Dwan's short sale secret #1
Dear TomJerry,
When you are working a short sale you are working on behalf of the homeowner. Therefore, you NEVER give the bank a $5000 deposit. What you have is a deposit with the homeowner via a sales contract.
You can ask the bank for as long as you need to close. What you have to consider is how much time the homeowner has before the sale date. If 60 days exsist... go for it. When you need longer to close, simply ask. We ask for extensions all the time. The bank usually asks for a "proof of funds" letter before granting an extension. They want to be certain we can close.
Next time you deal with a FHA appraisers try this...meet them at the house, lay a big guilt trip on them by making them aware that the entire transaction depends on this appraisal and they are the difference between the homeowner starting over and being homeless, give them a complete copy of your short sale package, runs low comps for them. FHA will accept anywhere from 82% to 87% of the appraisal. They key is the appraiser.
Good luck.....
Dwan
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