Whats up everyone!
If you got a deed today, were going to order a shortsale package tomorrow and the foreclosure sale was 2 weeks away, what is the best way to get an extension besides declaring bankruptcy?
Would the bank even consider extending it before they get a complete package from you? Wouldn’t it just take 2 weeks for you to get the package from them and return it?
I was about 3 weeks away from a foreclosure sale.
What the bank advised (Option One and EMC) was to send in a HUD-1, Purchase Agreement, and Proof Of Funds (From your lender). The rest of the short sale package would need to be sent in ASAP.
They will then decide whether you are really serious about buying the property, if so, they’ll give you an extension.
DO NOT, let the banks put you through the “wait 2 weeks or a few days”. Fax it in, and call back LATER that day.
Tell them, that the auction time is to close to wait the normal time limit and you where hoping to get a faster reponse, and they should work with you. Good luck
Thanks for the response. On my last deal I actually got nailed by the whole proof of funds thing. It was a day before sale and they wanted the seller to send them the purchase agreement and proof of funds. I couldn’t get a prequal letter from any brokers though because my credit is weak, and they all seemed to give me the impression it would take more than a day anyways to get one.
What do you think is the best way around this?
Do you think I should find some small partner with a good financial statement and/or prequal letter for my next deal and just put them on the purchase and sales agreement also?