Short Sale Question

[MichiganMommy]

Shane or Dallas (where have you been Shane?),

When I home is up for short sale and must close by a date (unless it becomes Bank Owned) is there ever any flexibility with the bank on that date if they have a approved buyer, but the buyer cannot close in time?

Also, what happens to a home that is in short sale status if it does not sell before the foreclosure date? Once it is bank owned, does it just come back on the market?

[DallasLoanGuy]

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MichiganMommy wrote:

Shane or Dallas (where have you been Shane?),

When I home is up for short sale and must close by a date (unless it becomes Bank Owned) is there ever any flexibility with the bank on that date if they have a approved buyer, but the buyer cannot close in time? yes

Also, what happens to a home that is in short sale status if it does not sell before the foreclosure date? foreclosure proceedings are halted if it is under contract. Once it is bank owned, does it just come back on the market? yes

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[ShanetheMortgageMan]

The bank can do whatever they want, they can make you stick to that date or they can give the seller more time.  I was reading another blog and read that a bank was going to hold the foreclosure sale on 7/10 but the poster was able to buy 2 months more time by simply explaining their situation to the lender.  Communication is key when you are asking another party to be flexible on their terms... all anyone ever wants to know is what exactly is going on.

[MichiganMommy]

Shane and Dallas,

I am doing the HAPPY DANCE, doing the HAPPY DANCE!

I love you guys. I like to be armed with the information of what CAN be done, before I go to my lazy LO or lazy realtor and have them tell me NO...NO....the bank won't do that.

All I have to know is that it CAN be done.

Thanks a bunch! Let you know how it turns out.

[ShanetheMortgageMan]

Welcome.  Anything is possible, real estate is all a negotiation...

[DallasLoanGuy]

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MichiganMommy wrote:

 (where have you been Shane?),

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jail?

j/k

[ShanetheMortgageMan]

Ho Ho Ho...