Short Sale Extension To Close

Obtaining a short sale extension to close is possible in many situations and issuance will depend on many factors. The main factors to take into consideration are:

• Is there a foreclosure sale date?
• Who is the investor on the note?
• Is the banks value still valid?
• How long has the short sale been approved for?
• Has an extension been previously issued?
• What type of financing is the buyer obtaining?
• Where is the buyer in the closing process?

There is no clear cut answer on whether you will be issued an extension to close or not. Keep in mind that extensions to close are issued all the time it just comes down to if the bank feels the buyer is actually going to perform and it if makes sense financially for them to extend. Typically to request an extension you need an addendum extending the close of escrow and an updated Est. HUD to submit over for review. Closing officers will tell you all the time that extensions are not an option as it is their job to keep pressure on parties to close. Always try to close as quickly as possible to avoid extension requests if possible, but always know that an extension to close is a potential possibility.

If you have any questions or need support with any work out options with the banks, please fill out the form below.