a letter written by your attorney requesting the extension and explaining that, aside from the tenant issue, you are prepared to close, would be better received (and more likely to succeed) than having your REA contact them.
I would have some concerns though...I definitely would not buy a home where eviction processes weren't complete for all of the reasons you mentioned. I also wouldn't be feeling extremely confident when you say that you think the seller's agent hasn't been honest.
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